SB 1319 California Senate · 2025-2026 Regular Session

California Public Records Act: public investment funds.

Summary

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 in which public investment 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, 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.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2026

Committee Review

Floor Vote

Governor

Introduced Feb 20, 2026 Last action May 14, 2026

Maddy AI version diff · 3 comparisons

What changed between versions

04/15/26 - Amended Senate → SB1319 · 1 edit

MINOR

This diff reflects a change in presentation format rather than a substantive legislative amendment. The bill text of SB 1319 (California Public Records Act: public investment funds) is substantively identical between the two versions; the difference is that the 'from' version is a print-formatted document with line numbers while the 'to' version is the web page rendering from the California legislature website, which includes navigation elements, search tools, and inline amendment markup.

TECHNICAL

The bill text was reformatted from a print layout (with line numbers and page headers) to a web page layout that includes site navigation (home, accessibility, FAQ, feedback, sitemap, login), a quick search bar, version tracking links, and share/track/favorite buttons. No policy language was added, removed, or altered.

03/25/26 - Amended Senate → 04/15/26 - Amended Senate · 10 edits · Apr 15, 2026

MAJOR

The April 15 amendment removes Senator Gonzalez as a co-sponsor, drops the nonsubstantive fairs classification provision entirely, and significantly expands the public disclosure requirements for alternative investment vehicles. The new provisions require disclosure of general partner/manager identities, total investor commitments and contributions, details on fund extensions beyond their original terms, continuation funds and asset rollovers, and distressed debt loan information.

SCOPE

The entire provision amending Section 4507 of the Food and Agricultural Code (regarding fair classification) is removed from the bill. This was previously described as a nonsubstantive change.

Senator Gonzalez is removed as a co-sponsor; the bill is now attributed only to Senators Durazo and Cortese.

REQUIREMENT

Subdivision (c)(1) now requires disclosure of the name of each general partner or manager of the alternative investment vehicle, and of each person with a direct or indirect interest in that general partner or manager.

Subdivision (c)(2) now also requires disclosure of the total amount of commitments made by all investors to the alternative investment vehicle, not just the public fund's own commitment.

Subdivision (c)(3) now also requires disclosure of the total amount of cash contributions made by all investors to the alternative investment vehicle, not just the public fund's own contributions.

Subdivision (c)(10) adds a requirement that the comparison index against which performance is measured must be chosen at the time the public investment fund commits to the alternative investment vehicle.

New subdivision (c)(11) requires disclosure, for any vehicle that remains active beyond its originally stated term, of the basis for continued operation, the current value of assets, and the amount of management fees, carried interest, or other expenses continuing to be charged on an annual fiscal year-end basis.

New subdivision (c)(12) requires disclosure of any continuation fund, asset rollover or transfer, or similar transaction involving assets previously held by the vehicle, including financial terms, management fees, and valuations of the assets involved.

New subdivision (c)(14) requires disclosure, for vehicles with debt investments, of the number and aggregate dollar value of loans valued at less than 75 percent of face value (if originated) or less than 75 percent of cost (if purchased), plus a list of third-party rating agencies hired to rate those loans.

TECHNICAL

Subdivision (b)(4) is modified to read 'Except as provided in subdivision (c), records containing information regarding the portfolio positions...' creating an explicit cross-reference that carves out the newly added disclosure requirements from the exemption.

02/20/26 - Introduced → 03/25/26 - Amended Senate · 9 edits · Mar 25, 2026

MAJOR

SB 1319 was substantially expanded from a nonsubstantive amendment to California's fair classification law into a bill that also adds new public records disclosure requirements for alternative investments held by public investment funds (pensions, endowments, public banks). The amended version requires these funds to disclose performance comparisons against public market indices and, for labor-related investments, the identity of the enterprise, its locations, and employee counts. This shifts the bill from a housekeeping change to one with real transparency implications for how public money is invested in private markets.

Scope change

The bill's scope expanded dramatically. Originally it only made a nonsubstantive wording fix to fair classification law (Food and Agricultural Code Section 4507). The amended version adds an entirely new public records transparency regime (Government Code Section 7928.710) that applies to all public investment funds - including state and local pension systems, endowments, foundations, and public banks - requiring them to disclose detailed financial performance data and labor-related information about their alternative investments in response to public records requests.

SCOPE

Entirely new provision amending Government Code Section 7928.710, adding disclosure requirements under the California Public Records Act for alternative investments (private equity, venture, hedge, and absolute return funds) held by public investment funds.

Sponsors expanded from Senator Gonzalez alone to include Senators Durazo and Cortese, suggesting broader coalition support for the expanded bill.

DEFINITION

New definitions for 'alternative investment,' 'alternative investment vehicle,' 'portfolio positions,' and 'public investment fund' (covering public pension/retirement systems, endowments, foundations, public banks, and the state venture capital program).

REQUIREMENT

Requires disclosure of 10 categories of financial information about each alternative investment vehicle, including commitment amounts, cash contributions, distributions, net internal rate of return, investment multiple, management fees, and cash profit - all previously exempt from public records requests.

New item (10) requires a comparison of the alternative investment vehicle's results against what the fund would have earned in a public market index of corresponding assets, after controlling for risk, liquidity, and expense. This is a benchmarking requirement that goes beyond simple financial reporting.

New item (11) requires that for investment vehicles whose objective involves creating or developing an enterprise where people perform work, the fund must disclose the identity of the enterprise, its geographic locations, and the number and classifications of employees at each location using the BLS 2018 Standard Occupational Classification system.

ENFORCEMENT

Legislative findings under Article I, Section 3(b)(7) of the California Constitution declaring that the disclosure requirements further the constitutional right of public access to records of local agencies, which is required for state law to impose obligations on local agencies regarding public records.

FISCAL

Fiscal committee review changed from 'no' to 'yes' and state-mandated local program changed from 'no' to 'yes,' reflecting the new obligations imposed on local agencies (such as county pension systems) to produce these disclosures.

TECHNICAL

Section 3 provides that no state reimbursement is required under Article XIII B because any costs incurred by local agencies fall within the scope of the constitutional public records mandate.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 14, 2026

Upper · Passed

May 14 hearing: Held in committee and under submission.

upper

Apr 22, 2026

Upper · Passed

From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 0. Page 4013.) (April 22). Re-referred to Com. on APPR.

upper

Apr 15, 2026

Upper · Passed

From committee with author's amendments. Read second time and amended. Re-referred to Com. on L., P.E. & R.

upper

Apr 15, 2026

Upper · Passed

From committee: Do pass and re-refer to Com. on L., P.E. & R. (Ayes 12. Noes 0. Page 3869.) (April 14). Re-referred to Com. on L., P.E. & R.

upper

Apr 8, 2026

Committee

Re-referred to Coms. on JUD. and L., P.E. & R.

upper

Mar 25, 2026

Upper · Passed

From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

upper

Mar 4, 2026

Committee

Referred to Com. on RLS.

upper

Feb 20, 2026

Introduced

Introduced. To Com. on RLS. for assignment. To print.

upper

1 primary · 1 co-sponsor