Key Takeaways
- • Private equity has become a midterm campaign issue in 2026, with negative comments about PE and corporate landlords rising sharply according to the Financial Times, largely tied to housing and mobile home park buyouts.
- • Axios reported that a Democratic takeover of Congress could put private equity back in the political crosshairs, with Senator Elizabeth Warren cited as a leading critic of the industry.
- • A Cornell paper finds poor wages, wage theft, unstable scheduling and negative care outcomes at PE-owned New York home health agencies.
- • A Wall Street Journal analysis found five large PE-backed autism therapy providers delivered Medicaid-billed therapy hours 29 percent above competitors' averages in 2024.
- • KKR reportedly bought A1 Garage Door Service for $2 billion, part of a trend of 21 garage door deals this year per Yahoo, with PE investors drawn by steady cash flows in a fragmented market.
- • A $105 million donation from a Blackstone-linked fund to Yellowstone conservation has drawn criticism from conservation groups over corporate influence on public lands.
Summary
Private equity has emerged as an unusual issue in the 2026 midterm campaigns. According to the Financial Times, negative comments about private equity and corporate landlords have risen sharply this year, with much of the criticism focused on housing, including buyouts of mobile home parks that candidates say have affected residents. The attention has reportedly come at the expense of rhetoric targeting big banks.
Axios reported that if Democrats gain full control of Congress, as many polls and prediction markets suggested at the time of reporting, private equity could again face heightened political scrutiny. Senator Elizabeth Warren (D-Massachusetts), a longtime critic of the industry, would be empowered in such an outcome. She told Axios that "Americans are sick and tired of private equity's playbook of rolling through industry after industry, jacking up prices and leaving local businesses and workers in the dust."
A new Cornell paper, "Private Equity's Impact on Home Care Workers and Patients in New York State," examined PE-owned home health agencies. Based on interviews with workers and industry participants, the paper describes poor wages and working conditions, including wage theft, and unstable, inconsistent scheduling. These factors negatively affected patient care. The paper also notes that PE-owned agencies often implemented technological automation that benefited neither patients nor workers.
In autism care, a Wall Street Journal investigation analyzed billings of five of the largest PE-backed providers of autism therapy to Medicaid patients, including Centria. The average weekly therapy hours for those patients were 29 percent higher than competitors' in 2024, and all but one of the companies delivered more hours than local rivals. Former workers told the paper they felt pressure to recommend long therapy schedules and that centers sometimes turned away children who needed fewer weekly hours.
PE investment is also expanding into residential services. KKR & Co reportedly bought A1 Garage Door Service for $2 billion. Yahoo reported 21 garage door business deals this year, with aggregate values exceeding all but one year in the past decade. Reuters noted that PE firms have acquired residential services companies for their steady cash flows and high values in fragmented markets. PitchBook observed that garage door deals had moved "from a trickle to a relative flood," and that PE firms focused on other segments see the trades as protection against the disruptive threat of AI.
Separately, a $105 million donation to a conservation and stewardship fund in Yellowstone National Park drew scrutiny because the money originated from an oil and gas pipeline company Blackstone acquired in 2020. A spokesperson for a group of park rangers said "For-profit corporations don't give out millions of dollars without expecting something in return," pointing to Blackstone's large data center investments, some of which may be built on or near public lands. The advocacy group Save Our Parks called the move "a desperate attempt to curry publicity and favor."
Axios reported that if Democrats gain full control of Congress, as many polls and prediction markets suggested at the time of reporting, private equity could again face heightened political scrutiny. Senator Elizabeth Warren (D-Massachusetts), a longtime critic of the industry, would be empowered in such an outcome. She told Axios that "Americans are sick and tired of private equity's playbook of rolling through industry after industry, jacking up prices and leaving local businesses and workers in the dust."
A new Cornell paper, "Private Equity's Impact on Home Care Workers and Patients in New York State," examined PE-owned home health agencies. Based on interviews with workers and industry participants, the paper describes poor wages and working conditions, including wage theft, and unstable, inconsistent scheduling. These factors negatively affected patient care. The paper also notes that PE-owned agencies often implemented technological automation that benefited neither patients nor workers.
In autism care, a Wall Street Journal investigation analyzed billings of five of the largest PE-backed providers of autism therapy to Medicaid patients, including Centria. The average weekly therapy hours for those patients were 29 percent higher than competitors' in 2024, and all but one of the companies delivered more hours than local rivals. Former workers told the paper they felt pressure to recommend long therapy schedules and that centers sometimes turned away children who needed fewer weekly hours.
PE investment is also expanding into residential services. KKR & Co reportedly bought A1 Garage Door Service for $2 billion. Yahoo reported 21 garage door business deals this year, with aggregate values exceeding all but one year in the past decade. Reuters noted that PE firms have acquired residential services companies for their steady cash flows and high values in fragmented markets. PitchBook observed that garage door deals had moved "from a trickle to a relative flood," and that PE firms focused on other segments see the trades as protection against the disruptive threat of AI.
Separately, a $105 million donation to a conservation and stewardship fund in Yellowstone National Park drew scrutiny because the money originated from an oil and gas pipeline company Blackstone acquired in 2020. A spokesperson for a group of park rangers said "For-profit corporations don't give out millions of dollars without expecting something in return," pointing to Blackstone's large data center investments, some of which may be built on or near public lands. The advocacy group Save Our Parks called the move "a desperate attempt to curry publicity and favor."
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