The UFT has reached a positive agreement with Steven Klinsky and Victory Education Partners. Klinsky is the founder and Chair of the Board of Directors of Victory Education Partners (“Victory”) and founder, Managing Director and Chief Executive Officer of New Mountain Capital (“New Mountain”). New Mountain is a private investment firm which, among other things, manages private investment funds in which some pension and retirement plans and not-for-profit endowments are invested. Victory is a school support services group that was founded by Mr. Klinsky before he founded New Mountain and is unaffiliated with and separate from New Mountain.
As a result of discussions and an agreement among the parties, the UFT has been assured that Klinsky and Victory is supportive of the rights of teachers to organize into a union and to bargain collectively in charter schools where Victory provides management and support services. The UFT has, therefore, withdrawn the resolution in opposition to Victory and New Mountain which was adopted by the NYSUT convention at the behest of the UFT, and has ended all similar or related actions.
Accordingly, the UFT will not advocate for non-investment in investment funds managed or controlled, directly or indirectly, by Klinsky and New Mountain. Specifically, the UFT shall not ask teacher unions, public employee unions, private sector unions and not-for-profit organizations to call upon the trustees or other persons responsible for investment decisions of the pension and retirement funds covering their members and/or employees to not invest in these investment funds. We wish Steve Klinsky and New Mountain all the best in their future work.