Hedge Fund Chief Hovde Announces For Wisc. Senate Seat

Mar 8 2012 | 12:21pm ET

Another hedge funder is eyeing a seat in the world's most exclusive club.

Eric Hovde is set to announce his candidacy for a the U.S. Senate seat being vacated by longtime lawmaker Herb Kohl (D-Wisc.). Hovde, who runs Washington, D.C.-based Hovde Capital Advisors and Hovde Private Equity Advisors, will make it official at a press conference in Milwaukee.

Hovde has lived in Washington for most of the past 25 years, but recently moved back to his hometown, Madison.

Winning the Republican nomination won't be easy: Hovde is going up against at least three other candidates, all of whom have served in political office before. They include former Wisconsin governor and U.S. health and human services secretary Tommy Thompson, former Rep. Mark Neumann and Wisconsin Assembly Speaker Jeff Fitzgerald.

The G.O.P. primary is Aug. 14.

Hovde isn't the only man in the race with alternative investments ties: Thompson joined Boston private equity firm Peak Ridge Capital Group as an agricultural adviser after leaving the White House. Nor is he the only active hedgie looking for a move to Capitol Hill next year: Altima Partners' Joseph Carvin is seeking the G.O.P. nod to face Sen. Kirsten Gillibrand (D-N.Y.) and hedge fund manager Michael Riley is hoping to win the right to challenge Rep. James Langevin (D-R.I.).

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