Private Equity Supports Small Businesses and Directly Employs Workers in the States and Districts of All New Members of Congress
New print ad in POLITICO highlights private equity investment in new members’ local communities
Washington, D.C. – Today, the American Investment Council (AIC) released a new print ad in POLITICO highlighting how the private equity industry supports jobs and invests billions of dollars in the communities of all new members of Congress.
- “Every member of the 118th Congress – including all new members – have private equity-backed jobs and investment in their local community. We look forward to working with each new Senator and Representative to grow their local economies, support workers and small businesses, and strengthen the pensions of public sector workers and retirees,” said Drew Maloney, President & CEO of AIC.
The POLITICO ad provides business and investment data in the states and districts of 10 new members of Congress:
- Sen. John Fetterman (D-PA): Over 1,820 private-equity backed businesses and $190 billion in private equity investment.
- Sen. J.D. Vance (R-OH): Nearly 1,560 private-equity backed businesses and $148 billion in private equity investment.
- Rep. Wesley Hunt (R-TX-38): Nearly 250 private-equity backed businesses and $7 billion in private equity investment.
- Rep. Mike Lawler (R-NY-17): Nearly 80 private-equity backed businesses and $13 billion in private equity investment.
- Rep. Brittany Pettersen (D-C0-07): Over 130 private-equity backed businesses and $10 billion in private equity investment.
- Rep. Hillary Scholten (D-MI-03): Nearly 150 private-equity backed businesses and $8 billion in private equity investment.
- Rep. Maxwell Frost (D-FL-10): Over 120 private-equity backed businesses and $8 billion in private equity investment.
- Rep. Jasmine Crockett (D-TX-30): Nearly 200 private-equity backed businesses and $32 billion in private equity investment.
- Rep. Zach Nunn (R-IA-03): Nearly 110 private-equity backed businesses and $4 billion in private equity investment.
- Rep. Harriet Hageman (R-WY-AL): Nearly 60 private-equity backed businesses and $3 billion in private equity investment.
* PitchBook Data, investments made between 2017 – 2022
In 2022, 62 percent of all private equity went to small businesses in the U.S. Private equity invests in every state and district across the country, supporting jobs and small businesses in the communities of all 435 Members of Congress and 100 Senators. Across all 50 states, private equity backed companies employ approximately 11.7 million U.S. workers. Since 2017, private equity has invested over $5 trillion dollars in nearly 40,000 companies.
Private equity firms supported more than 1,200 businesses in districts represented by the 75 newly elected members of the U.S. House of Representatives and invested more than $38 billion in the states represented by the seven newly elected members of the Senate.
Private equity-backed companies significantly outperformed their unsponsored peers during the economic downturn caused by the COVID-19 pandemic in 2020, according to new academic research. Private equity-backed companies had higher growth in sales, assets, head count, and other key performance metrics in 2020 and 2021.
