Key Takeaways
- • Private equity directs 85 percent of its investment capital to small and medium-sized businesses with 500 employees or fewer, demonstrating material concentration on Main Street rather than large-cap acquisitions, according to AIC President and CEO Will Dunham on The Deciders podcast.
- • AIC systematically tracks and communicates PE-driven economic impact at the district level, providing lawmakers with quantified data on capital deployment, business acquisitions, and job creation within their constituencies to build political support for the private equity sector.
- • Van Leeuwen Ice Cream exemplifies PE's scaling capability: the company evolved from a single food truck in New York City to approximately 100 locations nationwide and thousands of employees through PE partnership, illustrating the operational and growth support thesis.
- • Dunham's background—raised on an Ohio farm and holding 15 years of Capitol Hill experience as a senior policy adviser to then-House Republican Leader Kevin McCarthy—positions AIC's messaging within both grassroots economic and legislative credibility frameworks.
Summary
Will Dunham, President and CEO of the American Investment Council, appeared on The Deciders podcast, hosted by Pulitzer Prize-winning journalist Brody Mullins and communications strategist Lisa Camooso Miller, to articulate private equity's role in supporting small businesses, workers, and retirement security across the United States. Dunham framed PE firms as "professional business builders" that identify underperforming or stable businesses and facilitate operational and financial scaling.
The conversation centered on PE's concentration in Main Street economics. Dunham highlighted that 85 percent of private equity investment flows to small and medium-sized businesses with 500 employees or fewer—a figure designed to counter narratives positioning PE as primarily focused on large corporate roll-ups. He emphasized geographic distribution, noting that PE capital reaches businesses in every state and congressional district, supported by AIC's practice of providing lawmakers with district-level impact sheets detailing capital deployment, acquired businesses, and jobs created.
Dunham cited Van Leeuwen Ice Cream as a representative case study. The company originated as a single food truck operation in New York City before securing PE backing. The investment enabled scaled operations and infrastructure, resulting in approximately 100 retail locations across the country and thousands of employees—demonstrating PE's capacity to transform local enterprises into nationally scaled operations while maintaining employment growth.
Dunham's personal narrative—from farm upbringing in Ohio through 15 years in senior Capitol Hill roles, culminating in advisory positions under House Republican leadership—contextualizes AIC's positioning as bridging grassroots economic values and legislative influence. His messaging prioritizes alignment between PE activity, worker opportunity, and saver interests (particularly pension fund exposure to PE returns), establishing private capital as embedded in, rather than extractive from, American economic communities.
The conversation centered on PE's concentration in Main Street economics. Dunham highlighted that 85 percent of private equity investment flows to small and medium-sized businesses with 500 employees or fewer—a figure designed to counter narratives positioning PE as primarily focused on large corporate roll-ups. He emphasized geographic distribution, noting that PE capital reaches businesses in every state and congressional district, supported by AIC's practice of providing lawmakers with district-level impact sheets detailing capital deployment, acquired businesses, and jobs created.
Dunham cited Van Leeuwen Ice Cream as a representative case study. The company originated as a single food truck operation in New York City before securing PE backing. The investment enabled scaled operations and infrastructure, resulting in approximately 100 retail locations across the country and thousands of employees—demonstrating PE's capacity to transform local enterprises into nationally scaled operations while maintaining employment growth.
Dunham's personal narrative—from farm upbringing in Ohio through 15 years in senior Capitol Hill roles, culminating in advisory positions under House Republican leadership—contextualizes AIC's positioning as bridging grassroots economic values and legislative influence. His messaging prioritizes alignment between PE activity, worker opportunity, and saver interests (particularly pension fund exposure to PE returns), establishing private capital as embedded in, rather than extractive from, American economic communities.
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