Nearly a dozen firms, including The Carlyle Group, owner of Hawaiian Telcom, have created a new association to conduct research and advocate on behalf of the growing -- and cash-ready -- private equity industry.
Among the initial members of the Private Equity Council are D.C.-based Carlyle Group, The Blackstone Group, Bain Capital, Providence Equity Partners, Texas Pacific Group and Thomas H. Lee Partners.
The 11 firms making up the new D.C.-based trade association have selected Douglas Lowenstein as the group's president and CEO. Lowenstein is currently president of the D.C.-based Entertainment Software Association.
The Private Equity Council plans to launch outreach efforts in research, public affairs and government relations to increase the public awareness of private equity, which has been a popular funding source for mergers and acquisitions in 2006. This year alone, private equity managers worldwide will raise more than $300 billion, according to a statement released Tuesday by the new group.
Thanks to the Project for the Old American Century for the link.
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