What are LPs doing with all that data?

LPs want more and more data from GPs. This is not going to slow down, according to panelists at an event last week hosted by Cobalt and MVision Private Equity Advisers. GPs can be suspicious of exactly what LPs are doing with that data, said Hamilton Lane managing director Andrea Kramer.

One thing they may well be doing more of is verification. For example, Oklahoma Teachers’ Retirement Fund just chose Meketa Investment Group to identify and rectify potential GP errors in fee calculations. Last year Oklahoma found at least four errors in GP reporting, ranging from carried interest to misreported capital contributions. We expect more LPs to follow suit.

In other news, New York-headquartered private equity real estate firm Clarion Partners has a new general counsel/chief compliance officer. Susan Boccardi joins from JPMorgan where she ran the legal team for the bank’s wealth management business.

Email prepared by Toby Mitchenall.