The report, released in October, aims to paint a different picture of the private equity industry than the one put forward by populist politicians like Elizabeth Warren and Bernie Sanders.
The American Investment Council worked with Ernst & Young to put together a report that defends the private equity industry.
Democratic U.S. presidential candidate Elizabeth Warren appears on stage at a First in the West Event at the Bellagio Hotel in Las Vegas, Nevada, November 17, 2019., Sen. Bernie Sanders and seven other lawmakers on Monday ripped a report defending the private equity industry, calling the research underpinning it a "sham."
To support its claims, the AIC study highlights private equity's wage and employment contribution, which it pegs at $600 billion for 8.8 million workers. That amounts to an average salary in the U.S. private equity industry of $71,000 in wages and benefits, the report argues. Warren and the lawmakers attacked other numbers in the Ernst & Young report, like the "$1.1 trillion of value" AIC says added the U.S. economy and the $174 billion it said the private equity industry paid in taxes.
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