A controversial report regarding private equity funds managed for the Ohio state insurance fund for injured workers was released on Friday. The report was made public despite objections by some of the private fund managers that information in the report was proprietary.
Details of the report said the fund grew 4.5 percent since the investments began in 1998. As of March 31, 2005, the value of the private funds’ portfolio was $330 million. The Ohio Bureau of Workers’ Compensation was said to receive a distribution of $97.7 million.
Issued by Chicago-based consultant Ennis Knupp, the controversial report looked at 68 private equity funds managed by 54 private equity firms.
Objections to the release of the report centered on the premise that it contained confidential information and trade secrets that could affect competition and shouldn’t be made public.
The workers’ comp bureau responded to the concerns by retaining the most sensitive part of the report which included information about investments in private companies. The Bureau said it will let a judge decide whether that information should be released.
Agency Director William Mabe said that allowing the judge to decide will help balance concerns about competing but equally important interests that address full disclosure, while taking action that may harm the value of the State Insurance Fund.
An attorney representing the funds said companies were still troubled by the release of the report, citing released information such as the market value of each firm’s holdings for the workers’ comp bureau as a major concern.
Topics Workers' Compensation Ohio
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