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Enterprise Markets

Mutual Funds Curtail Private Tech Disclosures

Some of the biggest mutual fund investors in private tech, including T. Rowe Price and Morgan Stanley, have quietly cut back disclosures on the carrying value of their investments. The changes mean observers have to wait longer to find out whether mutual funds have marked up or down their private tech stakes.

The reduced disclosures could also ease tensions between mutual funds and private tech firms, many of which complained over the past couple of years after disclosures of markdowns by funds attracted intense media coverage from outlets such as The Information. Some entrepreneurs even suggested they wouldn’t accept investments from mutual funds to avoid disclosures.

What Is The Information?

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“In a number of situations, we found our public portfolio disclosure cycle, which is different from most of our peers, was resulting in confusion, complications or misinformation within our various client channels.”