We Break Down Complex Business News to Help You Understand How Money Moves in Chicago and How It Affects You.
Hundreds of Protests Marched Last Week Decrying Billionaires and Calling for Workers’ Rights, As Part of the Afl-Cio’s National Labor Day Protests. But the Group Also Rallied Against Chicago-Based Private Equity Firm Valor Equity Partners-Marching Near the Company’s West Loop Headquarters.
The Protest Came after the Afl-Cio and the American Federation of Teachers Urged Companies and Leaders of Publice Employe retirement plans that have a relation to Ask Questions about the actions of CEO and Chief Investment Antonio Grazias.
The Objection from Afl-Cio, Along With Many of the Protests, was over Gracias’ Work for President Donald Trump’s Department of Government Efficcyience. Gracias was tapped by Elon Musk to Help Doge by Starting With The Social Security Administration Then Running Its Task Force on Immigration, UNIL JULY.
The Union Said Gracias, Along With Valor Vice President Jon Koval and Vice President, Data Engineer Payton Rehling, Abdicated their Fiduciary Responsibilities to the private firm and its benefiting time working for doge.
Valor Didn’t Respond to Requests for Comment.
On june 24, the affla-cio ised a brief-focused on valor and urged leaders of the retirement finishes by valor to do more dueligence and ash gracias and my time resulted in a material investment risk.
“Many of Valor’s More Recent Funds Have Not Yet Made ANY DISTRIBUTIONS AND HAVE BELOW MEDIANCE ON THEIR DISTRIBUTIONS to Paid-in Capital (DPI Ratios), Accounting to Prequel Ltd.,” The Brief Said.
American Federation of Teachers President Randi Weingarten Made a Similar Ask in a July 21 Letter to Managers of Nine Public Pension, Including the California Publicies’ Retirement System.
Michael Mufson, Managing Director of Philadelphia-Based Investment Bank Mufson Howe Hunter & Co., Said Gracias’ Activity is not the norm for the head of a private equity firm.
“Highly unusual to have a pe (private equity) Executive so overtly involved in politics directly activities,” Mufson Said. “Overall, not a lot of good comes from youing so involved outside of your focus managing a end for limited partners.”
End Managers Should Ask Valor Questions, Acciting to Carin Zelenko, Afl-Cio Director of Capital Strategies.
“Gracias, Koval and Rehling SEEMED to be Moonlighting for Doge, Taking Time Away from the Job Who Were Hirhed to Do, Which was to manage the assets of retirements,” Zelenko Said. “So, we have had a list of Questions Might Might Want to As. Certainly, About Time Away, Who Was Paying for Time and Also Questions About what they do doing there.”
Zelenko Said As of Now, the Afl-Cio is not calling for a boycott of Companies that Valor Holds Majority Stakes in.
Valor Manages Funds on Behalf of MANY PUBLIC EMPLOYEE RETREIENT PLANS, INCLUDING THE Illinois Municipal Retirement end that administration retirement, disability and death benefits for employs of local governments and the Illinois stte Board of Investment, whichich manages biengitites State Employees.
The Illinois Municipal Retirement Fund Declinehed to Comment.
An Illinois State Board of Investment Spokesperson Said in a Statement that the Group “Has In Invested With Valor Equity Partners Since 2013 and Any Residual Expure is Under. The Spokesperson Said The Board’s Current Asssets Under Management Are Approximately $ 28.6 Billion, Which Means Valor Still Oversee $ 14.3 Million.
Illinois Comptroller Susana Mendoza, Who Serves on Four Illinois State Board of Investment Committees, Said Through Spokesperson Abdon Pallasch That She Was Deferring to the Board.
State Sen. Robert Martwick, who serves on two ISBI commutees, described the valor investment as a “one-off deal” that one of the board’s outside consultants made.
“Accorting to the Management at the Illinois State Board of Investment, an insignificant amout of pensions have invested with this person for a long time and those investments, like Every Other Investment, Are Constantly Under Review for Performance and We Will Addres in the Board. Fit, ”Martwick Said.
Valor Also Has Investments in Several Companies, Including Those Based in Chicago Such As Wow Bao, Emalex Biosciences, Evozyne and Fooda.
While gracias has stepped Away from DOGE, Zelenko Said Valor Should Still Address Remaining Concerns from the Union and the Firm’s Beneficiaries.
“We Believe There Are Still a Lot of Unanswered Questions About His Time Away, and We Think Investors Should Get Answers and Take Those Answers into Consideration Before Making New Commitments,” Zelenko Said.
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