Key Takeaways
- • The New York State Common Retirement Fund holds over $820 million in Lindsay Goldberg, a private equity firm that acquired Aspire Bakeries in 2021, which subsequently spent $254,236 on union-busting legal services to oppose a unionization campaign by the Bakery, Confectionery, Tobacco Workers and Grain Millers union in California.
- • The pension fund also maintains investments in Ares Capital Partners, a private equity firm holding stakes in a company that spent over $15,000 on union-busting lawyers, despite a 2024 Responsible Workforce Management Policy adopted by Comptroller Tom DiNapoli designed to hold private equity managers accountable for anti-worker practices.
- • The union filed federal charges with the National Labor Relations Board accusing Aspire Bakeries of spying on, harassing, and intimidating workers during the unionization effort, highlighting the disconnect between the state's stated pro-labor stance and its actual portfolio holdings.
- • Most NYSCRF investments in Lindsay Goldberg predate the firm's acquisition of Aspire Bakeries, though this timing does not exempt the fund from the 2024 policy requiring encouragement of private equity managers to remain neutral in union drives and bargain in good faith.
Summary
The New York State Common Retirement Fund, overseen by Comptroller Tom DiNapoli, holds substantial capital in private equity vehicles tied to companies engaged in aggressive union opposition, creating a direct conflict with the state's recently adopted labor standards. According to the fund's March 2025 financial report, the NYSCRF maintains over $820 million invested in Lindsay Goldberg, the private equity firm that purchased Aspire Bakeries in 2021. Since the acquisition, Aspire Bakeries has spent $254,236 retaining union-busting lawyers to counter a unionization campaign by the Bakery, Confectionery, Tobacco Workers and Grain Millers union in California, according to nonprofit watchdog data tracking private equity portfolio activity.
The Bakery Workers union escalated the dispute by filing federal charges with the National Labor Relations Board, alleging that Aspire Bakeries engaged in unlawful surveillance, harassment, and intimidation of workers supporting unionization. Despite these allegations and documented spending on anti-union legal services, NYSCRF has not divested from Lindsay Goldberg or otherwise adjusted its holdings in response to the conduct.
The portfolio tension extends beyond Aspire Bakeries. The pension fund also maintains investments in Ares Capital Partners, which holds stakes in companies that spent more than $15,000 on union-busting legal services, further illustrating the scope of the disconnect between stated policy and actual investment practice. Comptroller DiNapoli's office adopted a Responsible Workforce Management Policy and Principles guideline in 2024 explicitly designed to hold private equity managers accountable for union-busting and anti-worker practices, requiring fund managers to encourage private equity firms to remain neutral in union campaigns and negotiate in good faith. However, these new standards have not resulted in meaningful portfolio adjustments at firms already holding union-opposition records.
DiNapoli's communications director, Jennifer Freeman, defended the Comptroller's record in a statement, characterizing him as "a national leader among institutional investors in standing up for workers." The statement did not address the specific holdings in Lindsay Goldberg or Ares Capital Partners, or explain why investments in firms with documented anti-union records remain in the portfolio despite the 2024 policy directive.
The Bakery Workers union escalated the dispute by filing federal charges with the National Labor Relations Board, alleging that Aspire Bakeries engaged in unlawful surveillance, harassment, and intimidation of workers supporting unionization. Despite these allegations and documented spending on anti-union legal services, NYSCRF has not divested from Lindsay Goldberg or otherwise adjusted its holdings in response to the conduct.
The portfolio tension extends beyond Aspire Bakeries. The pension fund also maintains investments in Ares Capital Partners, which holds stakes in companies that spent more than $15,000 on union-busting legal services, further illustrating the scope of the disconnect between stated policy and actual investment practice. Comptroller DiNapoli's office adopted a Responsible Workforce Management Policy and Principles guideline in 2024 explicitly designed to hold private equity managers accountable for union-busting and anti-worker practices, requiring fund managers to encourage private equity firms to remain neutral in union campaigns and negotiate in good faith. However, these new standards have not resulted in meaningful portfolio adjustments at firms already holding union-opposition records.
DiNapoli's communications director, Jennifer Freeman, defended the Comptroller's record in a statement, characterizing him as "a national leader among institutional investors in standing up for workers." The statement did not address the specific holdings in Lindsay Goldberg or Ares Capital Partners, or explain why investments in firms with documented anti-union records remain in the portfolio despite the 2024 policy directive.
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