Two Democratic challengers to New York State Comptroller Tom DiNapoli’s reelection bid are calling on him to divest the state’s $290 billion pension fund from Palantir Applied sciences, escalating strain on the longtime incumbent over the fund’s publicity to an organization whose software program underpins federal immigration enforcement.
Two Democratic challengers to New York State Comptroller Tom DiNapoli’s reelection bid are calling on him to divest the state’s $290 billion pension fund from Palantir Applied sciences, escalating strain on the longtime incumbent over the fund’s publicity to an organization whose software program underpins federal immigration enforcement.
Raj Goyle, a former Kansas state legislator, and Drew Warshaw, an power and housing govt, each say that if elected comptroller, they might transfer to get rid of the fund’s Palantir holdings, arguing that continued funding in Palantir conflicts with New York’s values and its standing as a sanctuary state.
Palantir has been offering ICE with information integration and analytics programs for over a decade, together with a multimillion-dollar contract to develop an AI-driven enforcement platform that pulls collectively authorities information and flags people for potential immigration enforcement motion. The connection is one which civil liberties advocates, such because the American Immigration Council, say blurs the road between “tool provider” and “enforcement partner.”
Public filings present that the New York State Widespread Retirement Fund reported holding roughly 1.08 million shares of Palantir, valued at about $180 million, as of March 31, 2025. By Sept. 30, the fund’s reported holdings had grown to roughly 2.4 million shares, valued at greater than $430 million, reflecting each a bigger share rely and a pointy rise within the firm’s inventory value.
Goyle has described the rise as a acutely aware escalation that elevated Palantir into one of many fund’s largest reported positions.
“This wasn’t a rounding error,” Goyle stated in an interview with amNY. “Palantir became a top-tier holding while its role in immigration enforcement was widely known.”
New York state comptroller candidate Raj Doyle with former Mayor Invoice de Blasio on the inauguration ceremony for Mayor Zohran Mamdani on Jan. 1, 2026.Instagram
DiNapoli’s workplace strongly disputes that characterization, saying the holdings are totally passive, the results of publicity by means of broad market index funds quite than discretionary stock-picking.
“Let’s be absolutely clear — New York does not fund ICE operations,” a spokesperson for DiNapoli stated. “The suggestion that New York is willfully funding these operations is reckless and fundamentally misrepresents how pension investments work.”
Information exhibits that Palantir is a top-25 particular person holding of the pension fund, however the official 13F report filed with the U.S. Securities and Alternate Fee doesn’t point out whether or not these shares are held immediately or by means of passive index methods.
DiNapoli’s spokesperson stated that any enhance displays Palantir’s rising market capitalization, not an lively choice by the comptroller or his funding workers — a sample that has appeared in pension funds throughout the nation, like Oregon and NYC, as Palantir’s inventory surged starting in mid-2024.
Engagement vs. divestment
Warshaw, who launched a video on X on Wednesday criticizing DiNapoli, rejected the argument that passive index investing limits the comptroller’s choices.
Within the video, Warshaw accused Palantir of serving because the “technology backbone” of ICE operations underneath the Trump administration and stated DiNapoli was wrongly portraying himself as powerless to behave.
“He says it’s in an index fund,” Warshaw stated. “So sell the index fund. Build an index that doesn’t include Palantir.”
New York state comptroller candidate Drew Warshaw.Screenshot of video from Warshaw marketing campaign
Warshaw argued that the comptroller has extra discretion than he acknowledges, together with the power to make use of custom-made indices or exclusionary methods — instruments more and more utilized by massive institutional buyers.
“When I’m comptroller,” Warshaw stated, “there will be zero dollars invested in companies enabling these practices.”
DiNapoli’s workplace says the comptroller has taken an engagement-based method quite than divestment, urgent Palantir to justify its contracts with ICE and to reveal extra details about its political spending.
“Comptroller DiNapoli categorically condemns ICE’s ongoing terror campaign against immigrant communities,” the spokesperson stated, including that the workplace is “exploring every responsible avenue to ensure Palantir is not supporting ICE’s abusive enforcement practices.”
Goyle and Warshaw each argue that engagement falls quick.
“Passive investing isn’t morally neutral,” Goyle stated. “If you can engage a company, you can also decide not to invest in it.”
“Hundreds of millions of dollars tied to a company like this demands public explanation,” Goyle stated. “Whether through divestment or transparency, doing nothing isn’t acceptable.”
A not often contested incumbent
Each challengers have tied the Palantir debate to broader critiques of DiNapoli’s administration of the pension fund, saying it has underperformed benchmarks and paid extreme Wall Avenue charges, whereas routinely claiming he lacks authority — on housing investments, fossil gasoline divestment, or Palantir — regardless of having important discretion.
The state comptroller’s workplace disputes claims of underperformance and has lengthy touted the state fund as among the many best-funded public pension programs within the nation.
The New York State Widespread Retirement Fund, one of many largest public pension programs within the nation, with roughly $273 billion in belongings and greater than 1.2 million members, has one of many highest funded ratios amongst U.S. public plans, with preliminary figures displaying it was about 92 % funded as of March 31, 2025, in line with an impartial fiduciary overview.
DiNapoli, who has served as comptroller since 2007, lately secured endorsements from all 5 Democratic county chairs in New York Metropolis, together with dozens of social gathering leaders statewide.
In saying these endorsements, DiNapoli emphasised his concentrate on affordability, audits, and pension stability, calling himself “the only candidate in this race prepared to make our home state easier to live in.”
