Hedge fund managers know something about when to hold and when to fold. Last month, they did more of the former when it came to political giving, holding steady with their pattern of making uber-contributions to presidential super PACs — even after the favored candidate of some of them dropped out of the race.
Wall Street dominates political giving. But it’s these donors, a much smaller subset of the securities sector, who play with the biggest money.
The month of March saw more big contributions to presidential super PACs fromJames Simons, Robert Mercer, Donald Sussman, Paul Singer , George Soros andCliff Asness in particular. The six men — founders of investment companies that manage hedge funds, or high-risk private funds that often require seven-figure buy-ins from their investors — anted up a total of $9.5 million to presidentially focused super PACs for the month, bringing their total gifts to these groups to $33.5 million for the cycle.
Before the latest super PAC filings, which were due at the Federal Election Commission by midnight last night, the larger securities and investment industry — including not just hedge funds but commercial banks, brokerage firms and other industries — had given $221 million to congressional and presidential campaigns and super PACs in the 2016 cycle.
By itself, the hedge fund industry had given almost $75 million.