FOIA Request - Investments
It is a clone of this request.
| Submitted | Nov. 10, 2020 |
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Communications
From: Kent Hoover
To Whom It May Concern:
I hope this finds you well. I am currently seeking updated quarterly performance data from your plan’s alternative asset holdings for the following date(s): 3Q 2020.
As always, thank you in advance for the time you take in sending me the responsive documents, and below follows the formal request:
On behalf of PitchBook Data, Inc., under Tennessee Public Records Act, I request a copy of the quarterly public records from 3Q 2020 for the following information, preferably in Excel or PDF format.
1. Names and vintage years of all private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships in Tennessee Consolidated Retirement System's portfolio.
2. Commitments made to each partnership.
3. Contributions drawn down since inception.
4. Distributions made to Tennessee Consolidated Retirement System to date by each individual partnership.
5. Net Asset Value of each partnership.
6. Internal rates of return (IRRs) for each partnership with and without the use of credit facility. Please note if the IRRs are not net.
7. Investment multiple (TV/PI) for each individual partnership.
8. The dollar amount of “total management fees and costs paid” for each individual partnership.
9. Date as of which all the above data was calculated.
10. Names of all alternative asset partnerships partially and fully sold by Tennessee Consolidated Retirement System, including date of sale.
11. For each fund, please indicate whether or not the fund uses Subscription Credit Facilities.
I also request a copy of any disclosable documents which contain some or all of the following information:
12. Names of all hedge fund holdings (including hedge fund of funds) in Tennessee Consolidated Retirement System's portfolio.
13. Month by Month Market Value for each hedge fund holding (including hedge fund of funds) since Tennessee Consolidated Retirement System's initial investment up to 3Q 2020.
14. Month by Month Contributions to each hedge fund holding (including hedge fund of funds) since Tennessee Consolidated Retirement System's initial investment up to 3Q 2020.
15. Month by Month Returns (net of fees) earned by Tennessee Consolidated Retirement System for each hedge fund holding (including hedge fund of funds) since initial investment up to 3Q 2020.
16. Investment memorandum used by the Tennessee Consolidated Retirement System investment committee and investment consultants providing consultation to the Tennessee Consolidated Retirement System regarding private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships being considered for investment by the Tennessee Consolidated Retirement System portfolio.
17. All due diligence materials and presentation materials produced by the General Partners in the course of the Tennessee Consolidated Retirement System conducting due diligence on investments into any private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships.
18. For each fund, please indicate whether or not the fund uses Subscription Credit Facilities.
If there are any fees for searching for, reviewing, or copying the records, please inform me before you task the request. If you deny all or any part of this request, please cite each specific exemption you think justifies your refusal to release the information and notify me of appeal procedures available under the law.
Please do not hesitate to contact me with any questions. My full contact information is listed below.
Thank you in advance for your help on this request.
Kent Hoover
From: Tennessee Consolidated Retirement System
Good afternoon, Mr. Hoover. This is to acknowledge receipt of your Tennessee public records request, which I have pasted at the end of this email below. Please be advised that Tennessee's Open Records Act only requires records to be made available (i) if the requestor is a Tennessee citizen and (ii) if the records are not confidential. See, Tenn. Code Ann. § 10-7-503(a)(2)(A). Would you be able to provide your Tennessee driver's license to show proof of Tennessee citizenship so that we may continue processing this request? To the extent we receive proof that you are a Tennessee citizen, most of the records you requested are confidential pursuant to State law. The only records we would be permitted to disclose are the identity of the name of the private equity investment vehicle used, such as the name of any limited partnership, the name of the funds-of-funds manager and title of the fund, and the amount invested in the vehicle, or the present value of the investment. See, Tenn. Code Ann. § 8-37-104(a)(10)(B).
Upon receipt of proof that you are a Tennessee citizen, we will begin the process of retrieving, reviewing and/or redacting the requested records. In accordance with the Tennessee Open Records Act, we will have seven (7) business days after my receipt of proof of Tennessee citizenship to either make the records available to you, deny the request along with the justification or providing you with the time reasonably necessary to produce the records.
Sincerely,
Mary Roberts-Krause
Senior Treasury Counsel
Tennessee Treasury Department
YOUR REQUEST:
On behalf of PitchBook Data, Inc., under Tennessee Public Records Act, I request a copy of the quarterly public records from 3Q 2020 for the following information, preferably in Excel or PDF format.
1. Names and vintage years of all private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships in Tennessee Consolidated Retirement System's portfolio.
2. Commitments made to each partnership.
3. Contributions drawn down since inception.
4. Distributions made to Tennessee Consolidated Retirement System to date by each individual partnership.
5. Net Asset Value of each partnership.
6. Internal rates of return (IRRs) for each partnership with and without the use of credit facility. Please note if the IRRs are not net.
7. Investment multiple (TV/PI) for each individual partnership.
8. The dollar amount of "total management fees and costs paid" for each individual partnership.
9. Date as of which all the above data was calculated.
10. Names of all alternative asset partnerships partially and fully sold by Tennessee Consolidated Retirement System, including date of sale.
11. For each fund, please indicate whether or not the fund uses Subscription Credit Facilities.
I also request a copy of any disclosable documents which contain some or all of the following information:
12. Names of all hedge fund holdings (including hedge fund of funds) in Tennessee Consolidated Retirement System's portfolio.
13. Month by Month Market Value for each hedge fund holding (including hedge fund of funds) since Tennessee Consolidated Retirement System's initial investment up to 3Q 2020.
14. Month by Month Contributions to each hedge fund holding (including hedge fund of funds) since Tennessee Consolidated Retirement System's initial investment up to 3Q 2020.
15. Month by Month Returns (net of fees) earned by Tennessee Consolidated Retirement System for each hedge fund holding (including hedge fund of funds) since initial investment up to 3Q 2020.
16. Investment memorandum used by the Tennessee Consolidated Retirement System investment committee and investment consultants providing consultation to the Tennessee Consolidated Retirement System regarding private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships being considered for investment by the Tennessee Consolidated Retirement System portfolio.
17. All due diligence materials and presentation materials produced by the General Partners in the course of the Tennessee Consolidated Retirement System conducting due diligence on investments into any private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships.
18. For each fund, please indicate whether or not the fund uses Subscription Credit Facilities.
From: Muckrock Staff
Hello,
Please see attached for proof of residence. Thank you for your help with this request.
[Attachment redacted]
From: Tennessee Consolidated Retirement System
Good afternoon, Mr. Hoover, and thank you for supplying a copy of your driver’s license. I checked with investment staff and we do not have the September 30th data just yet. The investment managers will continue to report up until approximately January 15, 2021. Consequently, I have attached the June 30th data you requested that is not confidential pursuant to State law. As I explained in mid-November, most of the information you requested is confidential. The only information we are permitted to disclose are the identity of the name of the private equity investment vehicle used, such as the name of any limited partnership, the name of the funds-of-funds manager and title of the fund, and the amount invested in the vehicle, or the present value of the investment. See, Tenn. Code Ann. § 8-37-104(a)(10)(B). Once the September 30th data is available, I will forward it to you. Again, it will not be until mid to late January 2021.
Sincerely,
Mary Roberts-Krause
Senior Treasury Counsel
Tennessee Treasury Department
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TCRS PE SL FOIA Data 2020 06 30
From: Jake Hujar
Hi Mary,
Thanks for sending this preliminary response. I'll make note that we should be expecting the September data in January.
I also wanted to take this chance to confirm a modified version of this request for future use, understanding that most of the data requested is confidential. Would it be best for future requests to be limited to only the original items #1-5? Or do you have any preference for a different format?
Thank you
From: Tennessee Consolidated Retirement System
Good morning. Yes, it would be best that future requests are limited to the name of the private equity investment vehicle used, the amount invested in the vehicle, or the present value of the investment such as shown in the excel sheet I provided. I also made a note on my calendar to follow-up mid-January for the September data.
From: Jake Hujar
Hi Mary, hope you've been well. I wanted to quickly follow up on September data per your last email. Is this data available at this time, or should I submit a separate request for this?
Thank you!
From: Tennessee Consolidated Retirement System
Good morning, Mr. Hoover. We just finalized the information on or about January 29, 2021 and the information is attached.
Mary
From: Jake Hujar
Great, thank you. Just to confirm, would you say about a 3-4 month lag on each quarterly report is the usual availability, or is there another schedule for these reports I can match future requests to?
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