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.
