Outside Section 55
Data Current as of: 8/19/2015
Paragraph (6) of subsection (k) of said section 23B of said chapter 32, as so appearing, is hereby amended by adding the following subparagraph:-
(iii) A retirement board is permitted to invest in private equity and real estate follow-on or successor funds provided that:
(A) the retirement system invested in the previous fund;
(B) the fund advisor or manager has no material change in personnel;
(C) the strategy is unchanged; and
(D) not more than 10 years have elapsed since the retirement board conducted their original due diligence.
I am vetoing this section because it authorizes the state's many retirement systems to engage in follow-on investments without the protection afforded by up-to-date due diligence.