Facts and figures of Partnerships and Funds

I am currently seeking updated quarterly performance data from your plan’s alternative asset holdings for the following date(s): Q1 2017. Interested asset classes include private equity, venture capital, real estate and real assets.

I request a copy of the quarterly public records from Q1 2017 of the following information at the partnership level:

  1. Names and vintage years of all private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships in Devon County Council Pension Fund’s portfolio.
  2. Commitments made to each partnership.
  3. Contributions drawn down since inception.
  4. Distributions made to Devon County Council Pension Fund to date by each individual partnership.
  5. Net Asset Value of each partnership.

 For questions 1-5 see spreadsheet on this link

 6. Internal rates of return (IRRs) for each individual partnership. (Please specify if the IRRs are not net.)

Please note that Devon Council can confirm that it holds the information you have requested.  However on reflection we feel that we are unable to supply this information to you as it is exempt from disclosure under Section 43(2) of the Freedom of Information Act 2000 (Commercial Interests).  We believe that disclosure of this information would be likely to cause a negative impact on Devon County Council’s ability to negotiate fee rates. Disclosure of this information may also cause prejudice to our investment managers, as this would reveal to their other customers the rates paid by DCC. There is potential that the availability of this information could allow their competitors to undercut them in a competitive marketplace.

Devon County Council recognises that there is a public interest in disclosure of this information; however we are also confident that withholding this information will allow us to maintain the ability to effectively negotiate discounts, reduce our costs and therefore provide value for money to pension fund members and, by implication, local taxpayers. It is for this reason that we feel that the public interest is best served by withholding this information from disclosure.

 7. Investment multiple (TV/PI) for each individual partnership.

 lease note that Devon Council can confirm that it holds the information you have requested.  However on reflection we feel that we are unable to supply this information to you as it is exempt from disclosure under Section 43(2) of the Freedom of Information Act 2000 (Commercial Interests).  We believe that disclosure of this information would be likely to cause a negative impact on Devon County Council’s ability to negotiate fee rates. Disclosure of this information may also cause prejudice to our investment managers, as this would reveal to their other customers the rates paid by DCC. There is potential that the availability of this information could allow their competitors to undercut them in a competitive marketplace.

Devon County Council recognises that there is a public interest in disclosure of this information; however we are also confident that withholding this information will allow us to maintain the ability to effectively negotiate discounts, reduce our costs and therefore provide value for money to pension fund members and, by implication, local taxpayers. It is for this reason that we feel that the public interest is best served by withholding this information from disclosure.

 8. The dollar amount of “total management fees and costs paid” for each individual partnership.

 Please note that Devon Council can confirm that it holds the information you have requested.  However on reflection we feel that we are unable to supply this information to you as it is exempt from disclosure under Section 43(2) of the Freedom of Information Act 2000 (Commercial Interests).  We believe that disclosure of this information would be likely to cause a negative impact on Devon County Council’s ability to negotiate fee rates. Disclosure of this information may also cause prejudice to our investment managers, as this would reveal to their other customers the rates paid by DCC. There is potential that the availability of this information could allow their competitors to undercut them in a competitive marketplace.

Devon County Council recognises that there is a public interest in disclosure of this information; however we are also confident that withholding this information will allow us to maintain the ability to effectively negotiate discounts, reduce our costs and therefore provide value for money to pension fund members and, by implication, local taxpayers. It is for this reason that we feel that the public interest is best served by withholding this information from disclosure.

 9. Date as of which all the above data was calculated.

 As at 31 March 2017

 10. Names of all alternative asset partnerships partially and fully sold by Devon County Council Pension Fund, including date of sale.

 None