Naked Capitalism Document Trove

Private Equity Limited Partnership Agreements

Below are the twelve private equity limited partnership agreements that we located through the Pennsylvania Treasury E-Contracts library. It is almost certain that no one, certainly no one associated with the private equity industry, was aware that the Pennsylvania Treasury Department made these documents public, since as you can see, the agreements themselves contain stringent confidentiality provisions. Moreover, the private equity industry has been so determined to keep these documents secret that in every state, it either has gotten legislation passed, or had attorney general opinions issued, that exempt private equity limited partnership agreements, along with detailed fee and return information, from state Freedom of Information Act laws. This means that they were the only class of contract that state governments entered into that were shielded from public scrutiny.

We have converted each limited partnership agreement to a searchable data format to facilitate further investigation and research. We have also provided a link in the right column for each fund name so that you can also view the original document on the Pennsylvania Treasury website.

Note: If your browser's PDF Adobe™ Reader plugin does not allow searching within the document, you can right-click the link, save the PDF to your computer, then open with Adobe™ Reader offline.

Update November 19, 2014: We have added 11 more limited partnership agreements to our document trove. As before, all are searchable. None of the documents in this set of limited partnership agreements was published previously, hence the absence of an "Original Document" icon for them. We obtained these contracts from a party authorized to receive them who is not bound by a non-disclosure agreement.

Update February 28, 2015: We have added two more limited partnership agreements to our document trove, bringing the total to 25. As before, all are searchable. None of the documents in this set of limited partnership agreements was published previously, hence the absence of an "Original Document" icon for them. We obtained these contracts from a party authorized to receive them who is not bound by a non-disclosure agreement.