The Economic and Financial Affairs Council has agreed to a text for the Alternative Investment Fund Managers Directive to be put before the European Parliament. A final decision is expected within days.
Placement agents that work with California’s public pension funds will be required to register as lobbyists, putting an end to fees based on the success of a fundraising.
The pre-2008 trips - arranged by private equity and real estate GPs - related only to firms in which the US pension owned a management stake or on whose LP advisory boards it sat.
A pending state bill that would force placement agents to register as lobbyists would create two sets of registration, reporting and compliance policies.
Alfred Villalobos, the embattled placement agent accused of bribery by California's attorney general, said during a bankruptcy hearing he plans to sue CalPERS for defamation.