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2013 Annual Report in 2013 Alone, Private Equity Invested More Than $400 Billion 2013 in ROUGHLY 2,000 U.S

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2013 Annual Report in 2013 Alone, Private Equity Invested More Than $400 Billion 2013 in ROUGHLY 2,000 U.S 2013 Annual Report In 2013 alone, private equity invested more than $400 billion 2013 IN ROUGHLY 2,000 U.S. COMPANIES. PRIVATE EQUITY FIRMS DELIVERED more than $120 billion to investors in 2013. Roughly 2,800 PRIVATE EQUITY FIRMS and more than 17,700 PRIVATE EQUITY-BACKED COMPANIES are headquartered in the U.S. MORE THAN 7.5 MILLION PEOPLE WORLDWIDE ARE EMPLOYED by U.S.-based private equity businesses. Private equity firms invest in a WIDE VARIETY OF INDUSTRIES: Consumer Financial Information Services Technology Energy Business Healthcare Materials & Services Resources 2 Private Equity Growth Capital Council | 2013 Annual Report Who We Are Our Mission Established in 2007 and based in Washington, D.C., The Private Equity Growth Capital Council is an the Private Equity Growth Capital Council is an association of firms committed to developing long-term advocacy, communications, and research organization value by investing in and building enduring companies representing leading private equity and growth capital through the alignment of interests between investors firms united by their commitment to growing and and management and providing financial, operational strengthening the businesses in which they invest. and strategic resources and direction. Through this approach, our member firms provide superior investment What We Do returns to pension plans, university endowments, The PEGCC advocates on behalf of the private equity charitable foundations and other investors. In addition and growth capital industry on Capitol Hill and before to delivering superior investment returns, our member regulatory agencies, educates the public about the value firms are committed to upholding the highest standards of private equity, develops new research highlighting the of integrity and acting in a way that enhances the critical role private equity and growth capital plays in the reputation of our industry. U.S. and global economies, and provides a vital forum for our members to discuss industry trends and challenges. The Private Equity Growth Capital Council represents the shared interests of our member firms. We seek to About Private Equity engage the public, policy makers, the media, and other Private equity is a critical source of capital investment stakeholders in our industry by developing information in the U.S. Our investment model is simple: we seek about the contribution of private equity and growth out companies that have significant potential for growth capital in the economy and by advocating policies that and invest capital, time and effort to improve their encourage responsible investment, access to capital, performance and increase their value. economic growth and job creation. Private equity investment creates stronger, more valuable Table of Contents American businesses, and provides public and private From the President ......................................................4 pension funds, university endowments and charitable Public Affairs ...............................................................6 foundations with superior returns. Government Affairs ..................................................10 Research ....................................................................14 Membership Services ................................................17 Private Equity Growth Capital Council | 2013 Annual Report 3 From the President Welcome to the Private Equity Growth Capital Council’s 2013 Annual Report. The focus on the private equity industry in 2013 began where the presidential election left off. Our year started with President Obama singling out the tax treatment of carried interest during a nationally televised interview before the Super Bowl. In addition to carried interest, the implementation of Dodd- Frank and the possibility of tax reform remained front and center throughout the year. In response to these challenges, the PEGCC spent much of 2013 working to shape the debate around these issues, and obtaining results that benefit our membership. In 2013, we concentrated our work in several areas, including continuing our award winning Private Equity at Work public education campaign. We redoubled our efforts to educate the policy community about the value of private equity and growth capital. This included allocating considerable resources to connect policymakers with portfolio companies operating in their states and districts so that they could get a first- hand look at the benefits these companies bring to the community and the local economy. We continued to make a valuable contribution to the public debate about our industry by producing and promoting unique research and analysis. Most notably, we released our annual comprehensive breakdown of of KKR who succeeds Mark as our new Chairman. Ken private equity investment by state and Congressional brings an unrivaled blend of public policy and private district, and our second annual analysis and ranking of equity experience to the position. As a member of the large public pension fund allocations and returns from PEGCC’s Board of Directors, Ken has long been a private equity investments. driving force behind our major initiatives, and we are very fortunate to have him as our new Chairman. The Council successfully defended renewed attacks on the tax treatment of carried interest. We also continued In sum, private equity and growth capital have a to make progress with the House passage of H.R. 1105, compelling story to tell, and the Council will continue a bill exempting advisers to private equity funds from to push hard to educate policymakers and the public SEC registration requirements, and helped organize about the industry. By strengthening companies a coalition of industries and businesses to push for and delivering superior investment returns to public retaining the full deductibility of interest expenses in pension funds, university endowments and charitable tax reform proposals. foundations, our industry makes a positive difference in people’s lives every day. The PEGCC also welcomed a new class of members this year. Our Associate Members are comprised of As we reflect on the year just passed and look to 2014, leading law and accounting firms. They bring a unique we thank you for supporting our efforts. Please enjoy perspective about the industry and diverse skillsets our 2013 Annual Report. into the association that will strengthen our ability to advocate for private equity and growth capital. Their expertise and participation has already been felt throughout the Council, including our submission of two amicus briefs, numerous regulatory comment letters, and their participation in our General Sincerely, Counsels’ Day and Chief Compliance Officers’ Steve Judge, President & CEO Working Group. Lastly, the end of 2013 marked a transition in the Council’s leadership on the Board of Directors. Our Chairman of the Board, Mark Tresnowski of Madison Dearborn Partners, stepped aside after four years of exceptional leadership. From our many legislative battles over carried interest and the Dodd-Frank Act, to the 2012 presidential election that brought our industry into the national spotlight, Mark guided the Council with equanimity and the friendly demeanor that became his trademark. There is no doubt that we are a more robust and effective advocacy organization as a result of his hard work and dedication to the PEGCC and the entire private equity and growth capital industry. In 2014, we welcome Ken Mehlman Private Equity Growth Capital Council | 2013 Annual Report 5 Section 1 Public Affairs The PEGCC entered 2013 with a continued focus on telling the broader private equity story in an effort to build on the reputational gains made during the election year. The year started just where 2012 left off, with a flurry of press coverage surrounding President Obama’s calls to change the tax treatment of carried interest in a pre-Super Bowl interview. Private equity faced a new set of challenges in 2013. The interest deductibility. The PEGCC will continue to work debate around tax reform began in earnest, and long- with the BUILD Coalition to emphasize the importance standing policies important to the private equity business of interest deductibility for businesses of all sizes and how model stood at risk. Keeping pace with its 2012 efforts, detrimental it would be to the economy if it were limited the PEGCC Public Affairs department kicked off 2013 in any manner. with a focus on communicating and demonstrating the Private Equity at Work industry’s value proposition for the U.S. economy, while ramping up aggressive issue advocacy for legislative and The PEGCC’s Private Equity at Work campaign was regulatory priorities. active throughout the 2012 election to balance the flow of information about the private equity industry to the The PEGCC worked with the BUILD (Businesses general public, the press, and policymakers. In recognition United for Interest and Loan Deductibility) Coalition of this work, the PEGCC and its agency of record, The to shape public discussion about the issue of interest Glover Park Group, won a PRSA Silver Anvil Award deductibility in tax reform. Unlike other tax reform of Excellence, received an Honorable Mention from the groups, the Coalition’s strategy was to engage early and Bulldog Media Relations Awards, and were finalists for a educate Members of Congress during their decision- SABRE Award. making process. The Coalition, which launched on May 22, has continued to produce and distribute reliable Though the 2012 election has come to a close,
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