PEGCC names new chief executive

Mike Sommers joins as head of the trade association in February from Capitol Hill.

The Private Equity Growth Capital Council (PEGCC) has appointed Mike Sommers as chief executive officer (CEO), according to a statement.

Sommers previously served as chief of staff to former US House of Representatives speaker John Boehner for more than three years.

Before being made chief of staff, Sommers also worked as deputy chief of staff, policy director, legislative director and press secretary under Boehner.

During his tenure at Capitol Hill, Sommers successfully negotiated bipartisan compromises on landmark legislation, according to the statement.

Sommers replaces Steve Judge, who stepped down from the role last August, but still serves as senior advisor to PEGCC’s board of directors, according to his Linkedin profile.

The PEGCC represents some of the world’s biggest private equity firms, including Blackstone Group and The Carlyle Group, alongside law and accountancy firms, involved in the firms’ interactions with regulators and lawmakers.

Since being founded in 2007, the trade association has been involved in a number of policy battles on behalf of the private equity industry, including defending the industry against criticism during the 2012 presidential campaign.

Under Judge’s leadership, the PEGCC expanded membership to include mid-market players as well as the industry’s largest buyout shops and began hosting job-specific outreach events, including its first annual “Chief Financial Officers’ Day” at the end of 2014, as reported by Private Equity International.

The PEGCC recently released its latest performance update report, which shows that private equity returns reached double figures in 2015, despite fluctuating market conditions.

“The data show private equity’s ability to maintain strong returns in a variety of market conditions, which helps to support its investors’ financial goals, such as pensioners’ retirement security,” said Bronwyn Bailey, the PEGCC’s vice president of research.