Dem Megadonor Alliance Transfers $2.5 Million to 10 Competitive House Races

House Victory Project could send $432,000 to each campaign from joint fundraising committee

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July 26, 2018

A Democratic alliance of deep-pocketed donors formed earlier this year has poured $2.5 million into nearly a dozen competitive congressional races in an attempt to flip the House of Representatives, filings show.

The alliance, which was formed by former officials under Presidents Barack Obama and Bill Clinton, consists of major liberal financiers in the New York area. The group established the House Victory Project, a joint fundraising committee, as a vehicle to flood as many as two dozen Democratic campaigns with six-figures worth of cash leading up to the midterm elections, the New York Times reported in May.

The House Victory Project was reported to have $9 million in stated commitments from 80 individuals at the time of its formation. Each member pledged $108,000 in donations to the committee, allowing for $432,000 in total cash to be given to every Democratic campaign that they back, given that a maximum of $5,400 can be transferred to each committee for every individual donor.

The group's first filings with the Federal Election Commission show that during the second quarter, which spans between April 1 and June 30, members of the alliance have pushed $5.2 of the $9 million of commitments into the committee. The committee then transferred $2.5 million to 10 candidates.

The Democratic candidates who have benefited from the committee so far include: Angie Craig in Minnesota's 2nd congressional district ($262,579); Debbie Mucarsel-Powell in Florida's 26th district ($262,057); Jason Crow in Colorado's 6th district ($258,133); Susan Wild in Pennsylvania's 7th district ($249,813); Susie Lee in Nevada's 3rd district ($249,343); Elaine Luria in Virginia's 2nd district ($249,343); Elissa Slotkin in Michigan's 8th ($247,302); Gina Ortiz Jones in Texas's 23rd ($244,549); Mikie Sherrill in New Jersey's 11th district ($240,036); and Tom Malinowski in New Jersey's 7th district ($235,168).

Frederick Iseman, founder of private equity firm CI Capital Partners, is the only donor to fulfill the full $108,000 pledge during the second quarter. Others provided $54,000 to the committee.

Alan Patricof, founder of the venture capitalist firm Greycroft LLC and member of the House Victory Project, told CNBC in late June that he is furious with President Donald Trump and is doing everything within his legal means to flip the House.

"I will do anything I possibly can to get a Democratic Congress, to offset the factors that the president has put in place," Patricof said.

The House Victory Project did not return a request for comment by press time.