WASHINGTON--(BUSINESS WIRE)--Our country is at a crossroads. We face a choice of whether to support diversity, equality and inclusiveness in American life and work, or to slam the doors shut on those seeking a better life.
US based companies owned by private equity firms employ more than 11 million American workers.i Private equity firms manage nearly $4 trillion, largely public funds that benefit workers and retirees throughout the country.ii UNITE HERE has asked private equity firms to stand up for equality and diversity in America by signing on to the “Our American Principles” pledge.
A number of major US corporations including Starbucks, Amazon, Microsoft, Nike, Expedia, and Ford have come out strongly against President Trump’s travel ban targeting Muslims and affirmed their support for a diverse America.iii
Sweeping executive orders have targeted Muslim travelers and thrown our airports into chaos. In the last month, immigration agents have arrested hundreds of people and have begun laying the groundwork for mass deportations.
Yet thus far, private equity firms have been silent.iv
When asked for their position, firms including Madison Dearborn, TH Lee, KKR, TPG and Carlyle Group have said “no comment” or that they did not believe they had any employees directly affected.v
President Trump has appointed several private equity executives to key positions in his administration.
Silence is assent.
Private equity: 11 million American workers and millions more public employees and their pension funds are counting on you, as well as universities, non-profit foundations, and others that invest with you.
We ask private equity managers to publicly support “Our American Principles” (See: https://www.pecloserlook.org/wp-content/uploads/PEEqualityDiversityPledge.pdf)
i Private equity at work: Who benefits from private equity, American Investment Council, May 10, 2016.
ii “Another Trillion Dollars for Private Equity,” Chief Investment Officer, May 21, 2016.
iii “How corporations responded, or didn’t, to the ban,” NY Times, Jan 30, 2017.
iv Axios Pro Rata, Jan 30, Jan 31, 2017.
v Axios Pro Rata, Jan 30, Jan 31, 2017.