Amid heightened scrutiny from Capitol Hill, the hedge fund industry launched a multimillion-dollar campaign Thursday to inform lawmakers and regulators about what hedge funds do, Bloomberg reported.

The campaign, titled "Investing in Opportunity," features online advertisements and a new website that highlight information about hedge funds, including the fact that pensions, charitable foundations and endowments have $1.4 trillion invested with them.

"The bury-your-head-in-the-sand approach doesn't work today," Bryan Corbett, president of the Managed Funds Association, told Bloomberg. "We haven't done a great job demonstrating our impact beyond Wall Street, and through this campaign we're looking to start telling this story in a sustained way."

"Most people would be surprised to learn that it's millions of American workers—like teachers and firefighters—who benefit from hedge fund investments," Corbett said. "This often gets lost in the conversation about our industry."

Since taking the helm at MFA in 2020, Corbett has replaced the association's lobbying and public relations teams and added a market research division, Bloomberg reported.

MFA represents the global alternative investment industry and its investors by advocating for regulatory, tax and other policies that foster efficient, transparent and fair capital markets, according to its website. The association reported revenue of $21 million for the year ending Sept. 30, 2019.

MORE CEO DATELINE

• NACDS, NAM unveil new vaccine campaigns
• Hotel industry lifts mask mandate for vaccinated staff
• Outdoor Retailer organizers exploring venue options
• United Fresh to hold in-person fall fly-in
• Academic groups blast laws that restrict teaching about racism