The American Investment Council (AIC) recently released a report that shows how the private equity industry is supporting jobs and investing money in the communities of new congressional members.
AIC President and CEO Drew Maloney said the group is looking to work with U.S. Sen. Kyrsten Sinema (D-Ariz.) and U.S. Sen. Martha McSally (R-Ariz.) on the state of the private equity industry.
“Senators Kyrsten Sinema and Martha McSally now both represent a state that has over 152,943 private equity-backed jobs and received $10.90 billion of private equity investment in 2017 alone,"Maloney said in an quote provided to Arizona Business Daily. "We look forward to working with both Senator Sinema and Senator McSally as our industry continues to build better businesses and support local jobs in Arizona.”
Maloney also released a statement regarding the report, saying that the new members of Congress listed in the news release had private equity-backed jobs and investment in their local communities.
"Our new report demonstrates exactly how private equity invests across America and supports the jobs of millions of American workers," Maloney said in the release. "We look forward to working with each new senator and representative to ensure they understand how private equity investment helps grow local economies, builds better businesses, and strengthens the pensions of public sector workers and retirees."
The news release lists Scott, Sens. Martha McSally (R-Ariz.) and Kyrsten Sinema (D-Ariz.), Rep. Haley Stevens (D-Mich.) and Rep. Dan Crenshaw (R-Texas).
McSally and Sinema represent more than 150,000 private equity-backed jobs and $10 billion in private equity investment, while Stevens represents more than 49,000 private equity-backed jobs and $3 billion in private equity investment. Crenshaw represents more than 16,000 private equity-backed jobs and $2.3 billion in private equity investment, according to the news release.
There are more than 4.9 million Americans employed by both small and large companies backed by private equity.
Between 2012 and 2017, private equity investment was estimated at $3 trillion in an effort to grow U.S. businesses, according to the release.