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The Private Equity Stakeholder Project (PESP) opposes the potential appointment of Apollo Global Management CEO Marc Rowan as Secretary of the Treasury, highlighting the conflict of interest given the role's oversight of the private equity industry. PESP points to Apollo's ownership of approximately 220 hospitals across 36 states, noting that these systems are highly indebted and have faced regulatory scrutiny and poor quality rankings. The statement also criticizes Apollo's labor record, noting it received a D grade on the 2023 Private Equity Labor Scorecard due to a high number of portfolio company bankruptcies and unfair labor practice violations, specifically mentioning Cardenas Markets.

The Private Equity Stakeholder Project asserts that the private equity industry's impact on the U.S. economy—with nearly $15 trillion in assets—requires accountability that transcends electoral politics. The organization highlights the industry's role in 65% of billion-dollar bankruptcies in early 2024 and its negative effects on healthcare, housing, and labor, while noting that private equity billionaires spent over $213 million to influence the 2024 elections.

The report identifies approximately 900 private equity-owned healthcare locations in the Greater Philadelphia area, with significant concentrations in physical therapy, behavioral health, dental care, and home health services. It argues that private equity's 'roll-up' strategies and debt-funded dividend extractions increase the risk of bankruptcy, reduce quality of care, and drive up costs for patients. The document details specific local examples, such as the closure of Hahnemann University Hospital and the financial decline of Crozer Health, while calling for increased federal and state regulatory oversight of healthcare acquisitions.

The Private Equity Stakeholder Project and United Farm Workers argue that Instar Asset Management has violated the PRI's integrity by ignoring labor abuses at Windmill Farms, including wage theft, gender discrimination, and union-busting, despite Instar's public ESG policies.

The fact sheet compares the climate policies of several major pension funds and endowments, detailing their net zero targets (ranging from 2040 to 2050), interim emissions reduction goals, and specific exclusions of fossil fuels in both public and private markets.

The document details the decline of Steward Health Care, from its 2010 acquisition by Cerberus Capital Management to its May 2024 Chapter 11 bankruptcy. It highlights a pattern of 'asset stripping' and 'sale-leaseback' transactions with Medical Properties Trust (MPT) that allowed investors to extract hundreds of millions in dividends while the health system faced severe understaffing, equipment repossessions, and patient deaths. The author argues that an ineffective regulatory landscape enabled this 'pillaging,' leading to the closure of multiple hospitals across several US states and recommending strict new laws on hospital ownership, financial transparency, and dividend payouts.

The report identifies 113 private equity-owned revenue cycle management (RCM) companies, representing 28.5% of a broader list of 397 companies compiled by Becker’s Hospital Review. The document provides a detailed mapping of these RCM companies to their respective private equity owners, including debt collectors and medical credit card companies.

The document is a letter expressing concern over Energy Capital Partners' (ECP) pending acquisition of Lightstone Holdco LLC, which owns the General James M. Gavin Power Plant. The authors highlight the plant's high emissions and public health risks, contrasting this acquisition with Bridgepoint's public commitments to decarbonisation and sustainability. They request a commitment to retire the plant by 2028.

The report details the role of private equity in the U.S. medical debt crisis, specifically through the acquisition and consolidation of revenue cycle management (RCM) companies. It argues that private equity firms create 'end-to-end' service providers that facilitate medical debt through high-interest payment products and then collect that debt using aggressive tactics. The document highlights specific case studies of unlawful collection practices and the use of AI to optimize debt recovery, while calling for increased transparency and legislative protections for patients.

The report details how Alden Global Capital, a hedge fund known for stripping local newspapers, has expanded into manufactured housing. Through its affiliate Homes of America, the firm has acquired over 10,000 lots in 138 parks across 17 states, spending over $275 million. The document argues that Alden employs a 'strip and flip' model, characterized by aggressive rent increases, high eviction rates, and the neglect of property maintenance to maximize profits. It highlights specific cases of resident displacement and financial abuse, particularly in Florida, and calls for state and federal policy interventions to protect vulnerable residents.

The Private Equity Stakeholder Project (PESP) argues that private equity firms are aggressively acquiring manufactured home parks in the U.S., utilizing a business model that increases rents and fees to maximize profits at the expense of vulnerable, low-income residents. PESP highlights that Fannie Mae and Freddie Mac have financed 49% of private equity-owned parks identified in their tracker, despite financing only 9% of all U.S. manufactured home parks. The document details numerous instances of poor living conditions, rent hikes, and predatory practices by firms such as Carlyle Group, Blackstone, and Havenpark. PESP supports the Enterprises' 2025-2027 Duty to Serve Plans, particularly objectives that promote resident-owned communities, tenant lease protections, and affordability restrictions.

The document argues that medical debt is a systemic issue in the United States, disproportionately affecting vulnerable populations and causing severe financial and physical harm. It specifically highlights the role of private equity in increasing healthcare costs and employing aggressive debt collection strategies through Revenue Cycle Management (RCM) companies. The authors support the CFPB's proposed rule to stop the reporting of medical debt to credit agencies, noting that such data is an unreliable indicator of financial responsibility and is often inaccurate.

The statement highlights a lawsuit against Windmill Farms and its owner, Instar Asset Management, alleging gender discrimination, unfair production quotas, and retaliation against unionizing workers. It argues that private equity's drive for quick profits often leads to poor working conditions and that Instar should recognize the union to protect both its investment and workers' rights.

The report details how the US Video Relay Service (VRS) market is dominated by two private equity-owned firms, Sorenson Communications and ZP Better Together, which are reimbursed by the FCC. It argues that despite significant FCC rate increases in 2023, these funds have not translated into meaningful wage growth or improved working conditions for ASL interpreters, who face high levels of burnout and psychological distress. The document highlights gaps in FCC oversight regarding company certifications and debt loads, and documents a history of labor disputes, union-busting, and the use of forced arbitration at ZP Better Together.

The report alleges that Blackstone, the largest landlord in the U.S., has exploited housing shortages to maximize returns. It highlights significant rent increases in San Diego, a shift toward increased evictions after 2022, and the use of investor capital to fight rent control initiatives in California. Additionally, the document examines Blackstone's use of RealPage's YieldStar software amid allegations of industry-wide price-fixing.

The report argues that private equity firms are compromising the 'just transition' to a green economy by utilizing temporary staffing models that lower job quality, wages, and safety. It highlights specific cases, such as Blackstone-owned Tradesmen International and American Securities-owned Solv Energy, to illustrate a pattern of OSHA violations, wage theft, and unfair labor practices. The document concludes that implementing portfolio-wide labor standards and increasing unionization are essential to protect workers and mitigate investment risks.

The report details private equity's role in profiting from drug policy in the U.S., specifically through the ownership of methadone clinics, the provision of healthcare and labor services in prisons, and the financing of the cannabis market. It argues that these firms often lobby against public health reforms and exploit incarcerated populations for cheap labor.

The Gavin Coal Plant, owned by Lightstone Generation (a Blackstone and ArcLight Capital Partners joint venture), faces significant financial instability due to declining revenues in the PJM Interconnection market and high debt burdens. The plant is also subject to substantial EPA-mandated cleanup costs for coal ash contamination following a June 2024 court ruling. With the broader U.S. coal industry in decline and institutional investors divesting from thermal coal, the report urges pension funds to pressure owners to retire the plant responsibly to avoid the community and financial losses seen in other coal plant closures.

In June 2024, private equity activity in healthcare included 12 buyouts, 34 add-on acquisitions, and 27 growth/expansion investments. The report highlights a trend of consolidation in revenue cycle management (RCM) and the rapid expansion of clinical research sites through roll-up strategies.

The report identifies significant vulnerabilities in American Securities' investment strategy, citing multiple bankruptcies and distressed exits such as Air Methods and Longview Power. It highlights 'headline risk' and legal challenges facing portfolio companies like ViaPath (prison telecommunications) and Amentum (defense contracting), including allegations of predatory pricing and human trafficking. Additionally, the document details regulatory risks, such as a $13 million antitrust settlement for General Chemical and multiple deceptive practice settlements for Aspen Dental. Finally, it notes ESG risks in healthcare and education, where companies like North American Partners in Anesthesia and FullBloom have faced lawsuits and investigations over understaffing and failure to provide credentialed teachers.