Private equity industry rolls out new campaign to counter campaign trail attacks

The private equity industry, which has come under a flurry of negative attention on the campaign trail, is pushing back by launching a new education initiative highlighting the good it does for the economy.

The Private Equity Growth Capital Council (PEGCC) has dubbed the new campaign "Private Equity at Work." It is aimed at counteracting attacks lobbed at Mitt Romney, as detractors argue his time at private equity firm Bain Capital resulted in massive layoffs in pursuit of profits.

The PEGCC maintains the industry is simply misunderstood, and actually helps boost the economy by strengthening companies and creating jobs.

“There is a real lack of understanding about private equity — what it does, how it works and who benefits from it,” said Steve Judge, president and CEO of the PEGCC. “We wanted to set the record straight."

The keystone of the effort is a new website, which includes a series of examples of private equity aiding companies, as well as industry fact sheets and data highlighting its stronger points.

As Romney has been blasted for his Bain tenure by both Democrats and his Republican opponents, the PEGCC has spoken out on the industry broadsides. In the midst of a fresh round of attacks on Romney earlier this month, Judge issued a statement criticizing his rivals for peddling "misinformation" about the industry.

“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,” he said. “What’s been lost is an understanding of the critical role that private equity investment plays in growing the U.S. economy.”

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