Private Equity Stakeholder Project

One year ago, Walgreens announced it would be taken private by PE firm Sycamore Partners. We warned the debt-heavy buyout could lead to layoffs, store closures, and cuts for workers. Since then, Walgreens has had successive rounds of layoffs, cut workers' paid holidays, and closed hundreds of stores

Case studies: The financial fallout of poor labor practices Child labor scandals illustrate the long-term material impacts on investors when private equity firms fail to ensure fair labor practices.

After a child labor scandal at Blackstone-owned Packers Sanitation erupted in 2022, the company struggled with lost business and looming debt, ultimately handing the business over to lenders three years after the allegations came to light. pestakeholder.org/news/case-st...

Pension funds and other institutional investors could end up backing Russian oil assets.

Private equity firms Carlyle and Quantum Capital are vying for Russian oil giant Lukoil’s overseas oil and gas portfolio as sanctions push the company to sell.

pestakeholder.org/news/private...

Major loopholes in investor homebuying ban enable private equity to skirt regulation Watchdog group warns against poison pill provision that would benefit Wall Street landlords

Exemptions in the ROAD to Housing Act have few mechanisms to hold private equity landlords accountable to selling homes to individuals, creating opportunities for landlords to game the system and hold on to these homes indefinitely. pestakeholder.org/news/major-l...

This is a clear warning sign: BlackRock is moving aggressively to control America’s power grid through private equity acquisitions, potentially to serve the firm’s own data center developments. www.wsj.com/finance/inve...

Already some skepticism by investors on this however: "Some investors pitched on the new vehicle have questioned whether Blackstone will use the entity to snap up data centers owned by its other funds, enabling an exit for certain investors, some of the people said."

Will pension funds be approached by Blackstone for this strategy?: “The alternative investment giant is approaching sovereign wealth funds and other institutions for the first checks, aiming to eventually raise tens of billions of dollars from a broader group of investors”

🚨 PRIVATE EQUITY ALERT 🚨 Blackstone is creating a new publicly traded acquisition vehicle to go on an AI-data-center buying spree, opening up its infrastructure bets to outside investors as it doubles down on the AI boom.

www.bloomberg.com/news/article...

GOP Housing Bill Could Block States From Regulating Corporate Landlords An industry-backed lawmaker’s proposal could undercut state efforts to loosen Wall Street’s grip on the housing market — while carving out exemptions for large investors.

Senator Bernie Moreno's housing bill would be a gift to private equity landlords thanks to its preemption of stronger state-level regulation and massive loopholes. American tenants need Wall Street landlords to be reined in, not given carte blanche. www.levernews.com/gop-housing-...

Private equity behind majority of 2025’s largest bankruptcies PESP finds private equity-backed companies drove 54% of the largest U.S. bankruptcies in 2025, including 71% of major retail failures and 60% of major manufacturing bankruptcies

In the consumer discretionary sector, private equity-backed companies accounted for more than 71% of the largest bankruptcies in 2025, including familiar brands such as Joann Fabrics, At Home, and Claire’s. pestakeholder.org/news/private...

As housing policies take center stage, national proposals leave loopholes for private equity industry While banning investor purchases of single-family homes would be a welcome change to corporate landlording, more policy interventions are needed for housing affordability

Unfortunately, the federal policies currently under consideration to tackle the housing crisis let corporate landlords off the hook when it comes to protecting tenants. Occupants of single-family homes and potential homebuyers aren’t the only people who are being harmed by corporate landlords.

Private equity behind majority of 2025’s largest bankruptcies PESP finds private equity-backed companies drove 54% of the largest U.S. bankruptcies in 2025, including 71% of major retail failures and 60% of major manufacturing bankruptcies

Private equity firms were involved in a majority of the largest U.S. bankruptcies in 2025, according to an updated Private Equity Bankruptcy Tracker released today by PESP. Despite accounting for roughly 7% of the U.S. economy, PE-owned companies represented a much larger share of bankruptcies.

Private equity lags stocks for retail investors As the private equity industry is asking the Trump Administration to provide it access to Americans’ 401K retirement savings and a regulatory safe harbor against 401K lawsuits by retirement savers…

Private equity and private credit are illiquid and complex, not designed for everyday retirement savers who expect access to their money.

We warned these risks don’t belong in 401(k)s.
🔗 pestakeholder.org/reports/priv...

Last fall, surveys from AARP and reporting by the Wall Street Journal found that support drops when voters learn about illiquidity, high fees, and lack of transparency.

That context matters.

Trump wants private equity in 401(k)s. Voters approve. The introduction of private investments in 401(k) plans is a much-debated initiative of the Trump Administration. But voters seem to like the idea.

USA Today reports that voters support expanding private equity in 401(k)s.

But polling and reporting last fall found the opposite, especially once people understood what private markets actually mean for their retirement savings.

www.usatoday.com/story/money/...

Illiquidity and complexity: Private equity investments are illiquid, meaning they cannot be easily sold or converted to cash. Their complex structures may make them unsuitable for individual investors who require accessible options for their retirement savings.

Private equity lags stocks for retail investors As the private equity industry is asking the Trump Administration to provide it access to Americans’ 401K retirement savings and a regulatory safe harbor against 401K lawsuits by retirement savers…

We warned these risks don’t belong in 401(k)s.

🔗 pestakeholder.org/reports/priv...

Blue Owl Capital Sets Off New Fears About the Private Credit Industry The lender’s announcement that investors will no longer be able to ask for a set amount of money back from its funds prompted worries about the private credit industry.

Today’s news on Blue Owl Capital is a reminder of what’s at stake as Trump pushes to open 401(k)s to private markets.

Private equity and private credit are illiquid and complex.

When access to cash tightens, everyday retirement savers are the ones exposed.

🔗 www.nytimes.com/2026/02/19/b...

Critics’ concerns confirmed as Walgreens layoffs follow private equity buyout Walgreens is laying off hundreds of workers across multiple states just months after its acquisition by private equity firm Sycamore Partners, a move that follows early cost-cutting measures that had…

When holiday pay cuts at Walgreens were announced, PESP warned they could be a bellwether of things to come. Now the private equity-owned pharmacy giant is laying off hundreds more workers, confirming concerns that early cost-cutting measures could be followed by deeper reductions.

Walgreens is laying off hundreds of workers just months after its private equity buyout.

These cuts follow earlier warning signs we flagged, including holiday pay cuts and early downsizing.

🔗 pestakeholder.org/news/critics...

Walgreens Cuts Hundreds of Workers After Private Equity Buyout Walgreens is laying off hundreds of employees across the country as the beleaguered pharmacy chain’s new private equity owners look to cut costs.

🚨 PRIVATE EQUITY ALERT 🚨 Private equity-owned Walgreens has eliminated over 600 workers' jobs just months into Sycamore Partners' ownership of the pharmacy giant. Months before Sycamore acquired Walgreens, critics warned that layoffs could be ahead under private equity ownership.

Consumer Advocates Could Derail Blackstone’s Utility Acquisition - The American Prospect The private equity behemoth’s bid to acquire New Mexico’s largest electricity provider could be null and void. Will regulators be bold enough to apply the law?

NEW: Blackstone’s bid to buy TXNM Energy may already be on shaky legal ground.

Consumer advocates say Blackstone purchased $400M in utility stock before required approval, a move that could invalidate the entire deal if regulators enforce the law.

prospect.org/2026/02/19/b...

The Olympics Are Flirting With Private Equity As the Olympic committee searches for new revenue streams, profit-gouging private equity firms move to expand their influence over global sports.

Is the private equity industry going to strip mine Olympic gold? The IOC should be wary of how the PE playbook has impacted other professional sports before inviting private equity in. www.levernews.com/the-olympics...

Marc Rowan says private equity in 401(k)s could deliver “50–100% better outcomes.”

But Apollo’s flagship evergreen fund returned less than half of public stock market returns—while charging fees above 3.5%.

For retirement savers, the math doesn’t add up.
🔗 pestakeholder.org/reports/priv...

New PESP report: Private equity made more than 1,000 healthcare deals in 2025, with activity concentrated in health IT, dental care, and outpatient services.

Read more: pestakeholder.org/reports/pe-h...

Students, residents, and PESP staff tell regents how University of California’s private equity investments harm affordable housing Students, residents, and PESP staff made public comments at the UC Regents meetings about the university’s investments Blackstone, Brookfield, and Thoma Bravo.

In November and January, students, residents, and PESP staff made public comments at the UC Regents meetings about the UC’s investments with two of those landlords – Blackstone and Brookfield – as well as about the UC’s investments with PE firm Thoma Bravo, which owns rent-setting software RealPage.

The Trump EPA rollback makes it harder to track and regulate pollution from some of the biggest private equity polluters in the country.

“Private equity has long operated in the dark, and this decision makes that problem worse.” — Amanda Mendoza, PESP

Read more:
pestakeholder.org/news/epa-rol...

📣 We’re hiring at PESP.

We’re seeking a Climate Director and a Healthcare Director to lead research and campaigns that address the role of private equity in driving the climate crisis and reshaping healthcare.

Remote (U.S.)
👉 bit.ly/PESPjobs

Operator of Eddie Bauer Stores Files for Bankruptcy The company that operates the brand’s retail stores cited a shift in consumer preferences, rising inflation and elevated tariffs.

🚨 PRIVATE EQUITY ALERT🚨 Sportswear brand Eddie Bauer is out in the cold after an extensive history of private equity ownership. www.nytimes.com/2026/02/10/b...

📣 We’re hiring a Climate Director at PESP.

This senior role will lead research and campaigns that address the role of private equity in driving the climate crisis.

Remote (U.S.) · Apply by March 6

👉 bit.ly/PESPjobs