Local Media Across the Country Cover AIC Reports

Local media across America has covered recent American Investment Council (AIC) reports that highlight private equity’s positive impact in communities. Read excerpts from articles and radio below:

Private Equity Supports Public Pensions

KANSAS // Topeka Capitol-Journal

  • As a Representative, I am glad to see the Kansas Public Employees Retirement System recognized among the 10 highest performing public pension funds by private equity returns. This is an exciting moment for KPERS, which serves over 315,000 current and retired public employees in our great state.” – State Rep. J.R. Claeys, Salinas

ARIZONA // Arizona Capitol Times

  • “As leaders of the Arizona Fraternal Order of Police, the Arizona Police Association and the Professional Fire Fighters Association of Arizona, we are excited to see such positive returns. The success of this fund is incredibly important because PSPRS represents a lifeline on which the hard-working public safety personnel of Arizona rely. Returns like these provide greater financial security for our state’s most dedicated public workers, for their municipal and agency employers and Arizona’s taxpayers.” – Sean Mattson, President, AZ Fraternal Order of Police // Joe Clure, Executive Director, AZ Police Association // Bryan Jeffries, President, AZ Professional Fire Fighters

MINNESOTA // St. Cloud Times 

  • “As a state representative proudly representing my district and state, it’s especially rewarding to know Minnesota has a greater level of financial security because of investments in private equity. These state employees put forth time and energy into our Minnesota communities, and I am grateful that the MSBI can give back to them in such a meaningful way.” – State Rep. Tim O’Driscoll 

OHIO // Columbus Dispatch

  • “Great returns and high performance of the fund’s portfolio equates to financial security for tens of thousands of Ohioans. In a time when the state is talking about potentially cutting future benefits to other public pension plans, like the Ohio Public Employees Retirement System, the Ohio School Employees Retirement System’s success should be recognized, celebrated and highlighted.” – Steve Templin, Retired Principal 

WEST VIRGINIA // MetroNews, West Virginia Radio

  • “One of the challenges in West Virginia, being a relatively small state and a poor state, is the availability of capital…what we need more of in West Virginia is private equity.” – Hoppy Kercheval, Radio Host 

Private Equity’s Positive Economic Impact

KENTUCKY // Middlesboro Daily News: Private Equity Plays Critical Role In Ky. Economy

  • “[T]he report offers a previously-unreported look at the industry’s growing role in supporting – both directly and indirectly – 327,000 jobs in Kentucky and more than 26 million jobs nationwide. This includes: Direct employment of 102,000 workers in Kentucky, who earn $69,000 per year in wages and benefits on average; State and local taxes of nearly $700 million in Kentucky.”

CALIFORNIA // Los Angeles Daily: California leads the nation in private equity investment

  • “The study shows the private equity industry directly supported more than 1.1 million jobs in 2018. Those workers averaged $73,000 a year and collectively earned $82 billion in annual wages and benefits. That boosted the Golden State’s economy by $144 billion through their contribution to the production of goods and services….Those numbers don’t surprise economist Robert Kleinhenz, executive director of research for Beacon Economics in Los Angeles. ‘We are the largest state economy and we’re a magnet for venture capital in a big way,’ he said. ‘We have lots of big established firms and others that are up and coming. In spite of the fact that we have a reputation of being an expensive place to do business, we’re doing just fine.'”

TEXAS // Dallas Business Journal: Report Shows That Private Equity Contributes Billions In Tax Dollars For Texas

  • “The private equity industry is not only employing millions, but it’s also contributing billions of dollars in taxes, a report shows.…The private equity industry is estimated to directly employ 703,000 workers in Texas, according to the report, who earn an average of $78,000 per year. Texas ranked second in employing the most in the private equity sector, directly behind California, which is estimated to employ 1.1 million.”

ILLINOIS // Politico

  • The report shows U.S. private equity supports 5 percent of the nation’s gross domestic product, with a total economic impact of $43 billion in Illinois and $1.1 trillion nationally.

INDIANA // Inside Indiana: Private Equity Boosts IN Economy

  • A new report by EY and the American Investment Council shows the private equity industry supports 574,000 jobs in Indiana….The report reflects that the private equity industry supports employment of 179,000 workers in Indiana, who earn $73,000 per year in wages and benefits on average and a total economic impact of nearly $14 billion in Indiana and $1.1 trillion nationally from the industry.

IOWA // WHO-Des Moines Radio:

  • “You’ve got Inland Coatings in Adel, IA, or AgCertain in Boone, IA. These are not the financial centers of the world, but these are important employers in small communities across the state. And we want to be encouraging more investment in American businesses, particularly smaller businesses, and not less.” –Brett Palmer, President, SBIA

MASSACHUSETTS // The Boston Globe

  • The American Investment Council and Ernst & Young found that the private equity industry supports companies that directly employ 8.8 million people across the country. That tallies up to 243,000 jobs in Massachusetts. The PE industry has invested in more than 900 Massachusetts-based businesses between 2013 and 2018.

NEW YORK // Albany Times-Union: Private Equity Backers Tout Job Creation Role in New York

  • More than 600,000 jobs in New York are directly tied to private equity, according to a new report from the industry touting its role in the state’s economy. The analysis conducted on behalf of the American Investment Council, an advocacy organization for the private investment industry, concluded that 1 million jobs in New York are supported by private equity.”

OHIO // Crain’s Cleveland Business: American Investment Council Highlights Positives of Private Equity in Ohio and the Rest of the U.S.

  • “[T]he PE industry supports more than 958,000 Ohio jobs and provides state and local taxes of nearly $2.2 billion. Ohio ranks seventh in the country in terms the number of PE-supported jobs, according to the report….The EY report notes that private equity invested roughly $92.7 billion in 837 Ohio-based businesses from 2013-18. It cites Lorain-based Trademark Global as a PE success story, noting it ‘transformed what began in 1999 as a home-based eBay business into a private equity–backed company with more than 200 employees and approximately $100 million in annual revenue.’”