Private equity’s trade association is trying to build new in-roads for the industry in Washington with a new report quantifying private equity investment in states and congressional districts.

The report from the American Investment Council specifically highlights private equity investment in districts and states of new members of Congress.

“I think the idea behind it was to be early out of the gate in education of new members,” said Drew Maloney, the association’s president and CEO. Maloney added that the group doesn’t have a specific policy ask yet: “That’s oftentimes the best time to come in and talk with a member, when you don’t have an ask.”

Democrats, empowered by a majority in the House of Representatives, could pose problems for private equity. They could target the taxation of carried interest, which currently allows fund managers and partners to be taxed under the lower capital gains rate rather than a higher income tax rate. President Trump also has promised to change the tax code surrounding carried interest, and Republicans have inched toward his position by extending the amount of time investments by investment partnerships had to be held in order to qualify for the lower capital gains rate.

That likely won’t be enough for Democrats, who could once again go after the sacred policy cow of private equity and seek to tax those investments at a higher rate.

Maloney downplayed the possibility of another carried interest fight during this new Congress.

“We believe that the tax bill largely dealt with the issue,” but he added, “I think we are always cognizant of aspects of our business that might change.”

According to 2017 data from the investment research analysis firm Pitchbook used by AIC's report, districts represented by Republican Rep. Tim Burchett of Tennessee and Democratic Reps. Jason Crow of Colorado and Katie Porter of California saw the most private equity investment of incoming House members in terms of pure dollar figures, while Republican Sens. Rick Scott of Florida and Marsha Blackburn of Tennessee saw the greatest private equity influx among new members of that chamber.

Porter, who touted Sen. Elizabeth Warren's D-Mass., support during her primary, represents a section of Southern California that led the way with nearly $7 billion in private equity investment in 2017, while Burchett's portion of east Tennessee saw $6.54 billion. Crow's district, which includes portions of Denver's suburbs, came in third with $5.2 billion.

Florida saw close to $30 billion in private equity investment in 2017, while the whole of Tennessee received $21.53 billion.

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