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The 2026 Private Equity Climate Risks Scorecard reveals that 20 private equity firms, managing $7.3 trillion in assets, back 244 energy companies operating over 1,050 fossil fuel assets. These portfolios generate approximately 1.5 gigatons of annual greenhouse gas emissions, a volume that exceeds the emissions of the international shipping and aviation industries and ranks fifth globally, behind China, the U.S., India, and Russia. The report highlights that these firms own 15,000 miles of pipelines and 124GW of capacity across 324 fossil fuel plants. Furthermore, an analysis of dedicated oil and gas private equity funds active since 2001 indicates poor financial performance, with inflation-adjusted returns being negative on average. The document concludes that most of the studied firms have made limited progress in aligning their portfolios with climate standards to mitigate climate and financial risks.

The report details a pattern of labor violations at Grimmway Farms since its 2021 acquisition by Teays River Investments, including disability discrimination, wage theft, and unsafe working conditions. It highlights a 2023 fatal accident involving Rosa Miriam Sanchez and argues that the private equity business model can exacerbate poor working conditions in the US agricultural sector.

The 2026 State Healthcare Policy Review examines US state efforts to regulate private equity in healthcare, focusing on transparency, approval authority, targeted prohibitions, and the corporate practice of medicine. While several states enacted new disclosure and reporting laws, few expanded the power to block transactions, and many stringent proposals were narrowed or failed. Key developments include Maine's new administrative approval process and Connecticut's ban on hospital sale-leasebacks.

In Q2 2026, private equity firms acquired over 70 US companies with at least 500 employees, primarily in the Professional, Scientific, and Technical Services and Manufacturing sectors. The report details specific instances of plant closures, layoffs, and labor disputes following these acquisitions, such as the closure of an MW Components plant in Houston one week after its purchase by Rosebank Industries. It also highlights systemic issues including OSHA violations at SunOpta and child labor scandals at Charlesbank Capital Partners' portfolio company, Hearthside Food Solutions. Additionally, the report notes environmental and regulatory concerns, including wastewater pollutant violations by Inframark in Texas and community resistance to GI Partners' data center projects in California due to power and emission concerns.

The report details how private equity firms control at least 160 childcare centers in Michigan and profit from the outsourcing of K-12 services, particularly special education staffing. It highlights specific firms like Partners Group (KinderCare) and Leonard Green & Partners (Stepping Stones Group), noting a trend of market consolidation and cost-cutting. The document also warns that a new federal school voucher program, the 'One Big Beautiful Bill', may further divert public funds to private equity-owned providers of transportation and before-and-after school care.

The document analyzes the growth of Compassus, a for-profit home-based care provider jointly owned by TowerBrook Capital Partners and Ascension Health, as a model for private equity expansion into nonprofit healthcare. It details joint ventures with systems including Providence, Bon Secours Mercy Health, and OhioHealth, highlighting the strategic shift toward home-based care. The text specifically examines the Providence partnership, noting that while Providence sought to reduce operating losses and manage services outside its 'core focus', the move faced opposition from nursing associations over concerns regarding patient care quality, workforce benefits, and access for underserved populations.

Private equity firms continue to finance LNG terminals despite increasing market volatility, geopolitical conflicts, and strong community opposition. The document highlights that these investments face risks from unstable long-term demand, project cancellations, and the incompatibility of LNG expansion with 1.5°C climate goals.

Between January and May 15, 2026, over 100 companies backed by asset management firms and venture capital notified labor departments of layoffs, resulting in nearly 13,000 job losses. The report highlights how private equity models—characterized by leveraged buyouts, dividend recapitalizations, and market consolidation—contribute to plant closures and bankruptcies. Specific examples include Walgreens, where Sycamore Partners added $13.3 billion in debt, and Albertsons, where Cerberus Capital Management received a $1 billion dividend payout despite ongoing layoffs. The report also notes a high concentration of layoffs in the manufacturing sector (34%) and discusses state-level legislative efforts in New Jersey, Maine, California, and Michigan to mandate severance pay and extend notice periods.

The Private Equity Hospital Tracker (2026) identifies approximately 447 private equity-owned hospitals in the U.S., representing 9.5% of all private hospitals and 26.8% of proprietary for-profit hospitals. The report highlights the dominance of a few firms, notably Apollo Global Management, and details predatory financial tactics such as sale-leasebacks and dividend recapitalizations. It also notes a trend toward joint ventures with nonprofit systems and a higher prevalence of real estate investment trust (REIT) ownership among private equity-backed facilities compared to the general hospital population. Quality data indicates that private equity-owned hospitals generally lag behind national CMS star rating averages.

The report analyzes the strategic use of joint ventures by private equity (PE) firms to enter healthcare markets, leveraging the reputation of nonprofit partners to scale operations. Through case studies of Lifepoint Health, Ascension, Compassus, and Ardent Health, it documents patterns such as sale-leaseback real estate transactions, the use of nonprofit referral networks, and declining care quality. It argues that current IRS and state regulations are insufficient to oversee these complex structures and recommends expanded oversight of management fees, control rights, and charitable asset transfers.

The Corporate Landlord Legislation Tracker provides a centralized resource for monitoring state-level bills aimed at regulating institutional real estate investors, including private equity, hedge funds, and REITs. The tracker categorizes legislative efforts into four primary policy approaches: anticonsolidation, transparency, antitrust, and tenant protections.

In Q1 2026, private equity firms acquired over 100 US companies with at least 500 employees, primarily in professional, scientific, and technical services, followed by information technology (20%) and manufacturing (16%). The report highlights concerns that the private equity focus on short-term returns leads to deferred maintenance and downsizing in manufacturing, and financial instability in food services through high debt loads. Notably, a $10.7 billion consortium led by BlackRock and EQT to acquire AES Corporation would significantly increase their fossil fuel power plant portfolios. Other tracked activities include acquisitions in education staffing, childcare franchises, professional sports, and the restructuring of TikTok's US operations.

The Multi-Family Housing Tracker documents the significant increase in private equity ownership of U.S. apartment complexes, noting that 228 identified firms own nearly 3 million units, or approximately 13% of the national total. The report highlights a heavy concentration in Sunbelt states and metropolitan areas, correlating these regions with sharp increases in 'cost-burdened' renters. It details a business model focused on rapid value increases through rent hikes and additional fees, while documenting widespread tenant complaints regarding poor maintenance, aggressive evictions, and the use of algorithmic pricing software like RealPage. The document concludes with recommendations for landlords, public officials, and institutional investors to implement rent caps, just-cause eviction protections, and responsible investment standards.

The document outlines a strategic process for tenants to uncover the identities of landlords who use shell companies, specifically Limited Liability Corporations (LLCs), to obscure ownership. It details a step-by-step workflow involving county property records, business entity registries like OpenCorporates and Secretary of State databases, and web searches to trace ownership from a specific property up to parent companies or hedge funds.

The report details how private equity firms have acquired Medicaid contractors to capitalize on government-backed revenue, often leading to operational failures. It highlights systemic payment errors and wage theft allegations at Public Partnerships, LLC; massive debt-driven cost-cutting and fraud allegations at Gainwell Technologies; and delays in care authorizations and the use of offshore labor at Acentra Health. The document also warns of the risks associated with AI-driven analytics and the offshoring of sensitive patient health information to India.

The Private Equity Stakeholder Project supports Illinois HB5000, arguing that private equity's expansion into healthcare—through leveraged buyouts, roll-ups, and joint ventures—often leads to higher prices, increased debt, and reduced quality of care. The document details specific financial tactics like sale-leasebacks and dividend recapitalizations, and highlights the growth of private equity in ambulatory surgery centers and physician practice management, urging regulators to increase oversight to protect patient access and cost.

The report highlights that the Maryland State Retirement and Pension System (SRPS) has a high allocation to private markets, which obscures significant climate risks due to the opacity of these investments. It identifies specific exposure to fossil fuel assets through managers like BlackRock's Global Infrastructure Partners (GIP) V and recommends the adoption of science-based climate targets and increased disclosure to mitigate financial risk.

The document examines the rapid growth of private equity-backed autism therapy services, specifically Applied Behavior Analysis (ABA), and its impact on Medicaid budgets. It highlights a pattern of widespread improper payments and billing issues identified in state audits, while noting that rising demand for services coincides with projected federal Medicaid funding cuts.

The report argues that LAUSD has significantly increased its reliance on private vendors under Superintendent Alberto Carvalho, with a high concentration of contracts going to venture capital and private equity-backed firms. It highlights risks including lack of oversight, potential data privacy violations, and the prioritization of profit over student outcomes, citing specific examples like the failed AllHere AI chatbot and the consolidation of edtech by Veritas Capital.

The report identifies significant fossil fuel exposure within the Maryland State Retirement and Pension System's (SRPS) private market allocations, which comprise approximately 41% of its $74 billion in assets. It highlights specific controversial assets, such as the Rio Grande LNG terminal and the AES Corporation's power plant portfolio, and notes that 64% of energy companies associated with SRPS's private equity managers are fossil fuel-based. The document advocates for the adoption of five climate standards, including science-based targets and fossil fuel disclosure, to mitigate financial risks associated with the energy transition.