Former ESA president to set up new trade body

Following his decision to step down from his role as president of the Entertainment Software Association, the first details of Doug Lowenstein's next move in the games industry have been revealed.

According to an official statement, Lowenstein is establishing a new trade body called the Private Equity Council. Its purpose will be "To conduct research and provide information about the industry to policy makers and others interested in understanding what private equity is, how it operates and the increasingly important role this alternative asset class plays in the US and global economy."

Private equity firms who have already signed up to become members include Apollo Management, Bain Capital, The Carlyle Group, Madison Dearborn Partners, Providence Equity Partners and The Texas Pacific Group.

Lowenstein will begin his new role next month. The ESA has yet to announce his successor.