Firms using FOI to probe private equity funds

The Financial Times reports that private firms are beginning to use the Freedom of Information Act to open up the secretive world of UK private equity, duplicating the way disclosure laws are used in the United States.

Throwing open a secretive world
By Henry Tricks
Published: January 16 2005 21:59

…The request by London-based Private Equity Intelligence, a web-based information gatherer, was submitted in early January to local authorities around the country that invest public money in private equity funds. Under the FOIA, which came into force on January 1, they have 20 days to respond but already Private Equity Intelligence says it has received positive responses from some. We’ve had a surprisingly high proportion back already, says Mark O’Hare, the founding partner.

Private Equity Intelligence is seeking to use the FOIA to persuade local authority money managers, who control an estimated £90bn in assets, to reveal the returns they have generated from each of their private equity investments.

Read the full article here.