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Stellex Capital Management Closes Second Flagship Private Equity Fund

Stellex Capital Management Closes Second Flagship Private Equity Fund at $1.775 Billion, Exceeding its Target Stellex Capital Management ("Stellex"), a middle market private equity firm, today announced the successful closing of Stellex Capital Partners II LP (the "Fund"), with aggregate commitments of $1.775 billion, exceeding the Fund’s $1.25 billion target. Stellex has a strategic focus on investments in middle-market, deep value opportunities and special situations, with the capability of creating investments in a private equity format or by acquiring secondary debt to facilitate a control or significant influence opportunity. The Fund’s target investment size is $50 million to $150 mill

NABTU and American Investment Council Announce New Labor-Management Partnership

First of its Kind Partnership will Support Union Jobs, Strengthen Retirements, & Help Economic Recovery WASHINGTON, D.C. — North America’s Building Trades Unions and the American Investment Council today announced a first of its kind, broad partnership to accelerate the creation of good union jobs, encourage investment, and strengthen retirement security for millions of middle class families. Sean Garvey, President of North America’s Building Trades Unions, and Drew Maloney, President and CEO of the American Investment Council, released the following statement discussing the new partnership: “Today, North America’s Building Trades Unions (NABTU) and the American Investment Council (AIC) unit

NABTU Updates Scorecard on Real Estate, Infrastructure Managers

North America's Building Trades Unions released a scorecard of real estate and infrastructure managers Wednesday, based on how well they follow the labor organization's responsible contractor policies. The latest version of the NABTU Responsible Contractor Policy Scorecard now has 10 categories instead of five, and places greater emphasis on how well the managers implement their policies. Scoring categories include how widespread the policy is within a manager's operations and products, policy enforcement and labor neutrality provisions, labor disputes, and any labor liaisons. The updated scorecard was designed to be more objective and useful to the investor community, NABTU officials said.

AFL-CIO HIT to Invest $1 Billion in Bay Area Rental Housing

Funding will go toward 4,000 units that will be listed as market-rate, workforce, and affordable in one of the nation’s most costly housing markets. The AFL-CIO Housing Investment Trust (HIT) will invest $1 billion to boost rental housing in the San Francisco Bay Area over the next five years. The funding will go toward 4,000 housing units that will be listed as market-rate, workforce, and affordable in one of the nation’s most costly housing markets, the fund said last week. HIT said it expects 12,000 total jobs to be created, about one-third of which will be for union construction workers. The union pension fund will invest $500 million and leverage another $500 million from other union, p

GCM Grosvenor Closes its Labor Impact Fund

CHICAGO, Sept. 14, 2020 /PRNewswire/ -- GCM Grosvenor, a global alternative asset manager, announced today that it completed the final close for its Labor Impact Fund (the "Fund") on September 7, 2020, Labor Day in the United States, with $893 million in committed capital, at the high end of its targeted range. GCM Grosvenor's Labor Impact Fund originates and executes infrastructure projects that leverage the inclusion of union labor as a contributing factor to enabling attractive risk-adjusted returns. The goal of the strategy is to find compelling infrastructure investment opportunities that can be unlocked through close cooperation across labor, government and private capital. "We are gra

Trump DOL, SEC Strike Out Again Against Shareholder Rights, ESG

*Correction* In our September 3rd issue of the Expresso we referenced an article in error. Please read this corrected version of our introduction below. The Trump Administration continued its multi-pronged attack against workers, retirees and shareholders with two more blunt, irrational rules and proposals from the U.S. Department of Labor (DOL) and Securities Exchange Commission (SEC). While the Expresso has not had the time to examine the DOL proposal carefully, they appear to be an affront against responsible investment, shareholder rights, and common sense. The proposals were anticipated due to an executive order by the White House posted in 2019. Similarly, the NLRB and other agencies

New DOL Rule Proposal Risks Chilling Proxy Voting and Shareholder Engagement

The U.S. Department of Labor (DOL) released its long-awaited proxy voting rule proposal on Aug. 31. If adopted without modification, fiduciaries of plans (e.g., investment managers) subject to the U.S. Employee Retirement Income Security Act of 1974, as amended (ERISA), may shy away from voting proxies and participating in shareholder engagement on matters that do not demonstrably improve the value of the plan’s holding in the short-term. Thus, the exercise of shareholder rights on environmental, social and governance (ESG) issues, the benefits of which may be long-term in nature, may indeed be squeezed out of proxy voting policies of ERISA plan fiduciaries. Here are the key takeaways: The D

Letter To SEC on Corporate Transparency and Accountability and the Coronavirus Pandemic

The following letter was submitted by the authors on May 26, 2020, to the Securities and Exchange Commission (SEC) Chairman Jay Clayton and filed in response to selected rulemakings (listed in the appendix below). SEC proposed rules and public comments are available here. Dear Chairman Clayton, America is in crisis. The raging coronavirus pandemic has infected more than 1.6 million Americans and killed nearly 100,000 to date.[1] The health crisis has also caused a unprecedented economic shutdown that threw more than 20 million Americans out of work in April alone.[2] Unemployment is predicted to remain above 10 percent through the end of 2021, long after social distancing measures have ended

Retirement Industry Hustles to Keep Up With DOL’s Rules Tsunami

DOL agency to be busy through fall on new rules Retirement industry in wait-and-see mode Big-ticket proposed rules and guidance from the U.S. Labor Department’s benefits agency this summer are bumping up against a tight schedule to get finalized and are making heads spin inside the retirement and benefits industry. The Employee Benefits Security Administration rolled out proposals this summer impacting all players in the retirement space. That includes regulations on fiduciary responsibilities, pooled employer retirement plans, benefits plans with environmental, social, and corporate governance (ESG) focused funds, lifetime retirement income disclosures, and electronic disclosure requirement

DOL proposes rule to narrow scope of ERISA fiduciaries’ proxy voting

The Department of Labor proposed a rule Monday that would require ERISA-governed fiduciaries to cast proxy votes only when they would have an economic impact on the retirement plan. The proposed rule, which will have a 30-day comment period, would ensure that ERISA plan fiduciaries "keep their eyes properly focused on the interests of ERISA plan participants," a senior Labor Department official said on a call with reporters. The proposal includes provisions that articulate general duties requiring fiduciaries to vote any proxy where the fiduciary “prudently determines that the matter being voted upon would have an economic impact on the plan,” the Labor Department said in a news release. Mor

"The SEC is trying to roll back ESG voting rights"

Over the past few years momentum has been building behind responsible investment and the drive for a more sustainable global financial system. Increasingly investors are incorporating environmental, social and governance (ESG) factors and climate impacts into their decision-making. In Europe, the EU are advancing policies to make the financial system more sustainable via the EU action plan on sustainable finance, while in the UK, the new Stewardship Code places systemic risks, collaboration with other investors and stakeholders at the heart of good stewardship. In the world’s 50 largest economies, the PRI finds that there have now been over 730 hard and soft law policy revisions, across some

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