The press announcement stated:
The increased diversity of PE firms and growing focus of the industry has led the PEGCC to expand its organizational purpose. The PEGCC has been re-named the American Investment Council (AIC), and in its expanded mission, the AIC seeks to “advance access to capital, job creation, retirement security, innovation, and economic growth in the United States by promoting responsible long-term investment.”Bring out the All American band, preferable those with the courage to continue playing as the unsinkable ship goes under.
“This is a major step forward for our organization as we work to promote private equity and serve as a resource to our member firms,” said AIC President and CEO Mike Sommers. “The American Investment Council represents the full spectrum of private investment and the value it creates for every state in our country. It is more than a new name, it is a renewed commitment to be the voice for private equity in the United States.”
“These changes reflect the broader focus of our member firms post-financial crisis,” said AIC Chairman of the Board and KKR Member Ken Mehlman. “Today, our industry is enhancing retirement security, partnering to grow companies, building critical infrastructure, and providing capital to Main Street without systemic risk.”