Key Takeaways
- • Former Stonepeak senior director James Wyper publicly criticized an investment held by private equity, calling it "abhorrent" in what Bloomberg describes as a rare political protest.
- • The target of the criticism is Omni Air, which operates from Hangar 19 at Tulsa International Airport in Oklahoma, according to Bloomberg.
- • Omni Air is described as part of an extensive network of contractors and subcontractors involved in US deportation operations affecting hundreds of thousands of people.
- • The episode highlights growing scrutiny of portfolio company exposure to US immigration enforcement and the reputational risks this creates for private equity sponsors.
Summary
Former Stonepeak senior director James Wyper has publicly denounced a private equity portfolio company's ties to US immigration enforcement, Bloomberg reports. Wyper described the investment as "abhorrent" and his criticism is notable because public dissent of this kind from private markets professionals is rare.
The company at the center of the protest is Omni Air, which operates out of Hangar 19 at Tulsa International Airport in Oklahoma. According to Bloomberg, Omni Air was part of an extensive network of contractors and subcontractors tasked with carrying out the deportation of hundreds of thousands of people under hard-line US immigration policies.
The article was published as part of Bloomberg's "Going Private" newsletter, which covers private markets and the flow of capital outside public view. The source material available for this story is limited, and details such as the specific ownership structure, deal terms, and any response from the sponsor or Omni Air were not included in the reporting provided.
For allocators, the case underscores how portfolio company government contracts can become a public flashpoint, with potential implications for fund reputation, limited partner due diligence, and environmental, social and governance considerations.
The company at the center of the protest is Omni Air, which operates out of Hangar 19 at Tulsa International Airport in Oklahoma. According to Bloomberg, Omni Air was part of an extensive network of contractors and subcontractors tasked with carrying out the deportation of hundreds of thousands of people under hard-line US immigration policies.
The article was published as part of Bloomberg's "Going Private" newsletter, which covers private markets and the flow of capital outside public view. The source material available for this story is limited, and details such as the specific ownership structure, deal terms, and any response from the sponsor or Omni Air were not included in the reporting provided.
For allocators, the case underscores how portfolio company government contracts can become a public flashpoint, with potential implications for fund reputation, limited partner due diligence, and environmental, social and governance considerations.
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