(Bloomberg) — New York’s pension funds, which have publicity to $900 million of Palantir Applied sciences Inc. inventory, are questioning the software program firm over its enterprise dealings with US Immigration and Customs Enforcement and the Division of Homeland Safety.
Each town and state pension funds are invested in Palantir, with New York Metropolis’s 5 techniques holding 2.57 million shares price $457 million as of Dec. 31, in line with a spokesperson for Comptroller Mark Levine. The state has the same publicity, with investments valued at $437 million as of September. The holdings are via passive investments similar to index funds, in line with the techniques.
The actions come after each Levine and New York State Comptroller Tom DiNapoli raised questions on Palantir’s contracts with the federal authorities following an escalation of immigration-enforcement efforts across the US as a part of the Trump administration’s push to crack down on undocumented migrants.
“Current deadly shootings in Minneapolis, in addition to ICE actions extra broadly, have drawn nationwide protests and intensified scrutiny of federal enforcement operations and highlighted materials reputational and human rights dangers to Palantir,” Levine mentioned in a Feb. 4 letter to Alexandra Schiff, one of many firm’s board members. He known as for an impartial evaluation of Palantir’s work with DHS and ICE.
A spokesperson for Palantir didn’t reply to a request for remark.
Palantir’s shares fell 5% to $132.55 at 1:19 p.m. in New York on Thursday extending losses this yr to greater than 25%. The inventory jumped final yr by 135%, which is one purpose why the holding has grown so giant.
Public pensions throughout the US wield giant affect as stewards of billions in retirement funds for tens of millions of Individuals. New York Metropolis’s 5 pension techniques have belongings of over $311 billion, whereas the state’s fund has about $291 billion in investments. Each Democrats and Republicans have utilized that funding energy as a option to drive coverage. Officers in Texas, for instance, prohibited sure public funds from investing in monetary companies the state deemed as hostile to the oil and fuel business.
In a January letter to Palantir Chief Govt Officer Alex Karp, DiNapoli requested the corporate to supply readability concerning the scope of its dealings with the federal authorities businesses in addition to its risk-management strategy, in line with a duplicate of the letter offered to Bloomberg News. He additionally pressed the corporate to completely disclose its political spending and contributions, in line with a spokesperson for his workplace.
“The Comptroller will proceed holding portfolio firms accountable and contemplate all out there choices constant along with his fiduciary responsibility,” the spokesperson mentioned.
–With help from Martin Z. Braun.
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