California Government Code

§ 82047.3

GOV § 82047.3 Effective Jan 1, 2022Title 9 · Ch. 2

Statute text

(a)“Placement agent” means an individual directly or indirectly hired, engaged, or retained by, or serving for the benefit of or on behalf of, an external manager or an investment fund managed by an external manager, and who acts or has acted for compensation as a finder, solicitor, marketer, consultant, broker, or other intermediary in connection with the offer or sale to a state public retirement system in California or an investment vehicle either of the following:

(1)In the case of an external manager within the meaning of paragraph (1) of subdivision (a) of Section 82025.3, the investment management services of the external manager.

(2)In the case of an external manager within the meaning of paragraph (2) of subdivision (a) of Section 82025.3, an ownership interest in an investment fund managed by the external manager.

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Legislative history

Amended by Stats. 2021, Ch. 50, Sec. 145. (AB 378) Effective January 1, 2022.