Mitt Romney left private equity firm Bain Capital nearly a decade ago. But if the former Massachusetts Gov. is chosen as McCain’s running mate it could push the industry back into the public spotlight anyway. Romney left the firm in 1999 to take over the Salt Lake City Winter Olympics, but he built his reputation — and his fortune — during his 15 years at the buyout firm.

Michael Holland, chairman of private investment firm Holland & Co and a former partner at rival buyout firm Blackstone thinks it would only be good news if Romney is picked.

“The facts are pretty straightforward — he was successful there (at Bain). The businesses they invested in were successful. Taken on the face of it, if you don’t have any political ax to grind in this, it is probably something that should be at least somewhat favorable for the (private equity) industry.

But private equity shouldn’t expect any political favors, Holland says.

“I think he’d do nothing to have any outside effect on the industry, he’s much too smart to do anything that would put him in any position of favoring the industry,” he said.

The industry wouldn’t argue with a better image, at the very least. Lavish spending by certain buyout kings during the go-go-years of 2005-7 and a spate of deals collapsing didn’t do the industry any favors.