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Private Equity Industry Hits Back After Attacks on Romney's Bain Days Private Equity Industry Hits Back After Attacks on Romney's Bain Days

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Private Equity Industry Hits Back After Attacks on Romney's Bain Days

With Republicans joining Democrats in attacking GOP presidential candidate Mitt Romney for his career at the private equity firm Bain Capital, the Private Equity Growth Capital Council is pushing back, highlighting the industry's contributions to the economy and American competitiveness. 

Ken Spain, PEGCC's vice president of public affairs and communications, said in an email to the Alley that the organization will "aggressively defend the industry against any mischaracterizations regardless of the political affiliation," but did not specify what actions it might take to do so.

"As in any political campaign, a candidate's professional background is going to be scrutinized," Spain wrote. "While this comes as no surprise, the objective of the Private Equity Growth Capital Council is to educate people about how private equity grows and saves businesses." 

In a statement sent to reporters today, PEGCC interim president Steve Judge said, "There is a lot of misinformation being spread, purely for political purposes and on both sides of the aisle, as it pertains to private equity,"  "What's been lost is an understanding of the critical role that private equity investment plays in growing the U.S. economy and delivering more than a trillion dollars in investment returns to pension funds, endowments and charitable foundations."

The industry invested nearly $150 billion in American companies in 2010, helping many of them grow and create jobs, Judge said.

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