AIC Nationwide Press Tour: Private Equity Supports Small Businesses & Local Jobs
Media Coverage from Arizona, Colorado, Florida, Illinois, Massachusetts, Michigan, New York, North Carolina, Pennsylvania, Tennessee, Washington State, and Washington D.C.
WASHINGTON, D.C. – The American Investment Council (AIC) launched a nationwide press tour to highlight how private equity is supporting businesses, jobs, and communities in every corner of the country. AIC’s Drew Maloney, Pam Hendrickson, Emily Schillinger, and Jamal Hagler spoke with media outlets across the country about findings from AIC’s new Top States & Districts report, which ranks the country’s top twenty states and Congressional districts by total private equity capital and number of companies receiving investment in 2022.
Private equity supported critical industries in every state across the country, including investments in health care, renewable energy, manufacturing, and agriculture, environmental services, education and restaurants, according to the report.
See below for press coverage:
Boston Herald – Report: more private equity invested in Mass. in 2022 than the state budget: “Despite any doom and gloom about the state economy, rising inflation and increases in the cost of living and doing business, Massachusetts came in sixth among states ranked by private investment in 2022, according to a new report. “Private equity invested more than $55 billion in 312 businesses in Massachusetts last year and directly employed more than 307,000 workers across the commonwealth,” Drew Maloney, president and CEO of the American Investment Council told the Herald Monday.
WJLA News Washington, D.C.“Private equity is a very important investment vehicle in the DMV area. From Fredericksburg to Hagerstown there are more than 300 companies and more than half a million workers in the area that were supported by private equity. We invest in every aspect of the economy. Whether it is technology, hospitality, retail, or restaurants.”
Business First AM: “There are over 5,000 private equity firms across the country. These firms invest in businesses of all sizes, particularly small businesses. These firms go in, invest, and help improve management. We’re seeing this happen all over the country and that is what our report is really about.”
WRAL News Raleigh: “The thing that is different about private equity is that we partner with our businesses to generate long-term relationships. If you are in need of expertise, if you are looking for succession, if you are looking for a way to expand your business, private equity is generally pretty flexible with how they will invest in a business.”
Action 5 News Memphis – New report shows private equity boosting local businesses: “The economic downturn caused by COVID-19 has many business owners seeking support, including private equity (PE). Jamal Hagler, vice president of research with the American Investment Council, joined Action News 5′s Andrew Douglas at the digital desk to talk about what private equity is and how it is different from other investments. He also shares some of the key finds from the AIC’s new report, including how 11.7 million employees work at private equity backed companies, more than Amazon, Walmart and UPS combined.”
New York Business Journal – Billions of dollars in private equity flowing into New York’s 12th district: “New York’s 12th district racked in $27.5 billion in private equity investment last year. Across the country, the top 20 congressional districts saw at least $7 billion of private equity capital infused into businesses in their districts in 2022. New York’s 12th district, represented by Jerry Nadler, received nearly four times that. New York’s 12th district racked up $27.5 billion in private equity investment, coming in second only to Rep. Nancy Pelosi’s 11th district in California, which brought in $72.6 billion, according to a report by the American Investment Council.”
Chicago Business Journal – Illinois’ 7th District doubles private equity investment over past 2 years: “Illinois’ 7th district, which includes downtown Chicago, saw $20.4 billion in private capital investment last year. Companies within one Illinois congressional district saw more private equity investment than all but two other districts across the nation last year. Illinois’ 7th District, represented by Danny Davis, ranked No. 3 with $20.4 billion in private capital on a list compiled by Washington, D.C.-based American Investment Council (AIC), which listed the 20 states and 20 congressional districts that received the most private equity funding in the U.S. in 2022.”
South Florida Business Journal – This Congressional District in South Florida ranked No. 5 in nation for private capital last year: “Companies within a South Florida congressional district received the fifth highest amount of private equity investment of any other district in the nation last year, a recent report stated. The report, from the Washington, D.C.-based American Investment Council (AIC), listed the 20 states and 20 congressional districts that received the most private equity funding in the U.S. in 2022. Among the congressional districts, U.S. Representative Sheila Cherfilus-McCormick’s District 20 was No. 5 on the list for receiving $19 billion in private capital.”
Tampa Bay Business Journal – Private equity dollars are chasing business migration to Florida: “Private equity investment in Florida climbed 25% over the last two years, according to a recent report. Thousands of businesses have relocated to Florida in recent years, and investors have been quick to follow. Florida received the third-largest amount of private equity dollars last year, according to a report American Investment Council released this week. In total, investors backed 570 Florida-based companies with $74.4 billion of capital, an increase from 363 companies and $59.4 billion in 2020. The geographical scope of where private equity investments are flowing is much broader than in years past, according to AIC President and CEO Drew Maloney.”
Pittsburgh Business Times – PA, Congressional District 16 among top in the U.S. for private equity investment: “Pennsylvania was No. 7 in the U.S. for private equity investment in 2022. Pennsylvania ranked seventh among states receiving the most private equity investment in 2022 and the commonwealth’s 16th Congressional district was among the top 20 congressional districts for PE investment. That’s according to the American Investment Council’s annual Top States & Districts report. The newly released report ranks the country’s top states and Congressional districts by total private equity capital and the number of companies receiving investment in 2022. Pennsylvania saw more than $38.4 billion invested in 289 businesses last year, ranking No. 7. California led all states with $172 billion invested in 1,006 private equity-backed companies.”
NBC News Radio – Maloney: Private equity has invested in down markets and upcycles. We are always there to partner with businesses as they continue to grow. We will continue to be there to provide the critical capital needed. Unlike a bank where you have a run on capital, we are able to weather longer investment cycles and provide strong and meaningful returns to our investors over time.
WVON-AM (Chicago) – Maloney: If you think about the thousands of small businesses around the country that need access to more capital, most of the time these businesses aren’t going to a bank because the bank will think the investment is too risky so they come to private equity. We invest in these businesses and work with them to grow their businesses. There are very common brands like Arbys, Dunkin Donuts, Hilton Hotels, and many more that have received private equity which has allowed it to grow into what it is today.
KIRO-FM (Washington) – Maloney: Private capital is more important than ever now. We need long term capital that can invest in companies and meet the needs of these small and medium sized businesses that require expertise and capital to continue to grow. Unlike the public markets, which are very emotional sometimes, we take a longer term view to provide stability and diversity for our investments that are out there.
KFNN-AM (Arizona) – Maloney: Arizona is a great place to invest. We are proud to share that last year private equity invested $13 billion in private capital in 144 companies that in turn support more than 225,00 jobs in Arizona. Remember that more than 60% of all our investments are going to small businesses. Here in Arizona you have great private equity-backed companies like Encora, a software product development company, Standard Arrow, and Mister Car Wash.
KRDO-FM (Colorado Springs) – Schillinger: In 2022 alone, private equity invested over $20 billion in Colorado. That means over 250 companies received private equity investment. At the end of the day, over 222,000 Coloradans are employed by private equity and there are over 4,000 in the Colorado Springs community alone. Colorado is a fantastic state for families, businesses, and private equities – which is why private equity firms continue to invest in the state.
Salem Media DC – Schillinger: Our new report really highlights the top twenty states that have received the most private equity investment. You will see the bigger states like California and Texas. You will also see Florida, New York, Illinois, and other states across the country where private equity is investing money. We were excited to release this report so that members of Congress and their staff know the important role that private equity is playing in their local communities.
WPHM-AM (Detroit) – Hagler: Private equity is really all about partnerships. Investors partner with businesses to provide capital and expertise to help them identify new areas where they can grow and distribute their products. Private equity differs from other investments where investors just invest their money and wait to receive dividends or capital gains. We roll our sleeves up to help these businesses to help them grow.
WTRV-FM (Grand Rapids) – Hagler: Last year alone, approximately $19 billion was invested into the Michigan economy, which ranks in the top twenty for states receiving private equity investment. There were 191 companies that received private equity investment, so there are a broad range of companies that are receiving this capital and in turn using that capital to expand their businesses.
