Government pension funds throughout the country — ranging from Los Angeles t0 Colorado to Virginia — have a stake in the future of TikTok, according to a new analysis.
Retiree funds in Colorado, Iowa, Maine, Massachusetts, Nevada, North Carolina, Washington, Hawaii, California, Oregon and Virginia."They're all over the country in every political flavor that our country has to offer," Equable executive director Anthony Randazzo tells Axios.
Determining the value of the ByteDance investments is independently unachievable — but in most cases the public pension funds provided about $50 million to $100 million to the private equity investors to allocate how they see fit, Randazzo says.In no case do the ByteDance investments represent more than a sliver of each pension fund's overall assets.
"It's not going to make or break anybody," Randazzo says, noting that each ByteDance exposure would be well under 1% of the fund's overall assets. But "just because it's a small stake doesn't mean it doesn't matter."Institutional investors, like pension funds, have been facing political pressure to stop making investments deemed by activists as problematic.
The pension funds' interest in ByteDance comes through their investments in private equity firms such as TCV, General Atlantic, Loyal Valley Capital, and GGV Capital, Equable noted.Investors with a stake in ByteDance,reported"A confluence of politics and economics means ByteDance is also unlikely to go public soon, which would enable its shares to trade."
"Their assets are stranded," Matt Turpin, former director for China at the National Security Council and a visiting fellow at the Hoover Institution, told the Times. "They've made an investment in something that's going to be very difficult to make liquid."Share on linkedin
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