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A new ‘Global Buyout Committee’ has been formed by private equity group leaders across Europe to consolidate their public message to “Sing from a common hymn sheet.”



The new group brings together members of the British Venture Capital Association (BVCA) and senior buyout professionals from Europe. The Global Buyout Committee will operate as a sub sector of the BVCA to create a stronger voice with Government, the media, investors and other stakeholders. It is the first time these leaders have come together to align their public image, with one of their goals being, to repair their damaged reputation of being closed door operators, avoiding tax and making millions off leveraged debt.



“The aim is to get a coordinated message out, to sing from a common hymn sheet.” says Robert Easton, chair of the new committee and managing partner of The Carlyle Group in Europe.



General Secretary of UNI Global Union, Philip Jennings says “the newly formed Global Buyout Committee should start by singing hymn numbers 29, 87, 98, 105,111,135, 138 and 182 from the ILO Conventions hymn book.” Committing to these fundamental rights would send a message to the world that private equity takes its responsibility seriously to the millions of people it employs and the communities where they operate. A recent WEF report confirmed that private equity has a serious impact on job numbers.



The new group includes names such as Adrian Beecroft (Apax Partners), David Blitzer (Blackstone Group International), Philippe Costeletos (TPG Capital), Chris Davison (Permira Advisers), Pascal Herberling (Cinven), Clive Hollick (Kohlberg Kravis Roberts & Co.), Andrew Joy (Cinven), Donald Mackenzie (CVC Capital Partners), Vincenzo Morelli (TPG Capital), Carl Parker (Permira Advisers), Walid Sarkis (Bain Capital), Emma Thorpe (The Carlyle Group), Richard Wilson (Apax Partners) and Philip Yea (3i).



Although private equity buyout activity has slowed in the wake of sub-prime credit woes, the forming of this new alliance is an indication that private equity groups are here to stay. Mr Easton also states that the new group hopes to attract sovereign wealth funds operating in the region.