Private equity donors shift support to Republicans ahead of U.S. midterms
Private equity and money managers are directing more political donations to Republican allies ahead of the U.S. midterm elections as the industry seeks to counter a populist push for tighter scrutiny. The shift marks the first time since 2016 that the sector gives more to Republicans than Democrats, with major contributions tied to Apollo Global Management and Blackstone.
Highlights
- Private equity and asset management donors are giving more to Republicans than Democrats in 2022 for the first time since 2016.
- Industry investors are shifting support to Republicans due to fears that a populist wave could bring greater regulatory scrutiny of private equity.
- Blackstone CEO Steve Schwarzman has given over $33 million to Republican candidates and allies in the current election cycle.
Donation shift emerges in midterm cycle
According to Bloomberg, private equity and asset management donors are giving more to Republicans than Democrats this year for the first time since 2016, reflecting the industry's effort to limit the risk of tougher oversight.The article says investors fear a populist wave could bring greater scrutiny of private equity's influence and business reach. That concern is helping channel financial support toward Republican candidates and aligned groups during the current election cycle.
Major firms and executives drive support
Billionaires linked to Apollo Global Management Inc. and Blackstone Inc. are among those increasing support for Republican allies. Blackstone Chief Executive Steve Schwarzman, a longtime Republican mega-donor, has contributed more than $33 million to Republican candidates and their allies in this cycle.The contribution pattern highlights how political spending by large investment firms is becoming part of a broader effort to shape the regulatory and policy environment around the private equity sector in the U.S.
Our earlier article on Republicans’ late-cycle advertising surge ahead of the November midterms detailed how the GOP sharply ramped up ad spending as polling tightened in races once viewed as safe. We noted that rising fuel costs and broader affordability pressures were shaping voter sentiment and forcing both parties to redirect resources toward the most competitive Senate and House contests.
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