PE/VC campaign contributions lean toward Republicans
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Sarah Grillo/Axios
Private equity and venture capital aren't leaning into a Blue Wave, according to an Axios analysis of campaign donations made by political action committees affiliated with the American Investment Council and National Venture Capital Association.
Why it matters: Political alignment could impact issues like expanded retail investor access to alt investments, crypto market structure, qualified investment definitions, and AI regulation.
Zoom in: Each PAC mostly followed its recent historical precedent during the current election cycle.
- For the American Investment Council, that meant leaning toward the GOP.
- For the NVCA, that meant only supporting incumbents and trying to match the current House and Senate margins.
By the numbers (PE edition): AIC PAC donated $427,000 to 111 candidates (only two challengers) through Aug. 20, with almost an even split between Democrats and Republicans.
- It also donated another $263,000 to other PACs, where Republicans dominated by more than a 2-to-1 margin.
- Overall, around 58% of AIC PAC donations were to GOP candidates or GOP committees.
By the numbers (VC edition): Around 53% of VenturePAC donations went to Republicans.
- Overall it donated just over $530,000, including $233,000 directly to individual candidates.
Yes, but: These figures don't include September donations, as those reports aren't yet filed with the Federal Election Commission. They also don't reflect contributions made directly by individual VCs and PE pros to candidates, or via other PACs like those affiliated with AI and crypto.
Behind the scenes: NVCA president Bobby Franklin tells Axios that VenturePAC has a blanket ban on donating to challengers, because of the likelihood that they could be state officials covered by pay-to-play rules.
- He adds that if Democrats do take control of Congress, he'd expect his PAC's percentages to flip blue during the next cycle.
- AIC didn't respond to a request for comment.
