EUROPE - EVCA defends private equity at European Parliament Forum

At the European Parliament’s Financial Services Forum last night, EVCA secretary general, Javier Echarri, strongly defended the role and wider function of Private Equity. “Those who demonise Private Equity should consider the law of unintended consequences towards Europe’s growth companies before attacking an industry that has a much better track record than most in making companies competitive, increasing productivity and facilitating employment growth,” Echarri told MEPs and financial services industry representatives in Strasbourg. The invitation to address the cross-party MEP group a week before the expected publication of the interim report from Sir David Walker, Chairman of the UK’s high level industry Working Group on Disclosure, was an occasion for EVCA’s Secretary General to challenge a number of recent accusations made against private equity. “Private equity is fully aware of its growing role in society and, whilst we assume the responsibilities and welcome an open and pragmatic debate, EVCA is very concerned that some recent reports and statements have misrepresented key elements of the industry,” Echarri said.