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Venture capital and private equity trade groups halt political donations

Illustration: Brendan Lynch/Axios

Trade groups representing private equity and venture capital firms have joined the trend of pausing political donations, in the wake of Jan. 6.

Driving the news: The American Investment Council has suspended political contributions from its PAC to all political candidates for an undetermined length of time.

The National Venture Capital Association has suspended contributions from its PAC to all members of Congress who voted to object to the certification of electoral votes.

  • This would include House Minority Leader Kevin McCarthy (R-Calif.), who received $10,000 from the group over the last cycle. NVCA says it's collecting feedback from members about future donations.
  • Combined, the PACs gave over $1 million during 2019-2020.

Be smart: It's easy to pause donations in January of an off-cycle year. So let's check back in 12 months.

Go deeper

Dan Primack, author of Pro Rata
Jan 29, 2021 - Economy & Business

Varsity Tutors to be valued at $1.7 billion in SPAC deal

Illustration: Rebecca Zisser / Axios

Nerdy, the parent company of online learning platform Varsity Tutors, announced on Friday that it will be acquired by a SPAC called TPG Pace Tech Opportunities at a valuation of $1.7 billion. Axios had previously reported on the deal talks.

Why it matters: This is the first tech SPAC deal affiliated with private equity giant TPG, and comes as more and more legacy investment firms are hopping on the blank check bandwagon.

Go deeper (<1 min. read)Arrow
Maria Arias
57 mins ago - Politics & Policy

Republican Sen. Sasse slams Nebraska GOP for "weird worship" of Trump after state party rebuke

Sen. Ben Sasse, (R-Neb.) Photo: Andrew Harnik - Pool/Getty Images

The Nebraska Republican Party on Saturday formally "rebuked" Sen. Ben Sasse (R-Neb.) for his vote to impeach former President Trump earlier this year, though it stopped short of a formal censure, CNN reports.

Why it matters: Sasse is the latest among a slate of Republicans who have faced some sort of punishment from their state party apparatus after voting to impeach the former president. The senator responded statement Saturday, per the Omaha World-Herald, saying "most Nebraskans don't think politics should be about the weird worship of one dude."

Go deeper (<1 min. read)Arrow
Axios
2 hours ago - Politics & Policy

Cuomo barraged by fellow Dems after second harassment accusation

New York Gov. Andrew Cuomo faced a barrage of criticism from fellow Democrats after The New York Times reported that the second former aide in four days had accused him of sexual harassment.

Why it matters: Cuomo had faced a revolt from legislators for his handling of nursing-home deaths from COVID. Now, the scandal is acutely personal, with obviously grave political risk.

Go deeper (1 min. read)Arrow

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