Private equity groups face having details of their holdings
disclosed under the UK's freedom of information laws.
The Freedom of Information Act, which came into force on
January 1 2005, requires public sector bodies to reveal the
value of private companies in which they invest. With public
authorities, pension funds and government bodies increasingly
investing in, or co-investing with, private equity funds, the
rules could have a knock-on effect on the industry.
The Act empowers any organization or member of the public to
request to see information held by, or on behalf of, a UK
public authority. "The rules are retrospective in effect and
the definition of public authority is very wide - over 100,000
UK organizations will be subject to the Act," says Simon Witney
of SJ Berwin. The...