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CalPERS hears unions urge pause on private equity allocations and raise Palantir/ICE concerns
Summary
Union and worker speakers at the CalPERS Investment Committee urged trustees to disclose findings and reconsider allocations to certain private equity managers and to convey concerns about Palantir's work with ICE, citing fiduciary, reputational and community impacts.
A coalition of union members, workers and community advocates pressed the CalPERS Investment Committee on March 12 to disclose internal findings and to consider withholding future allocations to several private equity managers and to engage with companies whose contracts raise reputational or participant‑interest concerns.
"I believe the fund should make public your findings on these issues," said Cynthia Benitez, who identified herself as a member of SEIU Local 521 and a CalPERS participant, calling for the fund to withhold further allocations to the private equity manager Valor Equity Partners pending review. Benitez and other speakers cited recent reporting and whistleblower complaints about contractors that, they said, raise questions about alignment with fiduciary interests.
Tammy Laredo Donata and other SEIU members urged trustees to press companies such as Palantir Technologies over contracts with U.S. Immigration and Customs Enforcement (ICE), arguing those arrangements can create community harms and portfolio risks. Donata told the committee Palantir was contracted to deliver a prototype immigration platform to ICE and asserted the contract posed civil‑liberties and macroeconomic risks that should factor into investment decisions.
Speakers also singled out concerns about Apollo Global Management and Bain‑owned dialysis companies, recounting worker testimony alleging unsafe staffing, retaliation against union organizers and other operational problems. Several union representatives urged CalPERS to pause allocations until stronger due diligence and remediation steps are assured.
Committee members and staff heard the public comments during a scheduled public‑comment block immediately following the executive report. Staff and trustees acknowledged the concerns and asked for follow‑up, including additional disclosure and more detail on the staff's due‑diligence work; staff said it would take the feedback into account and follow up outside the public comment period.
The comments did not produce a vote at the meeting; trustees reserved policy and investment actions for future agenda items and readings.
