US PE firms ready first trade assoc

WASHINGTON: Private-equity firms in the US are to create their industry's first trade association.

The body promises to become a powerful voice in the ongoing public debate over regulation of the powerful buyout specialists.

The group, dubbed the Private Equity Council, is currently under development. A source said it should be formally up and running by the end of the year.

Sources describe the PEC as primarily a public affairs and lobbying body, designed to boost the acceptance of private equity among the public, media and lawmakers.

The Blackstone Group, Carlyle Group, KKR and Texas Pacific Group - all major private equity firms - are the PEC's founding members.

According to reports, the group - being created by former congressional adviser Harry Clark - will also have staff in Brussels.

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