Washington, D.C. – Today, the American Investment Council (AIC) released the second video in a new series of interviews conducted by Hill TV examining how private equity investments are supporting businesses and workers across America. Today’s video features New Mountain Capital Founder and CEO Steve Klinsky, who discusses his more than 20 years of experience in private equity partnering with businesses, creating jobs across the country and generating returns for public pension funds and university endowments:
“[New Mountain Capital has] added or created over 46,000 jobs, net of any job losses over the last 20 years,” said New Mountain Capital Founder & CEO Steve Klinsky. “We’ve generated about $35 billion of gains for all shareholders. And again, the big beneficiaries are the workers, pension plans paying their retirees and other good investors.”
Klinsky also provided viewers with a clear explanation of the successful private equity investment model, “private equity is just a form of management where private equity firms are teams of managers that are provided with capital by their investors who are generally the big pension plans, university endowments and so forth. We take that money, buy a company and then provide our own management and work with the management of the business to build that business.”
Finally, Klinsky discussed a specific private equity success story, describing how New Mountain Capital partnered with and supported the biopharmaceutical and healthcare company Avantor, “we bought it about 10 years ago when it was called JT Baker. It started at $290 million of value and today it’s worth over $15 billion … And it’s had major growth in value. The number of employees is much higher there. They work around the world and they’ve gone from a little company selling laboratory chemicals to the leader in ultra-purity life science supplies around the world.”
Klinsky’s interview with The Hill is the second in a series of videos which will feature experts with first-hand knowledge of how private equity supports American businesses, workers and public pension beneficiaries.
Watch Klinsky’s full interview here.
Watch the first interview in the series with AIC President and CEO Drew Maloney here.