Georgia Code
Article 7 - Public Retirement Systems Investment Authority Law
§ 47-20-87. Definitions; Eligible Large Retirement Systems Authorized to Invest in Certain Alternative Investments; Applicability

that include investments in privately placed investment pools described in this subparagraph, in each case whether structured as a partnership, limited liability company, trust, corporation, joint venture, or other entity or investment vehicle of any type; organized or operating in one of the states or territories of the United States or outside the United States; such pool will invest in the United States or outside the United States or any combination thereof; or such pool makes investments of the type described in subparagraph (B) of this paragraph or other investments of any type or any combination thereof;
Each alternative investment by an eligible large retirement system shall have previously been or shall be concurrently made or committed to be made by at least four other investors not affiliated with the issuer. At the time of initial investment, such investors shall not include any trustee of the eligible large retirement system making the investment or any public official as defined in paragraph (9) of Code Section 45-10-20. Such four other investors shall be investing on substantially the same terms and conditions as those applicable to the investment by the eligible large retirement system to the extent such other investors are similarly situated with the eligible large retirement system. Alternative investments shall only be made in private pools and issuers that have at least $100 million in assets, including committed capital, at the time the investment is initially made or committed to be made by an eligible large retirement system.
History. Code 1981, § 47-20-87 , enacted by Ga. L. 2012, p. 211, § 3/SB 402; Ga. L. 2017, p. 143, § 2/HB 83; Ga. L. 2020, p. 514, § 1/SB 294; Ga. L. 2021, p. 655, § 2/HB 173; Ga. L. 2022, p. 287, § 2/HB 1056.
Effective date. —
This Code section became effective July 1, 2012.
The 2017 amendment, effective July 1, 2017, in subsection (d), added the paragraphs (1), (2), and (3) and subparagraph (d)(1)(A) designations; substituted “system’s assets” for “system assets” near the end of subparagraph (d)(1)(A); added subparagraph (d)(1)(B); inserted “or 10 percent” in the middle of present paragraph (d)(2); and substituted “an eligible” for “the eligible” at the beginning of present paragraph (d)(3).
The 2020 amendment, effective January 1, 2021, deleted “; provided, however, that such term shall not include the Teachers Retirement System of Georgia” following “Code Section 47-20-87” at the end of paragraph (a)(2).
The 2021 amendment, effective July 1, 2021, substituted “10 percent” for “5 percent” in subparagraph (d)(1)(A); and added subparagraphs (d)(1)(C) and (d)(1)(D).
The 2022 amendment, effective May 2, 2022, substituted “15 percent” for “10 percent” near the end of subparagraph (d)(1)(B), and in paragraph (d)(2), deleted “and” following “this Code section”, deleted “for purposes of the 5 percent or 10 percent limitation and otherwise” following “shall be treated”, and inserted “and subject to and included within the percentage limitations provided in paragraph (1) of this subsection”.
Editor’s notes.
Ga. L. 2012, p. 211, § 1/SB 402, not codified by the General Assembly, provides that: “This Act shall be known and may be cited as the ‘Employees’ Retirement System of Georgia Enhanced Investment Authority Act.’

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