At least 21 state and local retirement funds have an indirect investment in ByteDance, according to the Equable Institute.
Most ByteDance investments provided about $50 million to $100 million to private equity investors, controlled independently.
Each ByteDance exposure is well under 1% of the pension funds' overall assets; small stake but significant.
Institutional investors face political pressure to divest from problematic investments, like in the case of climate activists vs. fossil fuels.
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