Blackstone’s Murphy succeeds Römer as Invest Europe chair

Following the planned rotation of the chair position between the various sub-segments of private equity, venture capital representative Römer is succeeded by Murphy, representing buyout firms.

"I come at this from the perspective of the large firms, but recognise that Invest Europe is all about its 650 members across all four platforms," Murphy tells unquote". "This is an association for everybody – not just the constituency represented by the chairman in a given year."

The ascension of Murphy to the head of the private equity industry's main lobbying organisation will not bring any major upheaval to its modus operandi, he says. Rather, he sees his tenure as part of the continued evolution of the organisation and its goals.

Transparency has been at the forefront of Invest Europe's efforts and a major talking point in the industry in the past 18 months, with multiple cases in the US of private equity firms failing to adequately report and fairly collect fees, as well as criticism from LPs about the industry's transparency. In November last year, Invest Europe published the Professional Standards Handbook and Investor Reporting Guidelines, a guide to best practices for private equity firms.

"Having spent 25 years in senior positions at public companies and most of the last eight years in the UK in private equity involved with the Walker initiative, I am very much a supporter of good reporting and transparency for both PE firms and portfolio companies," Murphy says.

"It's already a theme that is very well-developed in Invest Europe's agenda but I particularly look forward to supporting that over the next 12 months. I view Invest Europe's handbook as the start of a process, rather than the end of one."

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Invest Europe's role in singing the praises of the private equity industry will be another area of focus for Murphy during his tenure. While private equity has continued to mature in Europe and firmly establish itself as part of the financial landscape and regional economy, struggles with public perception remain across the region.

"Working on the protection and development of our industry will be another focus for me, ensuring all stakeholders know about the performance of the industry," says Murphy. "We need to keep emphasising the industry's strong returns, because it benefits in many cases pension funds and pensioners, so there is a social utility to what we do."

He also mentions the private equity industry's contribution to growing companies, job creation across Europe and the contribution to recovery and stability in adverse economic conditions as attributes that should be highlighted more often: "We have a very good story to tell and to emphasise, and we need to continue to do that – not least because it serves as a counter to some of the criticisms against the industry. There still needs to be work done and improvements to be made, but the industry is much better understood than it has been before. Flying the flag for our industry will mean we'll be better understood and, in the end, better regulated."

Invest Europe will also focus on working with the European financial regulators in the development of AIFMD II and other regulations affecting private capital in the region.

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