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NYC Pensions to Expand Prison Investment Ban With Platinum

June 18, 2019, 5:36 PM

New York City pension funds and Platinum Equity LLC are hammering out the details of a provision to let the funds opt out of future investments in the prison services industry, according to people familiar with the matter.

The New York City Comptroller’s office is working to expand existing restrictions barring investment in private prison operators to now include companies providing services to correctional facilities, said the people, who asked not to be named because the discussions are private.

The decision comes amid calls on private equity firms -- and the pension funds that hand them billions of dollars to ...