I ran across an interesting piece this morning where public union pension funds are some of the largest investors in private equity funds. They are forced to do so given the outsized returns they need to achieve to support their untenable pension promises.
This particular piece is regarding NY, but I know from an acquaintance of mine from a CA PE firm that the same thing is happening here with CalPERS, etc.
Is Uncle Sam The Biggest Enabler Of Private Equity Jobs "Offshoring"?
So my question to all you union and/or worker rights people out there, are you are aware of this? If so what is your perspective? If you are OK with this, how do you justifying the enabling of outsourcing more jobs to protect outsized pension promises? If PE firms are the bad guys, aren't those who fund such operations also bad guys? Wouldn't this include CalPERS and other public union funds?
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