California SB 1319: California Public Records Act: public investment funds.

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 |Add To My Favorites |Track Bill | Version: 04/15/26 - Amended Senate
 03/25/26 - Amended Senate
 02/20/26 - Introduced

 SB-1319 California Public Records Act: public investment funds.(2025-2026)

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 Date Published: 04/15/2026 09:00 PM

SB1319:v97#DOCUMENTBill Start

 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.

Digest Key

 Vote:
 MAJORITY 
 Appropriation:
 NO 
 Fiscal Committee:
 YES 
 Local Program:
 YES 

Bill Text

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 follo