Sunday, 2 August 2015
Last updated 1 day ago
Aug 14 2013 | 9:27am ET
Newark, N.J, Mayor Cory Booker appears headed for the U.S. Senate, a path made smoother by a generous injection of money from hedge fund and private-equity managers.
Booker is widely seen as a rising star in the Democratic Party and yesterday trounced his intra-party opponents in the primary for the right to seek election to fill out the term of the late Sen. Frank Lautenberg (D-N.J.). Booker received 59% of the vote, easily besting the two congressman also seeking to succeed Lautenberg.
He'll face Republican candidate Steven Lonegan in a special election in October. Booker is currently leading Lonegan, a former mayor of Bogota, N.J., by double-digits in the polls, and New Jersey has not elected a Republican Senator since 1972.
The Newark mayor takes on Lonegan with the backing of a number of prominent alternative investments players. Baupost Group's Seth Klarman gave $100,000 to a political action committee backing Booker, and Eagle Capital Management's Ravenel Curry III and Ravenel Curry IV each chipped in $50,000 apiece. The younger Curry has also given directly to Booker's campaign, and he and Klarman have also given to Booker's older PAC.
They're not alone: A trio of Bain Capital employees, John Cannaughton, Jonathan Lavine and Steve Pagliuca have given a total of $5,200 to his campaign account, and two other Bain managing directors, Joshua Bekenstein and Mark Nunnelly gave $15,400 to the Booker Team for Newark.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…