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Alternative Market Briefing

Hedge fund managers turn to high profile political bets

Wednesday, February 19, 2014

Bailey McCann, Opalesque New York:

Hedge fund managers whose political ideals fall on both sides of the isle made news today with their political ambitions. Retired hedgie Tom Steyer has announced a significant investment in US politics designed to make climate change the defining issue of the next US campaign cycle. Steyer established his political track record last year spending $11m to successfully elect Terry McAuliffe governor of Virginia.

Earlier this month Steyer held a private meeting on the issue at his ranch. According to a New York Times article on the plan, Steyer plans to use his California-based headquarters to funnel money into races including the governor’s race in Florida, and the Senate race in Iowa.

Steyer was previously with Farallon Capital Management, where he became a billionaire. He joins the growing ranks of single-issue super PACs with the likes of former New York City Mayor Michael Bloomberg.

Paul Singer of Elliot Associates is also in the PAC game and plans to stand up for the right through his own group the the American Opportunity Alliance. The Alliance is already backed by a number of big ticket GOP donors, and isn't the first time Singer has been involved in a PAC-style campaign effort. Opalesque ......................

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