Senate BillIntroducedGovernment
SB 1319: California Public Records Act: public investment funds.
What SB 1319 does, verified June 1, 2026
<p>The California Public Records Act (Act) currently mandates state and local agencies to disclose records related to public investment funds, excluding specific details about portfolio positions in alternative investments. The proposed bill amends the Act to require additional disclosures, such as the names of general partners or managers and individuals with interests in these entities. It also exempts certain information from being disclosed while requiring other details to be made available. This amendment imposes new duties on local agencies regarding record requests and includes findings that support public access to government records.</p>
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: May 14 hearing: Held in committee and under submission. (2026-05-14)Alert me
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions15 total · showing 5
| May. 14, 2026 | May 14 hearing: Held in committee and under submission. |
| May. 08, 2026 | Set for hearing May 14. |
| May. 04, 2026 | May 4 hearing: Placed on APPR. suspense file. |
| Apr. 24, 2026 | Set for hearing May 4. |
| Apr. 22, 2026 | From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 0. Page 4013.) (April 22). Re-referred to Com. on APPR. |
Latest bill textAmended version, April 15, 2026 · 1,494 words
| Amended IN Senate April 15, 2026 |
| Amended IN Senate March 25, 2026 |
CALIFORNIA LEGISLATURE— 2025–2026 REGULAR SESSION
Senate Bill
No. 1319
| Introduced by Senators Durazo and Cortese |
February 20, 2026 |
An act to amend Section 7928.710 of the Government Code, relating to public records.
LEGISLATIVE COUNSEL'S DIGEST
SB 1319, as amended, Durazo. California Public Records Act: public investment funds.
The California Public Records Act (act) requires state and local agencies to make their records available for public inspection, unless an exemption from disclosure applies. The act exempts from disclosure certain records regarding alternative investments, as defined, investments in which public investment funds, as defined, invest. funds invest, including records containing information regarding the portfolio positions in which alternative investment funds invest. The act, however, requires certain information contained in those records to be disclosed, including, among other things, the name, address, and vintage year of each alternative investment vehicle. The act defines various terms for these purposes.
This bill would additionally require the disclosure of certain additional information, including, among other things, a comparison of the results from the alternative investment vehicle against the performance the public investment fund would have experienced from investing the same amount in a public market index of corresponding assets traded in the public securities markets, after controlling for risk, liquidity, and expense. the name of each general partner or manager of each alternative investment vehicle and of each person with a direct or indirect interest in the general partner or manager. The bill would except this information contained in those records subject to disclosure, as provided, from the records containing information regarding the portfolio positions described above that are exempt from disclosure. By placing additional duties and responsibilities upon local agencies in connection with requests for inspection of records, the bill would impose a state-mandated local program.
The California Constitution requires local agencies, for the purpose of ensuring public access to the meetings of public bodies and the writings of public officials and agencies, to comply with a statutory enactment that amends or enacts laws relating to public records or open meetings and contains findings demonstrating that the enactment furthers the constitutional requirements relating to this purpose.
This bill would make legislative findings to that effect.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that no reimbursement is required by this act for a specified reason.
The people of the State of California do enact as follows:
SECTION 1.
Section 7928.710 of the Government Code is amended to read:7928.710.
(a) For purposes of this section, the following definitions apply:(1) “Alternative investment” means an investment in a private equity fund, venture fund, hedge fund, or absolute return fund.
(2) “Alternative investment vehicle” means the limited partnership, limited liability company, or similar legal structure through which the public investment fund invests in portfolio companies.
(3) “Portfolio positions” means individual portfolio investments made by the alternative investment vehicles.
(4) “Public investment fund” means any public pension or retirement system, any public endowment or foundation, or a public bank, as defined in Section 57600, or the venture capital program pursuant to Article 12 (commencing with Section 63089.99) of Chapter 6 of Division 1 of Title 6.7 of the Government Code.
(b) Notwithstanding any provision of this division or other law, the following records regarding alternative investments in which public investment funds invest are not subject to disclosure pursuant to this division, unless the information has already been publicly released by the keeper of the information:
(1) Due diligence materials that are proprietary to the public investment fund or the alternative investment vehicle.
(2) Quarterly and annual financial statements of alternative investment vehicles.
(3) Meeting materials of alternative investment vehicles.
(4) Records Except as provided in subdivision (c), records containing information regarding the portfolio positions in which alternative investment funds invest.
(5) Capital call and distribution notices.
(6) Alternative investment agreements and all related documents.
(c) Notwithstanding subdivision (b), the following information contained in records described in subdivision (b) regarding alternative investments in which public investment funds invest is subject to disclosure pursuant to this division and shall not be considered a trade secret exempt from disclosure:
(1) The name, address, and vintage year of each alternative investment vehicle. vehicle, and the name of each general partner or manager of the alternative investment vehicle and of each person with a direct or indirect interest in the general partner or manager.
(2) The dollar amount of the commitment made to each alternative investment vehicle by the public investment fund since inception. inception, and the total amount of commitments made by all investors to the alternative investment vehicle.
(3) The dollar amount of cash contributions made by the public investment fund to each alternative investment vehicle since inception. inception, and the total amount of cash contributions made by all investors to the alternative investment vehicle.
(4) The dollar amount, on a fiscal year-end basis, of cash distributions received by the public investment fund from each alternative investment vehicle.
(5) The dollar amount, on a fiscal year-end basis, of cash distributions received by the public investment fund plus remaining value of partnership assets attributable to the public investment fund’s investment in each alternative investment vehicle.
(6) The net internal rate of return of each alternative investment vehicle since inception.
(7) The investment multiple of each alternative investment vehicle since inception.
(8) The dollar amount of the total management fees and costs paid on an annual fiscal year-end basis, by the public investment fund to each alternative investment vehicle.
(9) The dollar amount of cash profit received by public investment funds from each alternative investment vehicle on a fiscal year-end basis.
(10) A comparison of the results from the alternative investment vehicle against the performance the public investment fund would have experienced from investing the same amount in a public market index of corresponding assets traded in the public securities markets, after controlling for risk, liquidity, and expense. The index shall be chosen at the time the public investment fund commits to the alternative investment vehicle.
(11) For each alternative investment vehicle that remains active beyond the end of its originally stated term, the basis for continued operation, the current value of assets of the alternative investment vehicle, and the amount of any management fees, carried interest, or other expenses continuing to be charged to the fund on an annual fiscal year-end basis.
(12) Any continuation fund, asset rollover or transfer, or similar transaction involving assets previously held by the alternative investment vehicle, including the financial terms of any such continuation fund or transaction, management fees, and the valuations of the assets involved in the transaction.
(11)
(13)
With respect to an alternative investment vehicle which has an objective of creating, acquiring, or developing an enterprise or activity in which natural persons are engaged to perform work, the identity of the enterprise or activity in which the investment is made, the geographic locations where the enterprise or activity takes place, and the number and classifications of employees at each such location, using the United States Bureau of Labor Statistics’ 2018 Standard Occupational Classification system.(14) With respect to alternative investment vehicles with debt investments, the number and aggregate dollar value of loans valued by the alternative investment vehicle at less than 75 percent of face value if originated by the alternative investment vehicle, or less than 75 percent of cost to the alternative investment vehicle if purchased, and a list of third-party rating agencies hired by the alternative investment vehicle to assign ratings to the loans.
SEC. 2.
The Legislature finds and declares that Section 1 of this act, which amends Section 7928.710 of the Government Code, furthers, within the meaning of paragraph (7) of subdivision (b) of Section 3 of Article I of the California Constitution, the purposes of that constitutional section as it relates to the right of public access to the meetings of local public bodies or the writings of local public officials and local agencies. Pursuant to paragraph (7) of subdivision (b) of Section 3 of Article I of the California Constitution, the Legislature makes the following findings:It is in the public interest, and furthers the purposes of paragraph (7) of subdivision (b) of Section 3 of Article I of the California Constitution, to ensure that certain alternative investment vehicle information with respect to the activities of public investment funds is available to the public while balancing the protection of trade secrets.
SEC. 3.
No reimbursement is required by this act pursuant to Section 6 of Article XIII B of the California Constitution because the only costs that may be incurred by a local agency or school district under this act would result from a legislative mandate that is within the scope of paragraph (7) of subdivision (b) of Section 3 of Article I of the California Constitution.Text of SB 1319 as amended, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions