New York (HedgeCo.Net) – After federal disclosures were filed on Monday, the Reuters team put together a handy list of the top 10 firms who donated to the Romney Victory fund.
The Romney Victory fund is a joint fund lead by a fund-raising committee composed of Romney for President, Inc. (“RFP”), the Republican National Committee (“RNC”) and other Republican organizations. The fund is structured to get around the fund-raising limits which are imposed on direct contributions to the political candidates.
Hedge funds and Private Equity funds took 5 of the top 10 donors on the list.
Second place Kohlberg Kravis Roberts donated $986,400. KKR was recently in the news for being part of an investigation by Eric Schneiderman, Attorney General of New York. The investigation spanned multiple hedge funds, including Bain Capital, and looked into the practice of re-investing hedge fund management fees to avoid paying federal income tax. KKR converted over 180 million dollars in fees between 2007 and 2009, saving millions in taxes.
Fourth Place: Elliott Management donated $812,750. Fortune called Paul Singer, founder of the $19 billion hedge fund Elliott Management, “Mitt Romney’s Kingmaker.” Not only has his firm donated $812,750, but personally has donated 1 million to the Romney super PAC “Restore the Future” as well as over $220,000 to 31 Republicans in races across the country. Mitt Romney’s financial disclosures show that Romney’s trust fund has at least $1 million invested in Elliott Management.
Fifth Place: Bain Capital donated $810,660. No explanation needed here, Mitt Romney was the Co Founder and CEO at Bain Capital for 18 years.
Seventh Place H.I.G. CAPITAL donated $706,750. The Private Equity firm HIG Capital has close ties to Mitt Romney and BAIN capital. H.I.G founder, Tony Tamer was a former partner at Bain and Company, and 10 other of the partners and directors also worked at BAIN. Political Blog The Daily Dolt recently criticised H.I.G Capital for it’s large investment in Hart InterCivic. Hart InterCivic is a national provider of election voting systems.
Ninth Place Blackstone Group donated $465,779. The Private Equity Heavy Weight, Blackstone Group is a powerful player in the Asian market. As part of their IPO in 2007 China Investment Company (CIC), a sovereign wealth fund responsible for managing part of the People’s Republic of China’s foreign exchange reserves, invested $3 Billion into Blackstone. An additional $500 Million investment was made by CIC in 2009.