Private Equity Campaign Launched
On February 2, the PEGCC launched “Private Equity at Work,” a new initiative aimed at educating media, policy makers and the public about the private equity industry and its positive contributions to the American economy. The campaign was born out of an effort to balance the flow of information throughout the presidential campaign and limit the collateral effect of the political attacks that threaten to harm the industry’s reputation.
The campaign is anchored by a new website and resource center featuring educational content, industry data and an in-depth look at specific private equity investments that are driving growth and creating jobs. The online resource center contains a wide range of information about private equity, including:
- A series of video and written case studies chronicling specific PE investments;
- An industry primer, entitled Private Equity 101;
- Basic industry fact sheets and infographics;
- A new blog that will publish industry news, reactions and perspective.
The video case study series will be updated throughout the year. The first two companies profiled in the series are Universal SmartComp, a nationwide physical medicine network solution in the workers’ compensation industry that has added 142 new jobs since being acquired by The Riverside Company in 2007; and Project Service, LLC, a Carlyle Group-funded public-private partnership with the State of Connecticut to renovate and operate 23 service areas along state highways that is expected to create 375 jobs and $500 million in economic benefits to the state.
More recently, the Private Equity at Work site was updated with a new video case study featuring Vanguard’s $850 million investment in the Detroit Medical Center. Vanguard is owned by The Blackstone Group and their investment is one of the largest private investments in Detroit’s history. With this investment, DMC has been able to afford new technologies and upgrade their facilities, including a new Children’s Hospital Ambulatory Center and Tower and Cardiovascular Center. However, the growth is not limited to the hospital. The 15 new construction projects underway have created 5,000 construction jobs and groundswell of economic activity that is helping to revitalize the city.
“There is a real lack of understanding about private equity – what it does, how it works and who benefits from it,” said Steve Judge, president and CEO of the PEGCC. “We wanted to set the record straight by providing credible and up-to-date information about the industry and our proven record of strengthening companies, creating jobs and delivering impressive returns to pensions and other investors that bolster the financial security of millions of average Americans.”
