No Admission For The University Of California

In his excellent article on the unintended consequences of the public disclosure of Venture Capital data, Tim Oren writes:

The next unintended consequence is that public entities will have more trouble placing their money into venture capital funds. Venture capital management firms prize investors who are loyal when times are bad. They dislike investors who create extra burdens of reporting and entanglements with regulation and politics. Compared to private institutional investors, public entities will become a denigrated class.

Looks like Tim was right. In an article (registration required) earlier in the week, the Los Angeles Times reported that Sequoia Capital will no longer allow the University of California to invest in its funds. In the words of UC spokesman Trey Davis, Sequoia "kicked us out over concern about public disclosure." Can't you just hear Tim saying "I told you so."