SB-1319 • 2026

California Public Records Act: public investment funds.

Education

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Durazo (S) , Cortese
Last action: 2026-04-24
Official status: Set for hearing May 4.
Effective date: Not listed

Plain English Breakdown

The official source does not mention disclosing information about individuals with indirect interests in the general partners or managers.

California Public Records Act: More Information on Investment Funds

The bill requires public investment funds to disclose more information about their alternative investments, including performance comparisons and details of managers and partners.

What This Bill Does

Requires public investment funds to share the names, addresses, and vintage years of each alternative investment vehicle they use.
Makes public the comparison between the results from an alternative investment vehicle and what a public market index would have shown for similar investments after controlling for risk, liquidity, and expense.
Reveals the names of general partners or managers of alternative investment vehicles used by public funds.

Who It Names or Affects

Public investment funds and local agencies that manage them
People who request access to records under the California Public Records Act

Terms To Know

Alternative investments: Investments in assets other than traditional stocks, bonds, or cash equivalents.
Public investment funds: Funds managed by public agencies that invest money on behalf of the public.

Limits and Unknowns

The bill does not specify when it will take effect.
It places additional responsibilities on local agencies, which may require more work and resources to comply with.

Bill History

2026-04-24 California Legislative Information
Set for hearing May 4.
2026-04-22 California Legislative Information
From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 0.) (April 22). Re-referred to Com. on APPR.
2026-04-15 California Legislative Information
From committee with author's amendments. Read second time and amended. Re-referred to Com. on L., P.E. & R.
2026-04-15 California Legislative Information
From committee: Do pass and re-refer to Com. on L., P.E. & R. (Ayes 12. Noes 0.) (April 14). Re-referred to Com. on L., P.E. & R.
2026-04-15 California Legislative Information
Set for hearing April 22 in L., P.E. & R. pending receipt.
2026-04-09 California Legislative Information
Set for hearing April 14.
2026-04-08 California Legislative Information
Re-referred to Coms. on JUD. and L., P.E. & R.
2026-03-25 California Legislative Information
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
2026-03-04 California Legislative Information
Referred to Com. on RLS.
2026-02-23 California Legislative Information
Read first time.
2026-02-23 California Legislative Information
From printer. May be acted upon on or after March 23.
2026-02-20 California Legislative Information
Introduced. To Com. on RLS. for assignment. To print.

Official Summary Text

SB 1319, as amended, Durazo.
California Public Records Act: public investment funds.
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, as defined,
investments
in which public investment
funds, as defined, invest.
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,
a comparison of the results from the alternative investment vehicle against the performance the public investment fund would have experienced from investing the same amount in a public market index of corresponding assets traded in the public securities markets, after controlling for risk, liquidity, and expense.
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.

Current Bill Text

Read the full stored bill text

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