The private equity industry's trade association has changed its name for third time in its nine-year history and expanded its scope to pitch the industry's contributions to the US economy.
The Private Equity Growth Capital Council has become the American Investment Council under new president and CEO Mike Sommers, the former chief of staff to House Speaker John Boehner who joined in January.
Sommers called the name a change "a major step forward" for the Washington-based group as it works to promote private equity. He noted the group has expanded its mission to "advance access to capital, job creation, retirement security, innovation, and economic growth" in the US.
The group was founded in 2007 as the Private Equity Council in the face of robust criticism of the then-low profile sector as Bain Capital founder Mitt Romney ran for president. It became the Private Equity Growth Council in 2010.
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