Biden Wins Big in Private Equity Political Donations... Six Times More Than Trump

Biden Raises $2.1 Million... Trump Only $332,000
Private Equity Pumps 150 Billion Won into US Election... Record High

[Asia Economy Reporter Jeong Hyunjin] Ahead of the U.S. presidential and Senate elections on the 3rd of next month, the private equity industry has recorded the highest-ever political contributions, the Wall Street Journal (WSJ) reported on the 25th (local time). Contributions to Democratic presidential candidate Joe Biden were more than six times those to President Donald Trump.

WSJ cited data from the Center for Responsive Politics (CRP), a private organization specializing in tracking and investigating political funds, reporting that as of the end of last month, the private equity industry's political contributions amounted to $132 million (approximately 150 billion KRW). This surpasses the previous record of $117.4 million set during the 2016 presidential election.

WSJ stated, "The fate of several regulations and bills significantly affecting the private equity industry depends on the outcome of this election, which has led to an increase in their political contributions." Some analysts also noted that due to increased uncertainty caused by the COVID-19 pandemic, election-related expenditures have risen across various sectors.

Of the private equity industry's contributions, $69.5 million took the form of 'soft money' given to organizations considered unrelated to specific candidates. However, contributions directed to particular candidates or parties reached $62 million, divided as 59% to the Democratic Party and 41% to the Republican Party.

Individually, former Vice President and Democratic presidential candidate Joe Biden received the largest amount at $2.1 million, while President Donald Trump received $332,000.

Nevertheless, the private equity industry made substantial donations to political action committees (PACs) with pro-Trump leanings. Notably, Stephen Schwarzman, CEO of Blackstone, the world's largest private equity firm, donated a total of $27 million to several pro-Trump or pro-Republican PACs.