Updated to note pension’s conclusion that publicity has not affected returns.
The board of the $7.3 billion San Diego County pension fund is slated to vote Thursday on a $50 million investment in billionaire Alec Gores’ latest private equity fund, Gores Capital Partners III.
In a memo to the board, SCDERA notes that Alec Gores carries some “headline risk” as he and his relatives have “attracted some media attention, possibly because of Mr. Gores’ being a successful businessman based in the Beverly Hills area.”
That’s a weak way of saying that Gores and his equally wealthy brother were involved in a love triangle that became embarrassingly public.
Even so, SDCERA found no evidence that media publicity affected investment performance of Gores’ funds.
Alec Gores is the older brother of Tom Gores, who owns the San Diego Union-Tribune through his separate private equity fund, Platinum Equity.
In December 2000, Alec Gores grew suspicious that his then wife, Lisa, was having an affair with brother Tom and hired Los Angeles detective Anthony Pellicano to find out.
The detective staked out a tryst at the Beverly Hills Hotel and wiretapped a nervous phone call between the two lovers, which was played for jurors at Pellicano’s 2008 trial. Here’s Allison Hope Weiner’s Huffington Post coverage of the trial.
Gores reports no known investments with major operations in San Diego County. That’s true, in so far it goes. Gores sold off his holdings in Aonix, a San Diego software firm, a few years ago.
But kudos to the fund for making this information public ahead of time. A refreshing change.
If they gave out Pulitzers for editing, Susan White, who left The San Diego Union-Tribune in 2007, would have collected her second yesterday.
White is now in New York at ProPublica, the online investigative site, where she edited Sheri Fink’s story that claimed a Pulitzer for investigative reporting. This is the first time an online site has won journalism’s top honor.