The private equity industry’s lobbying group, the Private Equity Growth Capital Council, has announced a new name and expanded mission.
The group, now called the American Investment Council, seeks to “advance access to capital, job creation, retirement security, innovation and economic growth in the United States by promoting responsible long-term investment.”
“The American Investment Council represents the full spectrum of private investment and the value it creates for every state in our country. It is more than a new name, it is a renewed commitment to be the voice for private equity in the United States,” said President and CEO Mike Sommers in a statement.
The change comes months after Sommers was named the trade association’s new president and CEO in late January of this year. Sommers previously served as chief of staff to former House Speaker John Boehner, R-Ohio.
The council has 36 members and 19 associate members, including law firms and consulting firms with PE practices. Among the council’s members are TA Associates, Vestar Capital Partners, The Blackstone Group, Kohlberg Kravis Roberts & Co. and American Securities.
Ken Mehlman, the council’s chairman, said the changes reflect the “broader focus of our member firms post-financial crisis.”
“Today, our industry is enhancing retirement security, partnering to grow companies, building critical infrastructure, and providing capital to Main Street without systemic risk,” said Mehlman — a member of Kohlberg Kravis Roberts & Co. and a former chairman of the Republican National Committee — in a statement.
The council has created a robust agenda for its membership in 2016, including key legislative and regulatory positions.
For example, last year, the council announced its position on carried interest, saying it strongly opposes proposals that seek to change the tax treatment of carried interest from a capital gain to ordinary income.
The group plans to host more than 30 member events in 2016, and convene eight different committees and working groups to share private equity best practices and insights.
In coordination with these changes, the AIC has revamped its website.
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