1.1                          A bill for an act 
  1.2             relating to state government; classifying certain 
  1.3             investment-related data of the State Board of 
  1.4             Investment; amending Minnesota Statutes 2004, sections 
  1.5             11A.24, subdivision 6; 13.635, by adding a subdivision.
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2004, section 11A.24, 
  1.8   subdivision 6, is amended to read: 
  1.9      Subd. 6.  [OTHER INVESTMENTS.] (a) In addition to the 
  1.10  investments authorized in subdivisions 1 to 5, and subject to 
  1.11  the provisions in paragraph (b), the state board may invest 
  1.12  funds in:  
  1.13     (1) venture capital investment businesses through 
  1.14  participation in limited partnerships, trusts, private 
  1.15  placements, limited liability corporations, limited liability 
  1.16  companies, limited liability partnerships, and corporations; 
  1.17     (2) real estate ownership interests or loans secured by 
  1.18  mortgages or deeds of trust or shares of real estate investment 
  1.19  trusts through investment in limited partnerships, bank 
  1.20  sponsored collective funds, trusts, mortgage participation 
  1.21  agreements, and insurance company commingled accounts, including 
  1.22  separate accounts; 
  1.23     (3) regional and mutual funds through bank sponsored 
  1.24  collective funds and open-end investment companies registered 
  1.25  under the Federal Investment Company Act of 1940, and closed-end 
  2.1   mutual funds listed on an exchange regulated by a governmental 
  2.2   agency; 
  2.3      (4) resource investments through limited partnerships, 
  2.4   trusts, private placements, limited liability corporations, 
  2.5   limited liability companies, limited liability partnerships, and 
  2.6   corporations; and 
  2.7      (5) international securities. 
  2.8      (b) The investments authorized in paragraph (a) must 
  2.9   conform to the following provisions:  
  2.10     (1) the aggregate value of all investments made according 
  2.11  to paragraph (a), clauses (1) to (4), may not exceed 35 percent 
  2.12  of the market value of the fund for which the state board is 
  2.13  investing; 
  2.14     (2) there must be at least four unrelated owners of the 
  2.15  investment other than the state board for investments made under 
  2.16  paragraph (a), clause (1), (2), (3), or (4); 
  2.17     (3) state board participation in an investment vehicle is 
  2.18  limited to 20 percent thereof for investments made under 
  2.19  paragraph (a), clause (1), (2), (3), or (4); and 
  2.20     (4) state board participation in a limited partnership does 
  2.21  not include a general partnership interest or other interest 
  2.22  involving general liability.  The state board may not engage in 
  2.23  any activity as a limited partner which creates general 
  2.24  liability.  
  2.25     (c) All financial or proprietary data received, prepared, 
  2.26  used, or retained by the state board in connection with 
  2.27  investments authorized by paragraph (a), clause (1), (2), or 
  2.28  (4), are nonpublic data under section 13.02, subdivision 9.  As 
  2.29  used in this paragraph, "financial or proprietary data" means 
  2.30  information, as determined by the executive director, that is of 
  2.31  a financial or proprietary nature; and the release of which 
  2.32  could cause competitive harm to the state board, the legal 
  2.33  entity in which the state board has invested or has considered 
  2.34  an investment, the managing entity of an investment, or a 
  2.35  portfolio company in which the legal entity holds an interest.  
  2.36  Regardless of whether they could be considered financial or 
  3.1   proprietary data, the following data received, prepared, used, 
  3.2   or retained by the state board in connection with investments 
  3.3   authorized by paragraph (a), clause (1), (2), or (4), are public 
  3.4   at all times: 
  3.5      (1) the name and industry group classification of the legal 
  3.6   entity in which the state board has invested or in which the 
  3.7   state board has considered an investment; 
  3.8      (2) the state board commitment amount, if any; 
  3.9      (3) the funded amount of the state board's commitment to 
  3.10  date, if any; 
  3.11     (4) the market value of the investment by the state board; 
  3.12     (5) the state board's internal rate of return; and 
  3.13     (6) the age of the investment in years. 
  3.14     Sec. 2.  Minnesota Statutes 2004, section 13.635, is 
  3.15  amended by adding a subdivision to read: 
  3.16     Subd. 1a.  [STATE BOARD OF INVESTMENT.] Certain government 
  3.17  data of the State Board of Investment related to investments are 
  3.18  classified under section 11A.24, subdivision 6. 
  3.19     Sec. 3.  [EFFECTIVE DATE.] 
  3.20     Sections 1 and 2 are effective the day following final 
  3.21  enactment.