With former Massachusetts Gov. Mitt Romney moving ever closer to the Republican presidential nomination, the private equity industry is expecting – correctly – that it will take a few punches to the chin in this year's general election.
In response, industry group the Private Equity Growth Capital Council is planning an image campaign to get across the view that “private equity provides capital and operational expertise to companies that are often underperforming or on the brink of failure,” according to The New York Times. In short, the organization wants its members to be thought of as backers of struggling businesses instead of miserly barons of industry at a time of high unemployment.
Although the political attacks on private equity will likely focus on Romney's time running Bain Capital, the group will try to keep its campaign nonpartisan in order to not offend industry executives who are also Democratic Party donors, the Times reports.