[10] In addition to its research and communications endeavors, the Council's mission also includes advocacy on behalf of private equity firms and the growth capital investment industry.

In 2009, it developed a set of "guidelines for responsible investment", which were adopted by its members, covering such issues as health, safety, labor, governance,[20] transparency for stakeholders and respect for human rights.

[21] The guidelines were produced in accordance with the United Nations' Principles for Responsible Investment (PRI), from discussions between AIC members and a group of institutional investors.

[21] The guidelines focus on transparency of private equity transactions and ensuring compliance with all applicable laws, both in the United States and overseas, and encourage adding value to members' portfolio companies.

[21][20] The AIC received positive feedback on its guidelines from PRI executive director James Gifford, and the chief investment officers of California Public Employees Retirement Systems (CalPERS)[21] and California State Teachers' Retirement System (CalSTRS), but the Service Employees International Union (SEIU) remained critical of the industry, arguing that outside regulation was needed rather than internal guidelines.

The report features an interactive map on the AIC's website that allows visitors to find out information about private equity investment in every state, including data about pension funds.

In September 2007, an AIC report detailed three case studies of private equity owned companies that became more competitive and increased employment following their buyout.

[27] The following January, a study for the Council by Robert J. Shapiro and economist Nam Pham found that 76% of companies owned by eight private equity firms reported an increase in jobs.

In 2009, the then-president of the PEC, Douglas Lowenstein, testified before the House Financial Services Committee (HFSC) in support of legislation requiring private equity and hedge funds to register with the Securities and Exchange Commission (SEC).

[35] The AIC's initial lobbying efforts were focused on opposing proposed legislation to increase taxation of private equity managers' fees.