The private equity group behind the industry’s first lobbying effort is about three weeks away from naming its president, Harry Clark, the former congressional advisor overseeing its creation, told CFW.
Clark said the group has been named the Private Equity Council. Candidates to head the group from politics, finance and international trade have approached the council. Clark, however, said he is leaning away from hiring a former politician. “We want a proven executive,” he said. Clark declined to comment on specific applicants. The group will also have staff in Brussels, said John Ford, spokesman for The Blackstone Group.
The Carlyle Group, Blackstone, Texas Pacific Group and Kohlberg Kravis Roberts initiated the effort. Clark said they are still deciding on criteria firms will need to meet to join. The council may also form a political action committee (CFW, 9/18).
Ford said a Department of Justice inquiry into the industry hasn’t knocked the process of assembling a team off its pace. The DOJ reportedly sent letters to major private equity firms, including the Carlyle Group, KKR and Silver Lake Partners. "[The DOJ] sent polite letters asking for documents. It’s not a subpoena and it’s very unspecific,” Ford said, though he wouldn’t comment on whether Blackstone received a letter.
“There’s simply a heightened appreciation for the importance of more successfully educating people in the public policy arena about private equity and how it differs from hedge funds,” Clark said.