Fed up with its flip and strip image, the private equity industry is turning
to the man who helped clean up public opinion of video games. Douglas
Lowenstein, who became the first president of the new Private Equity Council
in February, previously founded the
Entertainment Software
Association in 1994. As proof that his efforts paid off on behalf of that
industry, Lowenstein pointed out this afternoon at The Deal's Private Capital
Symposium that whereas five or 10 years ago, video games were known almost
entirely for fostering violence, the media today also focuses on how video
games teach young people the problem-solving skills essential in the working
world. Last week's massacre at Virginia Tech demonstrates a case in point.
"After the Columbine shootings, there were literally thousands of stories
about video games and violence," recalled Lowenstein. "After last week's
unspeakable tragedy, the media has moved beyond video games." Lowenstein hopes
to shape public opinion about private equity to see its role in creating jobs,
research and development, and capital expenditures.
—Mary Kathleen Flynn
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