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Workers and housing advocates urge CalSTRS to press private equity partners on labor and tenant harms
Summary
Public commenters told the CalSTRS investment committee that investments tied to Cardenas Markets and RealPage/Thoma Bravo pose labor and housing harms; speakers requested staff engagement and asked the committee not to make new commitments until partner accountability is demonstrated.
Several public commenters at the CalSTRS investment committee meeting urged the pension fund to press private equity partners on alleged labor violations and housing-market harms.
Derek Yedidipol, identified himself as a researcher with the United Kingdom Commercial Work Union, said Apollo Fund 9 (identified by the speaker as an owner of Cardenas Markets) is a CalSERS investor and described multiple labor lawsuits and National Labor Relations Board charges against Cardenas. "We believe that Cardenas' labor record poses a risk to your investment through litigation and a protracted labor dispute," Derek said, and urged CalSTRS staff not to commit further capital to Apollo funds until the firm holds portfolio companies to CalSTRS's stated ESG and worker-rights standards.
In a separate public comment, Eric Lerner of the Alliance of Californians for Community Empowerment (ACE) urged CalSTRS to meet with CalPERS staff and consider ending investments in Thoma Bravo funds 13 and 14 because RealPage software has been accused in multiple lawsuits and a Department of Justice action of facilitating rent inflation. "When housing becomes unaffordable for CalSTRS members, retirees, and working people because of bad actors like Thoma Bravo, it's time to take action," Lerner said.
Phone-based speakers Maria Barrias (through translator Daniel Garcia) and Melchor described specific workplace grievances at Cardenas stores, including denied vacation time, altered paychecks, verbal mistreatment, reduced hours after medical events, and assignments in extreme heat. Maria said managers told her, "You can't read," when she sought an explanation for a short paycheck. Melchor said his hours were cut and described a supervisor throwing items at him during a medical episode.
In response, Chair Keeley thanked the public speakers and directed staff to follow up. The committee asked staff to engage partners and report back; Chair Keeley said an update on staff engagement would be provided in closed session at the next investment committee meeting.
The comments represent public appeals to use investor engagement to address worker treatment and housing‑market impacts; they were requests for staff action rather than formal committee directives recorded as binding policy changes at this meeting.
