Hedge Fund Billionaires Power New Democratic Super PAC - 2020-01-23
A new super PAC that says it will spend $75 million to support Democrats in 2020 is funded in large part by billionaires who run hedge funds, including some with a history of supporting Republicans, according to recent filings with the Federal Election Commission.
Pacronym, a super PAC affiliated with the "dark money" nonprofit Acronym, disclosed its fundraising and spending information for the first time on Wednesday night. In the final quarter of 2019, the group raised more than $7.7 million from dozens of donors, including four who gave $1 million or more.
The group's top donor is Seth Klarman, the billionaire and former GOP megadonor who is CEO of Baupost Group, a Boston-based hedge fund whose investments include liquid natural gas companies Cheniere Energy and Antero Resources. Klarman gave Pacronym $1.5 million on Dec. 27, 2019, according to the group's year-end FEC filing.