The Private Equity Growth Capital Council (PEGCC) will replace its chief executive and founder Doug Lowenstein with its vice president of government affairs Steve Judge.
“I am proud of all we accomplished, including building bridges between policymakers and the industry during some of the most challenging economic times in a generation,” said Lowenstein in a statement. “With the PEGCC and the industry it serves in a far better place than when we started, now is a good time to step aside for new leadership.”
Judge will work as interim CEO beginning 1 September until the group finds a permanent replacement. Lowenstein will remain in an advisory role through the end of the year, confirmed Ken Spain, PEGCC’s vice president of public affairs.
“As the council continues to evolve and grow, this is the right time for new leadership,” said PEGCC Chairman Mark Tresnowski in a statement. “Steve and his team have the full support of the member firms, and we look forward to adding a proven executive who can lead the council into the next stage of its development.”
The Washington, DC group launched in 2007 with the backing of Apollo Global Management, Bain Capital, The Blackstone Group, The Carlyle Group, Hellman & Friedman, Kohlberg Kravis Roberts, Madison Dearborn Partners, Silver Lake Partners, Texas Pacific Group and Thomas H. Lee Partners.
In September 2010, the group changed its name from the Private Equity Council, began opening its membership to mid-market firms and created a committee to consider issues relating to the small and mid-market.