2013 PEGCC Annual Report

In 2013 alone, private equity invested

more than $400 billion 2013

IN ROUGHLY 2,000 U.S. COMPANIES.

PRIVATE EQUITY FIRMS DELIVERED

more than $120 billion
to investors in 2013.

Roughly 2,800 PRIVATE EQUITY FIRMS and
more than 17,700 PRIVATE EQUITY-BACKED
COMPANIES are headquartered in the U.S.
MORE THAN 7.5 MILLION PEOPLE
WORLDWIDE ARE EMPLOYED by
U.S.-based private equity businesses.
Private equity firms invest in a

WIDE VARIETY OF INDUSTRIES:
Consumer

Financial
Services

Information
Technology

Energy

Business
Services

Healthcare

Materials &
Resources

Who We Are

Our Mission

Established in 2007 and based in Washington, D.C., the
Private Equity Growth Capital Council is an advocacy,
communications, and research organization representing
leading private equity and growth capital firms united
by their commitment to growing and strengthening the
businesses in which they invest.

The Private Equity Growth Capital Council is an association
of firms committed to developing long-term value by
investing in and building enduring companies through the
alignment of interests between investors and management
and providing financial, operational and strategic resources
and direction. Through this approach, our member firms
provide superior investment returns to pension plans,
university endowments, charitable foundations and other
investors. In addition to delivering superior investment
returns, our member firms are committed to upholding
the highest standards of integrity and acting in a way that
enhances the reputation of our industry.

What We Do
The PEGCC advocates on behalf of the private equity
and growth capital industry on Capitol Hill and before
regulatory agencies, educates the public about the value
of private equity, develops new research highlighting the
critical role private equity and growth capital plays in the
U.S. and global economies, and provides a vital forum for
our members to discuss industry trends and challenges.

About Private Equity
Private equity is a critical source of capital investment
in the U.S. Our investment model is simple: we seek
out companies that have significant potential for growth
and invest capital, time and effort to improve their
performance and increase their value.
Private equity investment creates stronger, more valuable
American businesses, and provides public and private
pension funds, university endowments and charitable
foundations with superior returns.

The Private Equity Growth Capital Council represents
the shared interests of our member firms. We seek to
engage the public, policy makers, the media, and other
stakeholders in our industry by developing information
about the contribution of private equity and growth
capital in the economy and by advocating policies that
encourage responsible investment, access to capital,
economic growth and job creation.

Table of Contents
From the President.........................................................4
Public Affairs..................................................................6
Government Affairs .....................................................10
Research.......................................................................14
Membership Services...................................................17

Private Equity Growth Capital Council | 2013 Annual Report

3

From the
President
Welcome to the Private Equity
Growth Capital Council’s 2013
Annual Report.
The focus on the private equity industry in 2013 began
where the presidential election left off. Our year started
with President Obama singling out the tax treatment of
carried interest during a nationally televised interview
before the Super Bowl. In addition to carried interest,
the implementation of Dodd-Frank and the possibility
of tax reform remained front and center throughout the
year. In response to these challenges, the PEGCC spent
much of 2013 working to shape the debate around these
issues, and obtaining results that benefit our membership.
In 2013, we concentrated our work in several areas,
including continuing our award winning Private Equity
at Work public education campaign. We redoubled our
efforts to educate the policy community about the value of
private equity and growth capital. This included allocating
considerable resources to connect policymakers with
portfolio companies operating in their states and districts
so that they could get a first-hand look at the benefits these
companies bring to the community and the local economy.
We continued to make a valuable contribution to the
public debate about our industry by producing and

promoting unique research and analysis. Most notably,
we released our annual comprehensive breakdown of
private equity investment by state and Congressional
district, and our second annual analysis and ranking of
large public pension fund allocations and returns from
private equity investments.
The Council successfully defended renewed attacks on
the tax treatment of carried interest. We also continued
to make progress with the House passage of H.R. 1105, a
bill exempting advisers to private equity funds from SEC
registration requirements, and helped organize a coalition
of industries and businesses to push for retaining the full
deductibility of interest expenses in tax reform proposals.
The PEGCC also welcomed a new class of members
this year. Our Associate Members are comprised
of leading law and accounting firms. They bring a
unique perspective about the industry and diverse
skillsets into the association that will strengthen
our ability to advocate for private equity and growth
capital. Their expertise and participation has already
been felt throughout the Council, including our
submission of two amicus briefs, numerous regulatory
comment letters, and their participation in our General
Counsels’ Day and Chief Compliance Officers’
Working Group.
Lastly, the end of 2013 marked a transition in the
Council’s leadership on the Board of Directors. Our
Chairman of the Board, Mark Tresnowski of Madison
Dearborn Partners, stepped aside after four years of
exceptional leadership. From our many legislative
battles over carried interest and the Dodd-Frank Act, to
the 2012 presidential election that brought our industry
into the national spotlight, Mark guided the Council

with equanimity and the friendly demeanor that became
his trademark. There is no doubt that we are a more
robust and effective advocacy organization as a result
of his hard work and dedication to the PEGCC and
the entire private equity and growth capital industry. In
2014, we welcome Ken Mehlman of KKR who succeeds
Mark as our new Chairman. Ken brings an unrivaled
blend of public policy and private equity experience to
the position. As a member of the PEGCC’s Board of
Directors, Ken has long been a driving force behind our
major initiatives, and we are very fortunate to have him
as our new Chairman.
In sum, private equity and growth capital have a
compelling story to tell, and the Council will continue
to push hard to educate policymakers and the public
about the industry. By strengthening companies
and delivering superior investment returns to public
pension funds, university endowments and charitable
foundations, our industry makes a positive difference in
people’s lives every day.
As we reflect on the year just passed and look to 2014,
we thank you for supporting our efforts. Please enjoy our
2013 Annual Report.

Sincerely,
Steve Judge, President & CEO


5

Section 1

Public Affairs
The PEGCC entered 2013 with a continued focus on telling the broader
private equity story in an effort to build on the reputational gains made
during the election year. The year started just where 2012 left off, with a
flurry of press coverage surrounding President Obama’s calls to change the
tax treatment of carried interest in a pre-Super Bowl interview.
Private equity faced a new set of challenges in 2013. The
debate around tax reform began in earnest, and longstanding policies important to the private equity business
model stood at risk. Keeping pace with its 2012 efforts,
the PEGCC Public Affairs department kicked off 2013
with a focus on communicating and demonstrating the
industry’s value proposition for the U.S. economy, while
ramping up aggressive issue advocacy for legislative and
regulatory priorities.
The PEGCC worked with the BUILD (Businesses United
for Interest and Loan Deductibility) Coalition to shape
public discussion about the issue of interest deductibility in
tax reform. Unlike other tax reform groups, the Coalition’s
strategy was to engage early and educate Members of
Congress during their decision-making process. The
Coalition, which launched on May 22, has continued
to produce and distribute reliable research and policy
arguments for maintaining full interest deductibility. The
PEGCC will continue to work with the BUILD Coalition
to emphasize the importance of interest deductibility for
6


businesses of all sizes and how detrimental it would be to
the economy if it were limited in any manner.

Private Equity at Work
The PEGCC’s Private Equity at Work campaign was
active throughout the 2012 election to balance the flow of
information about the private equity industry to the general
public, the press, and policymakers. In recognition of this
work, the PEGCC and its agency of record, The Glover
Park Group, won a PRSA Silver Anvil Award of Excellence,
received an Honorable Mention from the Bulldog Media
Relations Awards, and were finalists for a SABRE Award.
Though the 2012 election has come to a close, the
Private Equity at Work campaign remained in full force
throughout 2013. The campaign’s website (www.
PrivateEquityAtWork.com) continues to serve as a
hub of educational information, regularly updated with
illustrative videos, compelling infographics and featured
news content demonstrating the critical role that private
equity plays in the U.S. economy.

New Educational Videos
Video case studies remained a core component of the
Private Equity at Work campaign, highlighting companies
engaged in successful private equity partnerships.
During 2013, the PEGCC produced video case studies
showcasing Berry Plastics, Entrust, and a carried interest
whiteboard video.
■■

■■

■■

Based in Evansville, Indiana, Berry Plastics is a
leading provider of value-added plastic consumer
packaging and engineered materials. Berry Plastics
benefitted from operational expertise and guidance
from Apollo Global Management, increasing net
sales and more than doubling employee headcount
between 2005 and 2012.
Entrust is a trusted provider of identity-based
security solutions based in Dallas, Texas. With help
from private equity firm Thoma Bravo, Entrust
innovated their product line to better protect their
customer base, which includes banking institutions
and U.S. government agencies. Since 2009, Entrust
has increased revenues dramatically.
Increasing its focus on tax reform during 2013, the
Council continued to use educational whiteboard
videos to explain issues that are often misunderstood
or mischaracterized. The Council’s latest “What
is Carried Interest?” video concisely explains what
carried interest is and why it’s appropriately taxed
as a capital gain. The video was viewed nearly 7,000
times during 2013.

Berry Plastics video case study

Entrust video case study

’What is Carried Interest?’ whiteboard video


7

In recognition of its Private
Equity at Work campaign,
the PEGCC won a PRSA Silver
Anvil Award of Excellence.

Media Outreach
While the PEGCC has increased its use of new and
interactive communications tactics, traditional media
remains the core of its efforts.
The compelling data produced by the PEGCC Research
team earned significant coverage during 2013. The
Council’s investment report, “Private Equity: Top States
and Districts,” quantified private equity investment in the
U.S., ranking top states and Congressional districts that
received private equity investment. With proactive press
outreach and an illustrative infographic, the “Top States
and Districts” report was covered by 40 regional and
national news outlets, including The Wall Street Journal,
The Denver Post, the Miami Herald and Bloomberg TV.

The PEGCC’s second annual Public Pension Fund study was
equally successful, proving that private equity outperforms all
other asset classes by ranking the top 10 pension funds by
private equity performance and private equity allocation. The
PEGCC’s pension report, accompanied by an infographic
illustrating the data, was covered by 33 outlets, including
Bloomberg, Pensions & Investments, the San Francisco
Chronicle, The Boston Globe and Politico.

Private Equity at Work
Private equity invests in a wide variety of industries.

2,800

3%

Includes approximately
U.S. based private equity firms,

18%

$3.6T
ten years.

Materials & Resources
Business
Services

Information
Technology

16%

Invests approximately
over the last

Healthcare

17,700

Sponsors more than
U.S. based companies that employ
1 2 3 4 5 6 7

7.5M

9%

Financial
Services

PEOPLE
WORLDWIDE

19%
18

Consumer

%

17%
Energy
(2012 Investments)

Top 20 Private Equity Investment by State
(2012 Investments)

2012 U.S. Total: $347B in 2,083 portfolio companies
BY STATE

NUMBER OF INVESTMENTS

TEXAS

222

$46.6

NORTH CAROLINA

64

CALIFORNIA

255

$35.0

MICHIGAN

50

$9.6

COLORADO

67

$26.8

MASSACHUSETTS

71

$9.6

ILLINOIS

$10.1

119

$19.1

WISCONSIN

47

$9.1

FLORIDA

115

$17.3

INDIANA

35

$8.5

NEW YORK

96

$15.6

WASHINGTON

39

88

$15.0

MISSOURI

30

$7.6

NEW JERSEY

67

$14.8

UTAH

26

$6.8

GEORGIA

77

$11.9

ARIZONA

37

$6.7

OHIO

66

$10.4

OKLAHOMA

29

$6.0

In addition to coverage earned by PEGCC research, the
Council helped to place three opinion pieces during 2013.

$8.2

PENNSYLVANIA

’Private Equity: Top States and Districts’ infographic
8

Steve Judge appearing on Bloomberg’s ‘Money Moves’

INVESTMENT VALUE (BIL)


■■

Pam Hendrickson, Chief Operating Officer at The
Riverside Company, authored an op-ed published
in The Wall Street Journal titled, “Think Twice Before
Raiding Carried Interest.”

■■

■■

Published in The New York Times DealBook blog,
PEGCC President and CEO Steve Judge wrote
a guest column on the implications of the Sun
Capital case entitled, “Why a Pension Case will
not Change Private Equity Tax Law.”
Again, in an opinion piece that ran both as a print
letter in The New York Times, as well as in a longer
form on the paper’s DealBook blog, Judge explained
“Why Carried Interest is a Capital Gain.”

The Numbers
The Council’s efforts showed impressive results
throughout 2013.

230
80

The PEGCC executed a record 80
meetings between Members of
Congress and portfolio company CEOs.

1,750

As of the end of 2013, the Council’s
Twitter page (@PEGCCouncil) had
more than 1,750 followers. PEGCC
tweets are often retweeted by industry
stakeholders including private equity
executives, portfolio company CEOs
and journalists.

3,100

The Council continues to share photos,
videos and updates through its
Facebook page, which has more than
3,100 “likes.”

Mobilizing Portfolio Companies
Connecting lawmakers with portfolio companies
based in their districts is one of the most effective
ways the PEGCC helps demonstrate the tangible
impact that private equity creates in communities
across the country. The PEGCC executed a record
80 meetings between portfolio company CEOs and
policymakers such as Sen. Tim Kaine (D-VA), Rep.
Jim Himes (D-CT), Sen. Dan Coats (R-IN), and
Rep. Erik Paulsen (R-MN).
This program has become essential to the PEGCC’s
Congressional outreach and lobbying efforts. The
Council has successfully organized nearly 200 meetings
since beginning the program, and expects to redouble its
efforts with the support of its membership.

The PEGCC executed a record
80 meetings between Members
of Congress and portfolio
company CEOs.

Through media outreach, the
PEGCC was mentioned in more
than 230 news stories.

Looking Ahead
2014 promises to be a big year for the PEGCC. As
the debate over tax reform continues to take shape,
the Council will continue to vigilantly defend policies
that encourage investment in America’s economy. The
PEGCC will focus its efforts on providing clarity and
real-life application for industry tax issues that are
often mischaracterized by the media, and therefore
misunderstood by the general public. As it has done
since 2007, the Council will continue to work tirelessly
to demonstrate the vital role the private equity industry
plays in growing and creating more valuable companies
across the country every day.


9

Section 2

Government Affairs
Early in 2013, the PEGCC recognized that it needed to dedicate substantial
time and effort to ensure that the private equity industry remained well
positioned on our three primary tax issues: carried interest and enterprise
value; interest deductibility; and pass-through taxation. In addition, the
PEGCC effectively engaged with Congress and regulators to advocate
for appropriate policies that strengthen private equity and encourage
investment. Ultimately, these efforts resulted in significant progress for
PEGCC members on multiple fronts.
Tax Policy
Carried Interest: The PEGCC continued to educate
Members of Congress on why carried interest is –
and always has been – appropriately taxed as capital
gains income. In April, the Council filed a comment
letter with the House Ways and Means Committee
defending its current tax treatment. Since 2007, the
PEGCC’s consistent outreach has helped expand the
ranks of legislators who support the industry position on
carried interest.

Senate Republican Leader Mitch McConnell (R-KY) speaks at the
PEGCC’s Annual Meeting on September 19, 2013

10


Interest Deductibility: As 2013 began, policy
makers from both sides of the aisle indicated a
possible desire to limit interest deductibility as part
of comprehensive tax reform. The PEGCC strongly
advocated for maintaining full interest deductibility

and worked with many allies on the Hill and in the
larger business community by becoming a founding
member of the BUILD Coalition. Combined with a
targeted communications and research strategy, the
BUILD Coalition held more than 60 meetings with
tax policy leaders in the House and Senate during
2013, advancing the cause of maintaining full interest
deductibility. In 2014, both the PEGCC and the
BUILD Coalition will continue their efforts on this
important issue.

House Speaker John Boehner (R-OH) speaks at the PEGCC’s
Annual Member Dinner on September 18, 2013

Pass-through Tax Treatment: The PEGCC continued
to engage on Capitol Hill to prevent proposals that
would tax pass-through businesses at the entity level. The
PEGCC’s hard work paid off as bipartisan opposition to
entity level taxes on pass-through businesses grew, and
the Council expects that future debates on tax reform
will continue to implicate pass-throughs and require the
PEGCC’s attention.

BUILD Coalition interest deductibility whiteboard video

The PEGCC's consistent
outreach has helped expand
the ranks of legislators who
support the industry position
on carried interest.

11

Sen. Michael Bennet (D-CO) (left) and former Sen. Evan Bayh (D-IN), senior advisor at Apollo Global Management,
speak at the PEGCC’s Annual Meeting on September 19, 2013

Investment Adviser Registration
The PEGCC worked to advance bipartisan legislation
to remove unnecessary regulatory burdens imposed on
private equity and growth capital by the Dodd-Frank
Act. For the first time, the Small Business Capital Access
and Job Preservation Act (H.R. 1105) passed the full
House of Representatives in 2013. In 2014, the Council’s
Government Affairs department will focus attention on
advancing the proposal in the Senate.

■■

■■

■■

Regulatory Policy
In 2013, the PEGCC filed five comment letters with
multiple U.S. and foreign agencies, and conducted several
in-person meetings with key regulators.
The PEGCC Government Affairs department’s 2013
regulatory efforts included:
■■

12

Aggressively advocating on behalf of the private equity
industry around the Volcker Rule and the CFTC’s
new proposed rule on aggregation of positions;


■■

Joining the U.S. Chamber of Commerce to file
comments on the re-proposed risk retention rules;
Submitting a comment letter on the SEC’s proposed
amendments to Regulation D, Form D and Rule
156 of the Securities Act;
Successfully convincing the SEC’s Division of
Investment Management to issue revised guidance
that addresses some of the industry’s concerns on
the Custody Rule; and
Responding to interest by the SEC’s Division of
Trading and Markets regarding whether private
equity investment advisers should also have to
register as broker-dealers in certain circumstances.

Overall, the Council’s efforts have yielded positive
results. For example, the final Volcker Rule regulations
clarified that insurance company general accounts and
separate accounts are not subject to the restrictions on
investing in private funds. In addition, final Volcker
Rule regulations clearly state that a banking entity is

not subject to the restrictions on investing in private
funds where it is acting in a fiduciary or similar
capacity on behalf of its customers. The final rules
also preserve the ability of U.S. private equity firms
to sponsor non-U.S. funds with investors that include
non-U.S. banking entities and appear to preserve the
flexibility of U.S. private equity firms to include such
non-U.S. funds into parallel fund structures.

Legal Advocacy
In 2013, the PEGCC responded quickly when the First
Circuit Court of Appeals held in Sun Capital Partners
III, LP et al. v. New England Teamsters & Trucking
Industry Pension Fund et. al., that a private equity fund
sponsored by Sun Capital Partners constituted a “trade or
business” for purposes of ERISA multi-employer pension
withdrawal liability. The PEGCC filed two amicus curiae
briefs – one with the First Circuit Court of Appeals
and one with the U.S. Supreme Court – advocating
that ERISA withdrawal liability under multi-employer
pension plans should not apply to private equity funds.

Looking Ahead
While the PEGCC made progress on many issues in
2013, the regulatory calendar remains busy for 2014. The
Council anticipates that regulators will issue several final
rules within the next few months, including the CFTC
aggregation rule and possibly incentive compensation
rules. The PEGCC also expects that regulators will
continue to examine other issues of importance to the
industry, including some of the square peg/round hole
problems with Investment Adviser Act applicability to
private equity. Throughout this process, the PEGCC
will remain actively engaged as appropriate with
regulators, agency staffs and legislators on Capitol Hill.

SEC Chair Mary Jo White speaks at the PEGCC’s
Annual Meeting on September 19, 2013

The PEGCC expects that 2014 will be a year filled with
political messaging more than legislative action due to
the upcoming mid-term elections in November. There
will likely be continuous discussions on job creation,
income inequality, tax policy, and immigration reform,
among many other topics.

The PEGCC will remain actively
engaged with regulators,
agency staffs and legislators
on Capitol Hill.


13

Section 3

Research
Research plays a critical role in illustrating how private equity and growth
capital benefit the American economy, why it’s important to ensure that
U.S. policies encourage investment, and how private equity performance
benefits its investors. In 2013, research produced and promoted by the
Council’s Research team focused on highlighting the role that private
equity and growth capital plays in states and municipalities around the
country, strengthening retirements for millions of Americans and growing
businesses in communities of all sizes.
Public Pension Fund Analysis
The PEGCC’s second annual public pension fund analysis,
released in October, found that private equity outperforms
other asset classes, demonstrating the industry’s role in
strengthening the retirement security for millions of
Americans who rely on pension benefits.
The report examined 146 U.S. public pension funds with
assets greater than $1 billion, analyzed the asset allocation
of these funds, and compared the performance of their
private equity investments to other asset classes. The report
then ranked the top 10 public pensions by private equity
investment performance.
Massachusetts PRIT took the top spot, based on a
15.4 percent annualized return over the past 10 years.

14


The median pension fund received 10 percent from
private equity annualized over 10 years, compared to
5.8 percent for public equity and 6.6 percent for fixed
income during the same period.
Information about the investment allocation and
performance by asset class of the public pension funds
used in the analysis is available to PEGCC members
through the Council’s proprietary online database.
Additionally, the PEGCC published a white paper – “LongTerm Commitments: The Interdependence of Pension
Security and Private Equity” – based on the results of the
first public pension study, highlighting the outperformance
of private equity investment by pension funds and its
importance to the retirement security of pension recipients.

economy and illuminating the diverse industries and
regions that receive investment from the industry.

Private Equity at Work: Strengthening
Retirement for Millions of Americans
Top 10 Pension Funds by Private Equity Return 1
1

Massachusetts Pension Reserves
Investment Trust (PRIT) Fund

6

Iowa Public Employees'
Retirement System

2

Los Angeles County Employees
Retirement Association

7

San Francisco Employees'
Retirement System

3

Teacher Retirement System of Texas

8

Utah Retirement System

4

Houston Firefighters' Relief
and Retirement Fund

9

Pennsylvania Public School
Employees' Retirement System

5

Minnesota State Board of
Investment (Combined Funds)

10

Contra Costa County Employees'
Retirement Association

Pension funds’ investments in private equity outperform other
asset classes based on median 10-year annualized returns 2
10-YEAR
MEDIAN
ANNUALIZED
RETURN (%)

PUBLIC EQUITY (STOCKS)

5.8%

PRIVATE EQUITY

6.6%
6.7%

FIXED INCOME (BONDS)
REAL ESTATE

10.0%

Asset Allocation by Total Dollars Invested
on a Dollar-Weighted Basis
2.7% - Cash/Short-Term Investments
6.6% - Other
7.5% - Real Estate

10.3% - PRIVATE EQUITY
24.3% - Fixed Income

Pension Funds

invest 10.3%
of their portfolio in private equity. 3

In the 2013 report, Texas received the most investment
from private equity (measured in dollars invested)
totaling $46.6 billion in 222 companies, followed by
California, Colorado, Illinois and Florida. Colorado’s
6th Congressional District, represented by Rep. Mike
Coffman, received $17.2 billion and ranks as the top
district for private equity investment. Congressional
districts represented by Reps. Sheila Jackson Lee (TX-18),
Danny K. Davis (IL-7), Rodney Frelinghuysen (NJ-11)
and Kenny Marchant (TX-24) rounded out the top five.
The PEGCC’s interactive U.S. map also allows users to
learn about private equity’s investment in their regions as
well as their state pensions’ investments in private equity.

48.6% - Public Equity (Stocks)
This analysis is based on data collected from the financial reports of 146 large public pension funds (with $1 billion or more in assets), where data were available at the time of
the study (August 2013). Return figures for marketable securities are reported both net and gross of management fees. Return figures for private equity and other illiquid
assets are typically reported net of management fees and carry.
1
The ranking of pension funds by private equity returns is based on a composite of 5- and 10-year annualized returns for pensions with more than ten years of investment in
private equity. Reporting dates vary between June 30, 2012 and December 31, 2012.
2
Asset class returns are based on pension funds that reported 10-year annualized returns as of June 30, 2012.
3
The analysis of investment allocation is based on financial statements with reporting dates between March 31, 2012 and July 31, 2013, with most statements as of June 30, 2012.

Public Pension Fund Analysis infographic

Investment in States and Districts
Released in June 2013, the third annual “Private Equity:
Top States and Districts” report revealed that private
equity firms invested $347 billion in more than 2,000
U.S.-based companies last year. The analysis ranked the
top 20 states and Congressional districts receiving private
equity investment in 2012 by investment value and the
number of investments.
The report highlights the magnitude of private equity
investment nationwide, educating Members of Congress
about how private equity drives growth in their local

Private Equity in Your State


15

Private Equity Trends & Performance
To provide a snapshot of the private equity market, the
PEGCC Research team tracks fundamental industry
trends as well as the performance of fund investments
through its quarterly reports.

Colorado Ranks Third in PrivateEquity Investment Value in 2012

The “PEGCC Trends Report” examines quarterly
changes in key industry activities, such as investments,
exits and fundraising.
The “PEGCC Performance Update” analyzes the
outperformance of private equity compared to public
equity, based on quarterly information from public pension
funds and private equity benchmark providers.
Each analysis is regarded as a leading indicator by
private equity industry participants, and generates
consistent media coverage.

Michigan Private Equity Gains Ranking

What Housing Congressional District
Pulled in the Most PE Dollars?

The Results
Designed to educate the Council’s key audiences and
provide clarity for sometimes complex concepts, the
PEGCC’s research consistently receives positive feedback
from lawmakers, industry thought leaders, journalists and
others. In 2013, more than 100 national and regional
outlets covered the PEGCC’s research, ensuring its
visibility for an even wider audience.

Looking Ahead
2014 will be an exciting year for PEGCC research.
With several studies, analyses and partnerships with
other esteemed organizations currently in the works,
the PEGCC will continue to produce compelling
and illustrative reports to further enhance efforts to
communicate the valuable role the private equity industry
plays in the American economy.

16


Equity Firms Boost Pension Fund

These Pension Funds Made a
Killing with Private Equity

Happ(ier) Returns

Section 4

Membership
Services
Increased engagement from PEGCC members directly improves the
Council’s ability to be at the forefront of its legislative, regulatory and public
affairs advocacy work, while providing members with increased value by
expanding their network and pool of resources. The Council’s ever-expanding
membership services program is fundamental to providing its members with
the highest level of service and benefit.
2013 Activities
The Council achieved many notable accomplishments in
the area of Membership Services in 2013:
Committee and Membership Activities: Activity
levels for Committee functions and member calls have
steadily increased. This includes more engagement of
the CFOs’ Committee, Research-Investor Relations’
Committee, CCOs’ Working Group, and General
Counsels’ Committee. Additionally, the Council held
its first annual General Counsels’ Day on November 7, a
well-received event featuring expert panelists from our
Associate Member firms on the topics of fundraising
trends, trends in deals, and SEC examinations,
enforcement, and regulation.

[From left] Rep. Robert Hurt (R-VA), House Financial Services
Subcommittee Chairman Scott Garrett (R-NJ), outgoing
PEGCC Chairman Mark Tresnowski, managing director
and general counsel at Madison Dearborn Partners, and
Robert Hull, CFO of Providence Equity Partners attended the
PEGCC’s Annual Member Dinner on September 18, 2013


17

Annual Meeting and Member Dinner: Held annually
in Washington, D.C., this year’s event kicked off with our
Member Dinner featuring House Speaker John Boehner
(R-OH), followed by the Annual Meeting, which
included sessions with Sen. Michael Bennet (D-CO),
Senate Republican Leader Mitch McConnell (R-KY),
Rep. Richard Neal (D-MA), Rep. Steve Southerland,
II (R-FL) and SEC Chair Mary Jo White. PEGCC
member attendance increased by more than 30 percent
in 2013, and the Council received a significant amount
of positive feedback regarding the quality of the program.
Membership Expansion: Membership expansion was
a core objective for 2013, with the establishment of
the new PEGCC Associate Member class. The details
of this membership program were developed during
the second quarter of the year, and outreach to trusted
service providers began in early summer. The Associate
Member class began with law firms, and expanded to
accounting and valuation firms in the fall. The Council
is proud to welcome its first 14 Associate Members, and
looks forward to working with them in 2014 and beyond.

18


Outgoing PEGCC Chairman Mark Tresnowski, managing
director and general counsel at Madison Dearborn Partners, speaks
at the PEGCC’s Annual Member Dinner on September 18, 2013

Current Membership
Our Members
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ACON Investments
American Securities
Apollo Global Management
ArcLight Capital Partners
Bertram Capital Management
The Blackstone Group
Brockway Moran & Partners
The Carlyle Group
CCMP Capital Advisors
Crestview Partners
The Edgewater Funds
Genstar Capital
GTCR
Hellman & Friedman
Highstar Capital
Irving Place Capital
The Jordan Company
Kelso & Company
Kohlberg Kravis Roberts & Co.
KPS Capital Partners
Madison Dearborn Partners
New Mountain Capital
Providence Equity Partners
The Riverside Company
Silver Lake
Sterling Partners
Sun Capital Partners
TA Associates
Thoma Bravo
TPG Capital
Vector Capital
Vestar Capital Partners
Welsh, Carson, Anderson & Stowe

Associate Members
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Cleary Gottlieb Steen & Hamilton
Debevoise & Plimpton
Deloitte
EY
Kirkland & Ellis
KPMG
Latham & Watkins
Paul, Weiss, Rifkind, Wharton & Garrison
Proskauer
Ropes & Gray
Sidley Austin
Simpson Thacher & Bartlett
Sullivan & Cromwell
Vinson & Elkins

Staff List
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Steve Judge, President and CEO
Ken Spain, VP, Public Affairs
and Communications
Jason Mulvihill, General Counsel
Langston Emerson, VP, Government Affairs
Bronwyn Bailey, VP, Research
Jennifer Colfelt, VP, Finance, Operations
and Membership
Christopher Krueger, Director, Grassroots
and Outreach
Noah Theran, Director, Communications
Caroline Teh, Senior Researcher
Marie Fenton, Executive Assistant to the CEO
Mallory Denniston, Administrative Assistant


19

PRIVATE EQUITY GROWTH CAPITAL COUNCIL
950 F Street, NW Suite 550 | Washington, DC 20004

Phone: (202) 465-7700 | Email: info@pegcc.org
Follow us at @PEGCCouncil
Visit us at www.pegcc.org and www.privateequityatwork.com

2013 PEGCC Annual Report

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