Hey CalPERS: Where’s That Investment Report?

Late last year, I wrote about about my fruitless battle to obtain performance data on CalPERS’ investments in the management companies of Apollo Global Management, The Carlyle Group and Silver Lake Partners.

CalPERS had invested far more in each of these firms than it had in private equity funds, but for some reason released the former annually and the latter quarterly. Moreover, the Annual Investment Report was seven months old the day it was released, and 18 months old before being updated (reports published in January, based on data from the end of the previous June).

My lawyers and their lawyers emailed back-and-forth, but we couldn’t penetrate their stonewall (CalPERS’ dual rationales — trade secret and secondary sales — were code for CYA from an embarassed investment staff). We considered pursuing the matter, but figured we’d first wait for the new Annual Investment Report to be published. After all, figures from the end of June 2009 could be so low as to make CalPERS volunteer more current data.

Unfortunately, that report remains unavailable. A CalPERS attorney told us last November, in writing, that it “will be available on the CalPERS website by the end of January 2010.” Well, it’s still not there — meaning that the most recent figures available are nearly 19 months old!

A CalPERS spokesman seems to be looking into it, and I hope he finds the report under its rock and posts it online. If not, I’m calling my lawyer.

2/17 Update: A CalPERS spokesman just emailed to say the report won’t be available until April. Absurd and unacceptible. Still awaiting an explanation for the delay.