Union protest greets launch of Private Equity Foundation

Finance | 1 Mar 2007

A gala dinnner held to launch a new charity set up by some of the world's biggest private equity firms began amid controversy last month after a union protested against the 'gross hypocrisy' of the buyout industry.

Guests arriving at the launch of the Private Equity Foundation were offered sick bags by eight protestors from the GMB union and asked to 'pass the sick bag' The GMB is leading a campaign against the tax breaks afforded to the industry because it claims that private equity firms have endangered jobs at some companies they have taken over.

More than 70 private equity firms from the UK and Europe have made initial contributions to the Foundation, which launched with an initial investment pot of £5.1 million.

Eight companies, including Bain Capital, Blackstone, Texas Pacific Group and KKR are among the founding trustees of the foundation and Ramez Sousou, co-chief executive of TowerBrook, another firm involved, is the chair of the board. The founders say they will seek to apply private equity to charity by employing a rigorous evaluation and monitoring process and using financial and management expertise to help the foundationï¿½s chosen charities.

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