The University of California Retirement System, a $45bn (€39.7bn) US public pension fund, has vowed to fight a court ruling that it should reveal its fund performance figures. The university is seen as the first victim of the latest twist in the public disclosure row between institutional investors and private equity managers.
Sequoia Capital, a US venture capital firm, was the first to expel a long-standing investor, the University of Michigan pension scheme, from investing in its latest fund.