NY Data security: In case you forgot, which would be pretty reasonable under the circumstances, the Attorney General of New York state is set to begin enforcing its new SHIELD Act – a data security law akin to those passed in Massachusetts and Illinois – this Saturday.
Market experts think enforcement will be delayed by the coronavirus (the AG’s office declined to comment on the record).
This is not going to be top of mind for you, I know. But while enforcement may not begin on time, the AG can still enforce retroactively. And generally, regulators and law enforcement aren’t known for letting people off the hook for not being prepared for upcoming implementation dates.
LP stakes: Duff & Phelps held an interesting webinar on valuations in light of covid-19 yesterday, and colleague Adam Le has the takeaway on how to value LP stakes – sounds like you’ll be getting some phone calls on this.
My bad: With all the commotion, I forgot to give you your promised update on Partners Group’s annual earnings call. The call was heavy on covid-19 discussion, as one would expect (for more on that, including its liquidity and operational plans, read on, here.).
Executive chairman Steffen Meister noted that PE has an image problem, and that PE as an industry cannot seriously claim to be better at engaging with employees than other ownership models (some of you, I know, will claim exception!). To that end, Partners will discuss with institutional clients a proposal to divert some percentage of value created at its portfolio companies to employee programs, and there was a mention of a portfolio-wide hardship fund to address business failures and job losses. Read on.
Email prepared by Graham Bippart