Private Equity Supports California
Private equity-backed businesses employ millions of Americans and bolster the retirement of public servants across the country, including fire fighters, teachers, police officers, and first responders in all 50 states. As the 2020 presidential election unfolds, the AIC is highlighting the positive economic impact the private equity industry has in America, and its benefit to workers and businesses in early primary and caucus states.
This week, the Democratic National Committee holds its sixth primary debate in Los Angeles, California. Our new video demonstrates the strong support the private equity industry offers the California economy.
- Investment: Private equity invested more than $396.02 billion in California-based businesses from 2013-2018.
- Jobs: Private equity-backed businesses based in California employ more than 1,129,000 workers.
- Businesses: Private equity investments supported 3,286 businesses based in California from 2013-18.
- Retirement: Private equity delivered a 14.70 percent 10-year annualized return for the Los Angeles County Employees’ Retirement Association (LACERA) in Q1 2019, which was the 4th highest private equity returns of any public pension in a recent study from the American Investment Council. LACERA represents more than 165,000 dedicated public servants in Los Angeles.
- “LACERA’s mission is to produce, protect and provide the promised benefits to our 165,000 members,” said LACERA Chief Investment Officer Jonathan Grabel. “Private equity investments have been and are an important strategy within our total portfolio such that we can achieve this mission.”
- Investing in America: There are currently 8.8 million Americans who are employed by 35,000 private equity-backed businesses across America. Between 2013-18, private equity invested an estimated $3.4 trillion to help these American businesses grow.
Watch our previous videos which illustrate how private equity supports jobs, businesses, and public pensions in Ohio, Michigan, Florida, Texas, and Georgia.
