The Private Equity Council has added 18 new members and has changed its name to the Private Equity Growth Capital Council.
The council earlier this year launched a major effort to broaden membership beyond the founding firms.
In the last few months, the following new members have joined: Avista Capital Partners; Brockway Moran & Partners; Crestview Partners; Genstar Capital; Global Environment Fund; GTCR; Kelso & Company; KPS Capital Partners; Levine Leichtman Capital Partners; MidOcean Partners; New Mountain Capital; The Riverside Company; Sterling Partners; Sun Capital Partners; TA Associates; Thomas H. Lee Partners; Vector Capital; and Welsh, Carson, Anderson & Stowe.
The additions bring total membership to 30.
“Private equity firms invest in a broad spectrum of businesses, from start-ups to mature companies, and they use varying capital structures to complete acquisitions," says president Douglas Lowenstein. "But they are united by a commitment to growing and strengthening portfolio companies. Our new members will help us better tell the story of how private equity investment delivers substantial economic benefits to companies of all types and sizes in virtually every state in this country. And our new name better conveys what private equity is all about: growing companies.”
Investments by new member firms span a range of industries, including clean technology and clean energy, defence and government services, education, food services, financial services, healthcare, Internet services, manufacturing, sustainable forestry, software, and others. Assets under management range from less than USD1bn to USD20bn.
"We emphasise growth, and our portfolio companies have added or created over 7,000 jobs in recent years, net of any job losses, and spent more than USD700m on R&D," says Steven B. Klinsky, founder and chief executive officer of New Mountain Capital. "We think hearing about our firm, and others like us, will raise awareness about the wide-ranging nature of private investment firms."
As part of its new structure, the Private Equity Growth Capital Council will create a growth capital committee to consider and act on issues directly involving and affecting mid and small market firms.
