“We currently seek updated quarterly performance data for any alternative asset holdings you have for the following date(s): 1Q 2010 through the most recent available report and request a copy of the quarterly public records from 1Q 2010 (or the earliest relevant report) through the most recent available report for the following information:-
1. Names and vintage years of all private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships in Devon County Council’s portfolio.
2. Commitments made to each partnership.
3. Contributions drawn down since inception.
4. Distributions made to Devon County Council to date by each individual partnership.
5. Net Asset Value of each partnership.
Information in relation to questions 1-5 above is publicly available on the Peninsula Pensions website on the Pension Fund and Investments page
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.
Devon County Council can confirm that it holds the information you have requested in questions 6-9 above. 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 Devon County Council. 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 at the present time.
10. Names of all alternative asset partnerships partially and fully sold by Devon County Council, 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 documents which contain some or all of the following information:
12. Names of all hedge fund holdings (including hedge fund of funds) in Devon County Council’s portfolio.
13. Month by Month Market Value for each hedge fund holding (including hedge fund of funds) since Devon County Council’s initial investment up to the most recent available report.
14. Month by Month Contributions to each hedge fund holding (including hedge fund of funds) since Devon County Council’s initial investment up to the most recent available report.
15. Month by Month Returns (net of fees) earned by Devon County Council for each hedge fund holding (including hedge fund of funds) since initial investment up to the most recent available report.
In response to questions 12 to 15 above, we can advise that the fund has no hedge fund investments.
For years 2015, 2016 and 2019, Please review our Disclosure Log for previous FOI responses which have answered these questions.