The Spring Report of the American Investment Council.

1. STATE OF THE INDUSTRY | SPRING 2017

2. 2
ABOUT THE AMERICAN INVESTMENT COUNCIL
The American Investment Council (AIC) is an advocacy and resource organization established to develop
and provide information about the private investment industry and its contributions to the long-term growth
of the U.S. economy and retirement security of American workers. Member firms of the AIC consist of the
country’s leading private equity and growth capital firms united by their successful partnerships with limited
partners and American businesses. More information about the AIC can be found at investmentcouncil.org.
AIC MISSION
We advance access to
capital, job creation,
retirement security,
innovation, and
economic growth in
the United States by
promoting responsible
long-term investment.

3. guide, and promote the important work of our members. It
is work that we believe in, because we see countless positive
impact stories achieved by PE. Our member firms have
helped secure the retirements of millions of hardworking
teachers, firefighters, and police officers, bolstered
endowments that will educate the next generation, and over
the past ten years, private equity has invested over $3 trillion
into American businesses. Through the unique alignment of
interests PE firms have with their portfolio companies and
investors, the industry has grown into an economic success.
Every day, we aim to be the voice of PE in Washington, D.C.,
and beyond.
As you read through the following pages, you will learn more
about our work to discern key industry trends, safeguard the
industry’s legislative concerns and ensure proper regulation
of PE, and promote better public understanding of the asset
class.
I hope you enjoy our “State of the Industry” Spring Report. I
also hope you share it with your colleagues, and help spread
the word about the activities we have underway. With the
industry continuing to grow, the need to present
one, unified voice is essential.
Thank you for your support.
Mike Sommers
President and CEO, American Investment Council
3
Ten years ago, the American Investment Council was
established with a singular mission of defending the private
equity industry against several ill-advised legislative
proposals.
Times have certainly changed.
We have evolved into a fully representative industry
association; focused on advancing opportunities for the
many different firm types within private equity—global
investment firms, middle market firms, fund-of-funds, and
the law and accounting firms that assist our member GPs.
Importantly, our mission has changed as well: We advance
access to capital, job creation, retirement security, innovation,
and economic growth in the United States by promoting
responsible long-term investment. Our research, government
affairs, public affairs, and membership services teams assist,
LETTER FROM PRESIDENT AND CEO MIKE SOMMERS
Mike Sommers
President and CEO

4. Since 2011, we have facilitated more than
400 MEETINGS
between Members of Congress and
portfolio company CEOs.
Since 2012, we have helped publish over
100 OP-EDS & LETTERS
from our members and industry allies in
top publications to educate the public and
policymakers on private equity.
Each year we release
15+ REPORTS including
3 MAJOR STUDIES
• “Private Equity: Top States & Districts”
• “Public Pension Fund Analysis”
• “Private Equity Investment and Local
Employment Growth: A County-Level
Analysis”
We have produced more than
20 VIDEO CASE STUDIES
to showcase companies that benefit from
private equity investment.
In 2016, we developed an industry-wide
PRIVATE EQUITY WOMEN’S
INITIATIVE,
in collaboration with the National
Association of Investment Companies.
Since 2011, we have filed more than
80 COMMENT LETTERS
with legislative and regulatory
authorities in the U.S. and worldwide.
Our members can now take part in up to
8 COMMITTEES &
WORKING GROUPS
and 30+ member events annually.
We secured strong bipartisan support to
PASS THE INVESTMENT
ADVISERS MODERNIZATION
ACT OF 2016
in the House of Representatives. This bill
would remove duplicative regulatory
burdens on the industry.
In 2009, we developed the
COUNCIL’S GUIDELINES
FOR RESPONSIBLE
INVESTING,
in collaboration with our members.
With tax policy, we consistently defend:
• the CURRENT TREATMENT
OF CARRIED INTEREST AS
CAPITAL GAINS INCOME;
• the CURRENT TREATMENT
OF INTEREST
DEDUCTIBILITY; and
• the CURRENT TREATMENT
OF PARTNERSHIPS.
ACCOMPLISHMENTS
4

5. PRIVATE EQUITY RIDES THE BUSINESS CYCLE | 5
Ken Mehlman, KKR
AIC Chairman of the Board
“The Council plays an integral
role in developing and
communicating the industry’s
position on legislative and
regulatory matters. We
have directly benefited from
participating in the Council’s
legislative and regulatory
updates, video case studies
highlighting portfolio
company successes, and the
many peer-to-peer events
they have to offer.”
Lee Mitchell
Thoma Bravo
“The Council keeps me up-to-date on
the industry. They produce excellent
reports analyzing trends and fund
performance and host member calls
that help me stay informed.”
Eileen Nelson
Welsh, Carson, Anderson & Stowe
“The AIC is the best source
of information on regulatory
developments available in
the private equity world, bar
none.”
John Suydam
Apollo Global Management
5

6. PRIVATE EQUITY RIDES THE BUSINESS CYCLE
The business cycle has a way of creating headwinds or
tailwinds, as if one is picking up speed on a descent or
trudging up the mountain stage of the Tour de France.
Navigating the business cycle may alter the route but
it does not change the destination. The last decade
of private equity’s ride started with an uphill climb
created by the global financial crisis. Fund managers
kept a measured investment pace and held companies for longer
periods while valuations were low. As equities priced higher
and showed less volatility, activity rebounded with a flood
of portfolio company exits. Record amounts of distributions
ushered a robust phase of fundraising by incumbent and new
firms.
Last year, private equity firms began to shift gears. U.S.
fundraising and exit activity, while still higher than 2014 levels,
reversed course and fell to $187 billion and $321 billion,
respectively. With record amounts of dry powder ($526 billion)
held by private equity firms at the start of 2017, funds have
plenty of fuel to boost the investment pace. However, a few risks
may create bumps in the road.
The biggest concern among fund managers and their investors
is high valuations. In a recent Preqin survey, 49% of North
American respondents named valuations as the biggest issue
facing the market. On an annual basis, valuations have topped
9x EBITDA since 2014 and reached almost 11x EBITDA during
the third quarter of 2016. High purchase price multiples reflect
buoyant pricing in public markets, access to inexpensive debt,
and heightened competition for deals from funds flush with
fresh capital.
Bronwyn Bailey
Vice President of Research
and Investor Relations
6

7. PRIVATE EQUITY RIDES THE BUSINESS CYCLE | 7
Managers are exploring different routes
to find attractive targets that are poised
for growth. Some larger funds are moving
downstream in search of middle market
opportunities, creating more competition
in this segment. S&P notes that middle
market purchase prices rose to 10.7x
in 2016, compared to the total average
of 10x.
With high valuations, deal activity and
volumes have fallen. Despite cheap credit
and plentiful dry powder, fund managers
have started gripping the brakes rather
than speeding to acquire pricey assets.
The amount of capital invested by private
equity firms dropped in 2016 to $653
billion, reflecting a reluctance by fund
managers to invest at such high multiples.
The second potential risk is rising interest
rates. The 10-Year Treasury rate rose
80 bps between July 2016 and January
2017, and the Federal Reserve raised
the Federal Funds rate in March. Higher
rates make debt used in acquisitions
more expensive. However, they can also
be a positive signal. Rising rates reflect
inflationary pressures and a tightening
labor market, characteristics of a growing
economy. More expensive debt may also
force some potential acquirers off the
road. Less competition will release the
valve on upward valuation pressures.
Source: S&P LCD Statistics
Source: PitchBook
Valuations Are Near Record Highs
Equity/EBITDA Senior Debt/EBITDA Sub Debt/EBITDA OthersPurchase Price Multiple
Deal Activity Fell In 2016
Capital Invested (Bil.) No. of DealsCapital Invested (Bil.) No. of Deals

8. 8 | PRIVATE EQUITY RIDES THE BUSINESS CYCLE
Source: Federal Reserve Economic Data
The third risk that can slow the momentum towards more
investments is uncertain corporate tax policy. The House
Blueprint calls for corporate rates to drop to 20%, but
also includes the elimination of many tax benefits such
as the deduction of business interest (in return for 100%
expensing of capital purchases), and the plan favors exporting
companies over importing companies. The tax plan would
be a significant overhaul of how the U.S. currently taxes
companies. Expect lengthy debate and discussion of specific
elements of the plan through 2017.
The uncertainty of the tax code is creating difficulties for
private equity firms. For instance, how do funds determine
the value of acquisitions without knowing how the company
will be taxed? Likewise, how might current tax proposals be
implemented? One example is the deductions of interest
on business debt. If it is reduced or eliminated, will the
deduction of interest on debt taken prior to the new tax laws
be grandfathered in, or phased out? How these changes take
shape will ultimately become clearer as tax policy discussions
progress.
Private equity has historically shown its nimbleness to
navigate sharp twists in the road. Indeed, the industry as
a whole successfully traversed the bumps created by the
financial crisis and developed new strategies to provide
returns for fund investors. Valuations, interest rates, and tax
policy are risks that may not be clearly visible early in the ride.
The AIC will continue to illuminate the path ahead and lead
the peloton of private equity firms toward the finish line.
Interest Rates Are Steadily Increasing

9. “The key for private equity
is to make sure there is no
fundamental damage to
normative tax law that has
enabled economic growth
and investment over the
long term.”
NEW LEGISLATIVE AND REGULATORY CHALLENGES
AND OPPORTUNITIES FOR PRIVATE EQUITY IN 2017
Elections have consequences. Never was that more true
than in 2016. President Trump’s come-from-behind victory
last November, combined with Republican majorities in both
the U.S. House of Representatives and Senate breathed new
life into the prospects for comprehensive tax and regulatory
reform.
Since the election, we at the AIC have frequently been asked
to opine on what the most direct implications will be for
private equity. My response has always been that the Trump
Administration, working with a Republican Congress, could
prove challenging on tax policy that is important for the
industry while at the same time result in a more reasonable
regulatory environment. With the Trump Era underway, it
makes sense to assess the current legislative and regulatory
challenges and opportunities that exist for private equity for
the remainder of 2017, and what the AIC is doing to ensure
that the best possible results are achieved for the industry.
Jason Mulvihill
General Counsel
9

10. 10 | PRIVATE EQUITY RIDES THE BUSINESS CYCLE10 | NEW LEGISLATIVE AND REGULATORY CHALLENGES AND OPPORTUNITIES FOR PRIVATE EQUITY IN 2017
TAX REFORM—RISKS AND
OPPORTUNITIES
The Trump Administration and Congressional Republicans
have made enacting tax reform one of three top priorities
for 2017. Although the initial hortatory deadline of sending
a bill to President Trump’s desk for signature at the start of
the August recess is likely to slip, tax reform of some kind will
likely advance this year. The key for private equity is to make
sure there is no fundamental damage to normative tax law
that has enabled economic growth and investment over the
long term. Specifically, private equity must not only actively
defend carried interest capital gains, but also work to ensure
that to the greatest extent possible interest deductibility
is maintained, and that pass-through businesses are not
discriminated against in tax reform. At the same time, private
equity should remain open to the positive changes that tax
reform could bring not only for the industry but for the
economy overall.
In the context of tax reform, carried interest capital gains
remains at serious risk for private equity. As a candidate,
President Trump called to change the tax treatment of
carried interest capital gains for “hedge funds.” Congressional
Democrats persistently advocate for a carried interest tax
increase that applies to everyone. To respond to this threat,
the AIC and our partners have aggressively expanded our
education efforts and outreach to key members of the
Administration and important congressional leaders. The goal
is to keep a discriminatory tax increase on carried interest
capital gains out of any tax reform legislation. In this effort,
we have been helped by several key Republican leaders in the
House and Senate, including Representatives George Holding
(R-NC), Carlos Curbelo (R-FL), and Richard Hudson (R-NC). In
addition, a variety of national and state-based think tanks and
policy advocates have registered their sustained opposition to
increasing taxes on carried interest capital gains. For example,
in early March more than thirty-two think tanks sent a letter to
Speaker of the House Paul Ryan (R-WI) and Ways and Means
Committee Chairman Kevin Brady (R-TX) urging them to not
increase taxes on carried interest capital gains. In addition,
Congressman Hudson and many other Members of Congress
sent a letter to Chairman Brady thanking him for not including
a carried interest tax increase in the House GOP’s Better Way
Tax Plan released in 2016. The letter strongly urged Chairman
Brady to ensure that a carried interest tax increase stays out
of any proposal as the actual legislative text is developed.
Protecting the appropriate capital gains tax treatment for
carried interest will continue to be a focal point of the AIC’s
efforts in 2017. Vigorous and thoughtful opposition to this tax
increase will be the key to victory on this issue.
On maintaining interest deductibility, private equity-backed
businesses and most operational businesses that rely on
debt financing to sustain and grow their operations are likely
facing their greatest tax reform challenge. Unfortunately,
interest deductibility is at risk in tax reform primarily because
its elimination would score as raising sizable revenue that
could be used as a “pay for” for other tax reform priorities
(e.g., rate reduction, “100 percent” expensing, etc.). The AIC,
working with many other industries, is fighting to maintain
interest deductibility. So far, the stiffest challenge to this is
the House GOP’s Better Way Tax Plan. That plan calls for
eliminating interest deductibility in exchange for allowing “100
percent” expensing on certain capital expenditures. The Trump
Administration has expressed concerns about this tradeoff.
The Senate has yet to develop its plan on tax reform. It is
inventors would find themselves increasingly shut out from investment money available to them from
these partnerships.
Rather than supporting proposals that lead to higher capital gains tax rates, the incoming Congress and
administration should look toward lower rates. One model to follow is contained in the House GOP
blueprint, which reduces the top rate on capital gains to 16.5 percent.
Today, pro-growth tax reform is needed more than ever. It is imperative that lawmakers prioritize an
overhaul of the tax code as well as protect the areas of the current tax code that promote innovation,
investment, and growth.
Sincerely,
Grover Norquist
President, Americans for Tax Reform
Pete Sepp
President, National Taxpayers Union
and Foundation
Jim Martin
Chairman, 60 Plus Association
Norm Singleton
Vice President for Policy, Campaign
for Liberty
James Edwards
Co-Director, Inventors Project
Charles Sauer
President, Market Institute
Larry Ward
Chairman, Constitutional Rights PAC
Shaun McCutcheon
Chairman, Conservative Action Fund
Colonel Rob Maness
Chairman, Gator PAC
Donny Ferguson
Chairman, BetterEconomy.org
George Landrith
President, Frontiers of Freedom
Andrew Langer
President, The Institute for Liberty
Judson Phillips
Founder, Tea Party Nation
Paul Morinville
Chairman, US Inventors
Andrew F. Quinlan
President, Center for Freedom and
Prosperity
Louis Foreman
President, Edison Nation
Dee Hodges, President
Maryland Taxpayers Association
David Williams
President, Taxpayers Protection
Alliance
Melissa Ortiz
Founder and Principal, Able
Americans
Dan Weber
CEO, Association of Mature American
Citizens
Mario Lopez
President, Hispanic Leadership Fund
Gregory T. Angelo
President, Log Cabin Republicans
Willes K. Lee
President, National Federation of
Republican Assemblies
Derrick Hollie
President, Reaching America
Phil Kerpen
President, American Commitment
Dick Patten
President, American Business
Defense Council
Adam Brandon
President and CEO, Freedomworks
Jeffrey Mazzella
President, Center for Individual
Freedom
Richard A. Viguerie
Chairman, Conservative HQ
Adrian Pelkus
President, San Diego Inventors
Forum
Randy Landreneau
Founder, Independent Inventors of
America
Iain Murray
Vice President, Competitive
Enterprise Institute
March 9th, 2017
The Honorable Paul D. Ryan
Speaker of the House
U.S. House of Representatives
H-232, The Capitol
Washington, D.C. 20515
The Honorable Kevin Brady
Chairman, Committee on Ways and Means
U.S. House of Representatives
1102 Longworth House Office Building
Washington, D.C. 20515
Dear Speaker Ryan & Chairman Brady:
On behalf of the undersigned organizations, we write in support of your
efforts to pass pro-growth tax reform and urge you to oppose efforts to
increase taxes on capital gains.
The next four years represents an opportunity to reduce -- not
increase taxes on capital gains. Over the past eight years, the top rate
increased from 15 percent to 23.8 percent, and the top integrated
rate currently sits at 56.3 percent compared to the OECD/BRIC average
of 40.3 percent.
While it appears unlikely that incoming lawmakers and the
administration will increase rates outright, they should also be sure not
to incrementally move the needle toward higher capital gains taxes in
other ways, like boosting taxes on carried interest capital gains.
Carried interest capital gains income is earned through a net gain within
a partnership formed between individuals with capital and an expert
investor. They are indistinguishable from any other type of capital and
so they are paid at the same capital gains tax rates.
While supporters of higher taxes on carried interest capital gains say it
takes aim at 'hedge fund guys,' it would also hurt pension funds,
charities, and colleges that depend on these investment partnerships as
part of their savings goals. In addition, small businesses, innovators, and

11. PRIVATE EQUITY RIDES THE BUSINESS CYCLE | 11NEW LEGISLATIVE AND REGULATORY CHALLENGES AND OPPORTUNITIES FOR PRIVATE EQUITY IN 2017 | 11
extremely important for policy makers in the Administration
and in Congress to continually be reminded that eliminating
interest deductibility will increase the cost of investments
and reduce economic growth over the mid to long term. The
likelihood that interest rates will increase in the near future
would only exacerbate the damage caused if policy makers
decide to eliminate interest deductibility.
Pass-through taxation is a third issue of focus for private
equity and the AIC in tax reform. The House GOP’s proposal
would tax business activity of pass-throughs at a blend of a
lower rate (25%), with a new top statutory rate for ordinary
income (33%). Regardless of exactly how those rates are
blended, this would result in lower tax rates on management
fee income and other forms of ordinary income earned by
partnerships. The AIC is engaging to make sure that ordinary
income earned by PE partnerships is taxed at the lowest
rates possible going forward.
REGULATORY REFORM—
PROGRESS POSSIBLE
The Trump Administration and Congressional Republicans
have made meaningful deregulation of financial services
one of their key priorities. At the same time, Congressional
Democrats have made preventing the rollback of the Dodd-
Frank Act one of their main objectives. In this environment,
while a wholesale repeal of the Dodd-Frank Act is unlikely
to succeed, efforts to revise and repeal certain parts of
Dodd-Frank will likely be a focus. The Chairman of the House
Financial Services Committee, Jeb Hensarling (R-TX), plans to
advance his Financial CHOICE Act in the near future, which
will be the starting point for legislative efforts to advance
regulatory reforms. Although the CHOICE Act is focused
on changes to bank regulation, the bill also contains several
provisions that would alter the regulatory landscape for
private equity. For example, the bill would remove private
equity investment advisers from registration with the SEC,
repeal the Volcker Rule, and repeal the Financial Stability
Oversight Council’s authority to designate non-bank financial
companies as Systemically Important Financial Institutions.
Even if the CHOICE Act faces long odds in a closely divided
Senate, provisions from the CHOICE Act that can achieve
bipartisan support could still move forward, including
perhaps some appropriate adjustments of the private equity
regulatory landscape. Last year, the AIC was successful at
advancing the bipartisan Investment Advisers Modernization
Act through the House of Representatives. If an opportunity
to advance that type of legislation emerges again this year,
the AIC is ready to act.
Perhaps even more importantly, the changing leadership
at the SEC and other regulatory agencies may lead to
appropriate lessening of unnecessary bureaucratic burdens
on private equity via regulatory changes. In particular, the
AIC will remain active at the SEC in advancing sensible
reforms to the Investment Advisers Act regime, including
ensuring that registration becomes more appropriate for
firms of all sizes.
Thus, in the regulatory space, while some positive changes
are possible in 2017, it is critical to remember that these
types of changes will likely be incremental in nature. Some
form of regulation of the industry will continue. The question
is whether regulations can be more reasonably tailored for
the realities of private equity in the United States and abroad.
“Last year, the AIC was
successful at advancing
the bipartisan Investment
Advisers Modernization
Act through the House
of Representatives. If an
opportunity to advance
that type of legislation
emerges again this year,
the AIC is ready to act.”

12. In a landscape of populist politics, broad resentment
of “Wall Street,” and a common misunderstanding of
where private equity begins and ends, the challenge to
communicate the value of our industry may be greater
than ever before.
Within this challenge lies an opportunity.
It is clear that industry misinformation is not going away. We
can use this as an excuse, or more constructively, as a call to
answer with the positive, accessible case studies that have
facilitated private equity’s rapid ascent from cottage industry
to major economic force. Such a communications effort,
however, must be unified, proactive, and consistent. While
PE investments are not always uniform in size or success,
and turnaround stories may come with the revelation of
necessary, tough decisions, a common thread is shared:
These stories should be heard.
Establishing our presence is key. There are over 4,000
PE firms in the United States, spread from coast to coast.
Collectively they own over 14,000 companies, which in turn
employ millions of Americans. Yet, a sense remains that PE is
solely a midtown Manhattan operation, far removed from the
hundreds of communities that have PE-backed businesses.
And, despite an impulse to blame the media or politicians,
it may be time the industry looks inward—to our portfolio
companies and their employees—to solve this misperception.
A commitment to champion portfolio companies over time
would highlight an underexposed truth about the industry:
PE is a solutions-provider, not a secretive “get-rich-quick”
scheme. These stories would share important narratives of
growth and revitalization, connecting with the public in a way
that macro-level industry statistics simply cannot.
Many portfolio companies are rooted in communities that
likely know their history; their successes and failures alike.
When a PE firm acquires a company they are investing in
that company’s future, but those connected to its past—
James Maloney
Vice President of
Public Affairs
“A commitment to champion
portfolio companies over
time would highlight an
underexposed truth
about the industry: PE is a
solutions-provider.”
PRIVATE EQUITY IN THE PRESENT DAY
12

13. employees and the consumers it serves—enjoy the benefits
of success along with the firm and its LPs. Just ask the
employees of Salt Lake City-based Uinta Brewery, which
has seen exceptional growth since it was acquired by The
Riverside Company. Or reflect on the rebirth of the nearly
extinct Hostess Twinkie, which has been revived since
coming under the control of funds managed by Apollo Global
Management and Metropoulos & Co. These are the kinds of
stories that can shift the narrative around private equity in
the media.
Why are we confident in this approach? We recently
conducted focus groups in various states to test public
perception of private equity. As one would expect, most
respondents initially confused private equity with other asset
classes. However, the exercise was promising. The more a
participant was informed about private equity, the more
positive their feedback. Further, if a local, successful company
was cited as private equity-backed, the attitudinal shift
swayed dramatically positive.
Our main takeaway? Private equity should be localized, in
straightforward terms, and described on a case-by-case
basis. We focus on the following questions to make private
equity relevant: How does PE impact daily life? How does
it make communities more prosperous? Which known
companies or brands have been improved by PE? And how
does it improve conditions for family, friends, and neighbors?
While aggregated investment numbers—such as the $600
billion PE invested in the U.S. economy last year alone—may
sound impressive to industry practitioners, we consistently
find the best way to articulate private equity’s value
proposition is to simplify it and convey local, visible examples.
Some PE executives worry that sharing these kinds of stories
could bring too much public exposure and therefore isn’t
worth the risk—they are content with keeping the “private” in
private equity. But the industry has simply grown too large to
remain hidden. Now is the time to define the industry on your
terms, and add balance to a conversation that often conflates
PE with other asset classes, and offers inaccurate undertones
of nefarious practices.
Integrating good public relations, rooted in real-world, local
examples, mitigates the policy and political risk that occurs at
the national and, increasingly, state level.
There is no time like the present. Some private equity firms
are looking to further their smart, active management into
retirement-style vehicles, which all but guarantees increased
scrutiny. Combine this with our new Administration’s calls
for private capital to assist municipalities with a massive
infrastructure overhaul, and PE will remain in the public
eye. Again, it is up to you to ensure that PE is understood
and appreciated for what it is—a long-term, responsible
investment class that benefits individuals, local businesses,
and the American economy.
The story of private equity continues to be written. The
next chapter is largely dependent on the industry’s long-
term, responsible investments and growth. But, for you—PE
practitioners, portfolio company CEOs, and other relevant
stakeholders—this chapter also needs another component.
Your voice.
PRIVATE EQUITY IN THE PRESENT DAY | 13
Twinkies are Back and Better Than Ever
Uinta Brewing Taps Riverside Co. to Help
Sell Suds Beyond Salt Lake

14. Adams Street Partners
ACON Investments
American Securities
Apollo Global Management
ArcLight Capital Partners
Bertram Capital Management
The Blackstone Group
The Carlyle Group
CCMP Capital Advisors
Clearlake Capital Group
Crestview Partners
CVC Capital Partners
The Edgewater Funds
Genstar Capital
GTCR
HarbourVest Partners
Hellman & Friedman
Investcorp International Inc.
The Jordan Company
Kelso & Company
Kohlberg Kravis Roberts & Co.
KPS Capital Partners
Madison Dearborn Partners
New Mountain Capital
Pantheon Ventures
Providence Equity Partners
The Riverside Company
Silver Lake Partners
Sterling Partners
TA Associates
Thoma Bravo
TPG Capital
Vector Capital
Versa Capital Management
Vestar Capital Partners
Welsh, Carson, Anderson & Stowe
AIC ASSOCIATE MEMBERS
Baker Botts
Cleary Gottlieb Steen & Hamilton
Davis Polk & Wardwell
Debevoise & Plimpton
Deloitte
EY
Greenberg Traurig
Hogan Lovells U.S.
Kirkland & Ellis
KPMG
Latham & Watkins
Paul, Weiss, Rifkind, Wharton &
Garrison
PricewaterhouseCoopers
Proskauer
Ropes & Gray
Sidley Austin
Simpson Thacher & Bartlett
Sullivan & Cromwell
Vinson & Elkins
AIC MEMBERS
MEMBERS
14

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Contact us:
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Washington, DC 20001
(202) 465 7700
info@investmentcouncil.org
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