2013 Indiana Code
TITLE 21. HIGHER EDUCATION
ARTICLE 29. STATE EDUCATIONAL INSTITUTIONS: INVESTMENTS
CHAPTER 2. GENERAL POWERS; BOARD OF TRUSTEES
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IC 21-29-2
Chapter 2. General Powers; Board of Trustees
IC 21-29-2-1
Applicability of section; investment of funds
Sec. 1. (a) This section applies to the board of trustees of the
following state educational institutions:
(1) Ball State University.
(2) Indiana University.
(3) Indiana State University.
(4) Purdue University.
(5) University of Southern Indiana.
(b) The board of trustees of a state educational institution may
establish and carry out written policies for the investment of the
funds of the state educational institution in the manner provided by
IC 30-4-3-3.
As added by P.L.2-2007, SEC.270.
IC 21-29-2-2
Board; investment of funds
Sec. 2. The board of trustees of Ivy Tech Community College may
establish written policies for the investment of the funds of Ivy Tech
Community College in the manner provided by IC 30-4-3-3.
As added by P.L.2-2007, SEC.270.
IC 21-29-2-3
Alternative investment of institutional funds; records; disclosure
Sec. 3. (a) Notwithstanding any other law, the following records
regarding alternative investments in which institutional investment
funds invest are not subject to disclosure under IC 5-14-3, unless the
information has already been publicly released by the keeper of the
information:
(1) Due diligence materials that are proprietary to the
institutional investment fund or the alternative vehicle.
(2) Quarterly and annual financial statements of alternative
investment vehicles.
(3) Meeting materials of alternative investment vehicles that
contain individual portfolio holdings.
(4) Records containing information regarding the underlying
portfolio positions in which alternative investment vehicles
invest.
(5) Capital call and distribution notices.
(6) Alternative investment agreements and all related
documents.
(b) Notwithstanding subsection (a), the following information
contained in records described in subsection (a) regarding alternative
investments in which institutional investment funds invest is subject
to disclosure under this chapter and is not considered a trade secret
or confidential financial information exempt from disclosure:
(1) The name, address, and vintage year of each alternative
investment vehicle.
(2) The dollar amount of the commitment made to each
alternative investment vehicle by the institutional investment
fund since inception.
(3) The dollar amount of cash contributions by the institutional
investment fund to each alternative investment vehicle since
inception.
(4) The dollar amount, on a fiscal year-end basis, of cash
distributions received by the institutional investment fund from
each alternative investment vehicle.
(5) The dollar amount, on a fiscal year-end basis, of cash
distributions received by the institutional investment fund plus
the remaining value of partnership assets attributable to the
institutional investment fund's investment in each alternative
investment vehicle.
(6) The net internal rate of return of each alternative investment
vehicle since inception.
(7) The investment multiple of each alternative investment
vehicle since inception.
(8) The schedule of management fees and costs assessed by
each alternative vehicle to the institutional investment fund.
(9) The dollar amount of cash profit received by institutional
investment funds from each alternative vehicle on a fiscal
year-end basis.
(c) The following definitions apply throughout this section:
(1) "Alternative investment" means an investment in a private
equity fund, real estate fund, venture fund, hedge fund, natural
resource, or absolute return fund.
(2) "Alternative investment vehicle" means a limited
partnership, limited liability company, or similar legal structure
that is not publicly traded through which an institutional
investment fund invests in portfolio companies.
(3) "Institutional investment fund" means a fund that consists of
money managed in an endowment fund, including a
quasi-endowment, and the returns on the endowment fund, that
is held and invested by a state educational institution.
(4) "Portfolio positions" means individual portfolio investments
made by alternative investment vehicles.
As added by P.L.226-2007, SEC.4. Amended by P.L.1-2010, SEC.84.
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