The Private Equity Growth Capital Council (PEGCC) has appointed Steve Judge to fill the shoes of former president and CEO Douglas Lowenstein, who left the US lobby group in September last year.
Since August 2011, Judge served as interim president and chief executive officer, having previously served as the council’s vice president for government relations.
Before joining the council in March 2007, Judge was senior vice president of government affairs and head of the Washington office for the Securities Industry Association (SIA), now the Securities Industry and Financial Markets Association (SIFMA).
Judge also served as a member of several congressional staffs. From 1987 to 1991 he was deputy staff director of the Committee on Banking, Finance and Urban Affairs of the US House of Representatives. He came to Washington, DC in 1978 with congressman Bruce Vento, eventually becoming the congressman’s legislative director.
Mark Tresnowski, chairman of the PEGCC and managing director and general counsel of Madison Dearborn Partners, a PEGCC member firm, said, “After a search and several months of Steve’s leadership, it became clear that Steve’s effective advocacy during a challenging and dynamic time for our industry make him the right person for this important role. With the full support of the PEGCC membership, we are confident that Steve and his team will succeed in their mission.”
According to certain news reports, Lowenstein was fired, as opposed to stepping down. The news reflected difficult times ahead for the buy-out industry, as regulators seek to raise the current rate of tax carried on interest which managers earn as part of their fees.
The council has previously lobbied to keep the 15 per cent rate, a stance that has recently been thrust into the spotlight as a result of presidential candidate Mitt Romney’s former career as head of global buy-out firm Bain Capital.
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