The private equity industry's lobbying group, the Private Equity Growth Capital Council, has announced a new name and expanded mission.
The group, now called the American Investment Council, seeks to "advance access to capital, job creation, retirement security, innovation and economic growth in the United States by promoting responsible long-term investment."
"The American Investment Council represents the full spectrum of private investment and the value it creates for every state in our country. It is more than a new name, it is a renewed commitment to be the voice for private equity in the United States," said President and CEO Mike Sommers in a statement.
The change comes months after Sommers was named the trade association's new president and CEO in late January of this year. Sommers previously served as chief of staff to former House Speaker John Boehner, R-Ohio.
The council has 36 members and 19 associate members, including law firms and consulting firms with PE practices. Among the council's members are TA Associates, Vestar Capital Partners, The Blackstone Group, Kohlberg Kravis Roberts & Co. and American Securities.
Ken Mehlman, the council's chairman, said the changes reflect the "broader focus of our member firms post-financial crisis."
