Information on infrastructure partnerships in the States of Jersey PECRS portfolio (FOI)

Request

On behalf of [name of applicant company redacted], under the Freedom of Information Act 2000 I request a copy of the most recent quarterly public records of the following information, preferably in Excel or PDF format:

A.

Names and vintage years of all private equity, venture capital, mezzanine, distressed, real estate/REIT, debt, infrastructure partnerships in States of Jersey Public Employees Contributory Retirement Scheme’s portfolio.

B.

The amount committed to the partnerships and amount drawn by the partnerships.

C.

Distributions made to States of Jersey Public Employees Contributory Retirement Scheme to date by each individual partnership.

D.

Net Asset Value of each partnership, and estimated remaining value of each partnership, as permitted under the Partnership.

E.

Internal rates of return (IRRs) for each individual partnership, for the most recent date available. (Please specify whether the data is net or gross of expenses and fees).

F.

Investment multiple for each individual partnership.

G.

Date as of which all the above data was calculated.

H.

Names of all private equity, venture capital, mezzanine, distressed, real estate/REIT, debt and infrastructure partnerships partially and fully sold by States of Jersey Public Employees Contributory Retirement Scheme, including date of sale.

Additionally, I would be grateful to receive the names, commitment amount, net asset value, and since inception percentage return of any hedge funds in which your plan has invested, if available.

If there are any fees for searching for, reviewing, or copying the records, please inform me before you task the request. If you deny all or any part of this request, please cite each specific exemption you think justifies your refusal to release the information and notify me of appeal procedures available under the law.

Response

This information is not published on a quarterly basis. However we have responded to the request broken down into the separate questions as laid out above.

A.

This information is refused under Article 23 Freedom of Information (Jersey) Law 2011 See exemption details below.

B.

This information is refused under Article 23 Freedom of Information (Jersey) Law 2011 See exemption details below.

C.

This information is refused under Article 26 and Article 33 Freedom of Information (Jersey) Law 2011. See exemption details below.

D.

This information is refused under Article 23 Freedom of Information (Jersey) Law 2011. See exemption details below.

E.

This information is refused under Article 23 Freedom of Information (Jersey) Law 2011. See exemption details below.

F.

This information is refused under Article 26 and Article 33 Freedom of Information (Jersey) Law 2011. See exemption details below.

G.

This information is refused under Article 23 Freedom of Information (Jersey) Law 2011.   See
exemption details below.

H.

None sold within the period.

I.

This information is refused under Article 23 Freedom of Information (Jersey) Law 2011.   See exemption details below.

Exemptions

Freedom of Information Law (Jersey) Law 2011 Part 4: Absolutely exempt Information

Article 23 Information accessible to applicant by other means.

(1) Information is absolutely exempt information if it is reasonably available to the applicant, otherwise than under this Law, whether or not free of charge.
(2) A scheduled public authority that refuses an application for information on this ground must make reasonable efforts to inform the applicant where the applicant may obtain the information.

Article 26 Information supplied in confidence.

Information is absolutely exempt information if:

(a) it was obtained by the scheduled public authority from another person (including another public authority); and

(b) the disclosure of the information to the public by the scheduled public authority holding it would constitute a breach of confidence actionable by that or any other person.

Freedom of Information Law (Jersey) Law 2011 Part 5: Qualified Exempt information

Article 33 Commercial Interests

Information is qualified exempt information if –

(a) it constitutes a trade secret ; or

(b) its disclosure would, or would be likely to, prejudice the commercial interests of a person (including the scheduled public authority holding the information)

Justifications for exemption

Article 23 Freedom of Information (Jersey) Law 2011.

2014 annual accounts are due for publication within the next 12 weeks. See link below where they will be available after 1st July.

Find 2014 annual accounts

Article 26 and 33 Freedom of Information (Jersey) Law 2011.

This request for investment information would considerably affect the ability of PECR’S and their investment managers in relation to future investments and it is therefore necessary to protect this information.

Article 33 is a Qualified Exemption and therefore is subject to a Public Interest Test.

The investment information is of significant commercial value and its disclosure would, or would be likely to, prejudice the third party and PECRS’ commercial interests; and

The public interest in maintaining the confidentiality of the investment information outweighs the public interest in disclosing the investment information

Freedom of Information (Jersey) Law 2011