September 25, 2023
WASHINGTON, D.C. – The American Investment Council (AIC) released a video highlighting the second annual welcome reception at this year’s Congressional Black Caucus Foundation (CBCF). The reception was sponsored with the National Association of Investment Companies (NAIC) and celebrated how the private investment industry is growing diverse businesses and supporting jobs across America. Since 2018, private equity has invested over $250 billion in CBC members’ districts, supporting more than 2.3 million jobs.
AIC President and CEO Drew Maloney and NAIC President Robert Greene sat down with former Congressional Black Caucus Chair Representative Joyce Beatty (D-OH) to discuss how in every CBC member district, private equity is strengthening communities and bolstering retirement security.
Representative Joyce Beatty (D-OH), former Congressional Black Caucus Chair said, “I want to say thank you to all of the companies and for you being here and educating us. So often people come to the Congressional Black Caucus, and they don’t understand that it is also more than just networking and passing out a card. It is being in the room.”
Drew Maloney, AIC President & CEO said, “It’s very important that we educate as many people as possible about the role private equity plays across America. Just as an example, in Congresswoman Joyce Beatty’s district, you have three of the biggest brands of women’s clothes. Lane Bryant, Ann Taylor, and Limited Too and that creates more than 20,000 jobs in her district.”
Robert Greene, President & CEO of the National Association of Investment Companies, said, “Private equity is one of the most important conversations for the African American community. And we want to meet people where they are so it was very helpful in my conversations with Drew and AIC for us to have this reception. And to do it during a time when so many African Americans who aren’t familiar with the topic can have an opportunity to engage in the conversation, understand how it fits into their daily lives, and then hopefully act upon it in some meaningful way.”
Marcus Shaw, CEO of ALT Finance, which is an organization committed to increasing diversity in the alternative asset industry said, “One of the main takeaways from today is that private equity backed businesses are important to the economy in predominantly black districts and districts led by black representatives. That those companies and their ability to be funded is important to the long-term prosperity of those communities.”
DuJuan McCoy, Owner, President & CEO of Circle City Broadcasting, appearing in a recorded video, said, “Private equity for me has been a windfall…and I think it is a staple, and should continue to be a staple, of our capitalistic society and our capitalistic government.”
The reception featured popular consumer brands that are backed by a range of private equity companies, including:
- Supergoop! – Blackstone
- Wella – KKR
- OPI – KKR
- Deathwish Coffee – TA Associates
- Olaplex – Advent International
- NEOGOV – The Carlyle Group
- Every Man Jack – The Carlyle Group
- Wellness Pet Company – Clearlake Capital Group
- Bay FC – Sixth Street Partners
- Kodiak – L Catterton
- Reko Pizzelle – The Riverside Company
- Yum Earth Candy – The Riverside Company
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- Source: https://www.investmentcouncil.org/new-video-private-equity-invests-in-every-congressional-black-caucus-district/
