Will the University of California have to sacrifice financial success for the cause of open government?

Not likely.

The university claimed it will. It pleaded with a judge to keep its books closed on investments in venture capital funds made on behalf of its employees and retirees. Otherwise, secrecy-loving VC funds won't take its money, the university said.

It got a little help last week from Sequoia Capital, which kicked UC out of a fund.

As a public institution, UC must carry out its business in the public eye. Twice a judge has said so, most recently the same day Sequoia booted UC. The university's employees and retirees have the right to know how their nest eggs are managed.

The fight is really Sequoia's. It is trying to maintain the secrecy of the venture industry, even as the industry benefits from increasingly large investments by public institutions. The industry can't have it both ways.

The trend has been toward disclosure. Universities in Michigan, Texas and Illinois, and public pension funds in Washington state and California have opened the books on their venture investments. They are among the largest investors in the country. If Sequoia won't take their money, plenty of other top-rated VCs will, and the institutions -- really their employees and retirees -- will do just fine.