The Private Equity Growth Capital Council confirmed Wednesday that Steve Judge, the council’s president and CEO, is stepping down. Judge plans to leave the post on Aug. 15, Bloomberg News reported. Judge manages all aspects of the PEGCC and serves as a top spokesman for the private equity and growth capital industry, the council’s website said.”After nearly four decades of experience in Washington, I know a change in Administration brings critical years for any trade association,” Judge said in a statement. “While I will treasure my eight great years here, it is in everyone’s best interest that I pass this important role on to another strong advocate for the private equity industry.” Ken Mehlman, KKR’s Global Head of Public Affairs, was elected chairman of PEGCC in 2013.Continue
Several recent articles wrongly suggest a rift between private equity firms and pension funds. And [...]Continue
With an economy displaying year-over-year growth, it is time to broaden our focus from preventing [...]Continue
Recent calls for public pension funds to disclose the terms that govern their investments in [...]Continue
Public pension funds in the United States invest on average 9.4 percent of their portfolios [...]Continue
The private equity industry's lobbying group met officials from the Office of the Comptroller of [...]Continue
This week J.P. Morgan, Private Equity Growth Capital Council, Saban Capital Group and State of [...]Continue
Sister publication Buyouts sat down on March 20 for a Q&A with Ken Mehlman, who [...]Continue
In a court case that could add a new risk factor to some deals, the [...]Continue
Private equity professionals don’t have to admit it–the asset class currently has an image problem. Now, the issue becomes: how to correct this?Continue
Steve Judge, the long-time VP of goverment affairs at the Private Equity Growth Capital Council and since last summer its interim chief, was named earlier this week to be its permanent president and CEO. I caught up with Judge this morning to ask about the PEGCC’s response to the debate raging over the virtues of private equity, about the […]Continue
Steve Judge was named president and CEO of the Private Equity Growth Capital Council. Judge succeeds Douglas Lowenstein, who stepped down last year. Judge has served as interim president and CEO of PEGCC since August 2011. The appointment is effective immediately.Continue
Bronwyn Dylla Bailey, Ph.D. has joined the Private Equity Growth Capital Council as VP of research. Bailey most recently led an analytics team at BlackRock.Continue
The Private Equity Growth Capital Council has named Steve Judge, the council’s vice president of government affairs, as interim president and chief executive officer. Judge replaces Douglas Lowenstein, who is stepping down as CEO as of September 1. The Washington, D.C.-based group is searching for a permanent president and chief executive.Continue
Buyout firms hardly buy into the argument that they could help trip another financial crisis. No matter. They now find themselves battling proposed rules limiting incentive-based compensation rooted in the premise that they could. The rules may also give limited partners a stronger argument for back-ended carry distributions.
It’s yet more fallout from the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted last summer, which requires buyout shops with more than $150 million in assets under management to register as investment advisers with the Securities and Exchange Commission. (Although the SEC has indicated it may extend the July 21 deadline to register, industry observers say it is unlikely that grass-roots efforts will succeed to repeal the requirement altogether.)
From the perspective of your run-of-the-mill buyout shop, the prospect of registering—necessitating the appointment of a compliance officer and the development of a compliance program—is viewed as burden enough. But Dodd-Frank has the SEC and other agencies piling ever more rules on their backs. This week the Private Equity Growth Capital Council weighed in with comments on one of the latest proposed rules, which would put limits on incentive-based compensation at covered financial institutions. Buyout shops with $1 billion more in assets—a good portion of the market—would likely have to comply. (Those with $50 billion or more in assets face additional restrictions.)Continue
Jason Thomas is joining The Carlyle Group in the next few weeks after nearly three years at the Private Equity Growth Capital Council, most recently as vice president of research, peHUB has learned.
Thomas is slated to become director of research at Carlyle, where he will be the first to hold that position, according to spokesperson Christopher W. Ullman. He will report to David M. Marchick, who is managing director and global head of external affairs, a group that handles communications and government relations for the firm. Ullman said he couldn’t elaborate on what Thomas’s role will be at the PE investment giant.Continue
Bain Capital, one of the original members of the Private Equity Growth Capital Council, has not renewed its membership for 2011, the council confirmed for peHub. The firm no longer appears on the member list on the PEGCC website.
The departure marks a blow to the annual revenue stream of the council, which has been active of late in Washington D.C. in fights against raising taxes on carried interest and in improving the industry’s image. However, membership has also been growing since the council opened its doors to smaller buyout shops early last year, mitigating the loss.
Neither Bain Capital nor the council would comment on the annual dues that the firm has paid (nor would executives at Bain Capital comment on anything related to this story). However, that Bain Capital and its affiliates have an estimated $65 billion under management suggests the firm was paying as much as $750,000 per year, based on information supplied by PEGCC to sister magazine Buyouts in early 2010—see dues levels below.Continue
President Barack Obama last month ordered federal agencies to review business rules already on the books with an eye toward eliminating “outdated regulations that stifle job creation and make our economy less competitive,” according to his recent opinion piece in the Wall Street Journal.
This will surely lead to some good. But given the lengthening roll of red tape facing financial sponsors (headlined by requirement to register as investment advisers), it must have been tough for them not to stifle a sarcastic chuckle.
Indeed, in a relatively little noted action last summer, the Federal Trade Commission proposed changes to its Hart-Scott-Rodino pre-merger notification rules to give it more information upfront about buyouts and other M&A deals to determine if they raise antitrust concerns.Continue