The Association of Private Enterprise Education is a nonprofit organization. It was founded by a philanthropic donation from Herman Lay, co-founder of Frito-Lay, a subsidiary of PepsiCo. It was created for the purpose of "studying and supporting the system of private enterprise". It aims "to put into action accurate and objective understandings of private enterprise". It holds an annual conference. It also publishes the Journal of Private Enterprise. It also recognizes, by means of a number of awards, persons of distinction who have helped to further its aims.