Two million-dollar hedge fund donors are helping to strengthen a Super PAC for the 2014 elections. The Super PAC had only a quarter of a million dollars in receipts last year.
The American Unity PAC , a Republican-oriented Super PAC, reported it had receipts of $2,753,687 and disbursements of $84,634 during the first quarter of 2014. The PAC has $2,776,397 cash on hand as of March 31st.
The major donor was Paul Singer , founder and principal of the Elliott Management Corporation, a New York hedge fund. Singer contributed $1,750,000 on January 16th, and provided $2,662 in in-kind legal services. Singer founded the PAC to encourage Republican candidates to support same-sex marriage. In 2013 the Super PAC spent $51,423 on independent expenditures opposing Rep. Ed Markey, D-Mass., in the 2013 Massachusetts special election to fill the vacant seat previously held by Sen. John Kerry, D-Mass.
During the 2011-2012 cycle, Singer gave American Unity $1,815,316. The Super PAC spent $2,245,083 on independent expenditures opposing two Democratic candidates and supporting seven Republican candidates. Singer also gave $1 million to the pro-Romney Super PAC, Restore Our Future.
Seth Klarman , of Chestnut Hill, Massachusetts, is the president of the Baupost Group LLC, one of the top ten largest hedge funds, with offices in Boston and London. Klarman gave $1 million on March 6th.. In the 2011-2012 cycle, Klarman gave the Super PAC $500,000.
During the first quarter, the PAC spent $37,000 on research, $15,200 on surveys, and $10,154 on digital strategy/web services, among other expenditures.