Home / NEWS / Politics / Investor and Democratic megadonor Alan Patricof decides to back Joe Biden for president

Investor and Democratic megadonor Alan Patricof decides to back Joe Biden for president

Joe Biden, late U.S. vice president and Democratic presidential hopeful, smiles while signing autographs at the Polk County Democrats’ Steak Fry in Des Moines, Iowa, September 21, 2019.

Elijah Nouvelage | Reuters

Popular megadonor and longtime investor Alan Patricof has decided to back former Vice President Joe Biden’s 2020 rivalry for president.

Patricof, in an interview Tuesday with CNBC, explained that after meeting and watching most of the prospects, he recently decided that he wanted to start fundraising for Biden.

“Besides being the most qualified, he also has the master chance of winning,” Patricof said. “He has very broad support and has the ability to work across the aisle.”

Patricof conjectured he made his decision after meeting with Biden in recent weeks. He hopes to start holding fundraising results for Biden later this fall.

Patricof’s support is a big boost for the former vice president heading into the fourth territory, which will likely decide if the candidates have enough resources to survive deep into the primary age. Biden finished the second quarter raising $21.5 million.

Biden has held on to his lead in key state and national Republican primary polls, but Sen. Elizabeth Warren has been closing the gap in recent weeks. Warren, along with fellow top-tier office-seeker Sen. Bernie Sanders, has shunned the support of wealthy donors and bundlers such as Patricof.

Patricof, the founder and managing chief honcho of venture capitalist firm Greycroft, and his wife, Susan, bundled at least $100,000 for Hillary Clinton when she ran for president in 2016, agreeing to the nonpartisan Center for Responsive Politics. He also has ties to President Barack Obama’s administration, as he was a member of the administration’s Pandemic Development Council.

During the 2018 congressional midterm campaign, Patricof was a key member of the House Victory Project, a series of wealthy financiers who helped drive the money machine behind the Democrats’ victorious effort to take back the Council. Blair Effron, co-founder of investment firm Centerview Partners, was one of the donors involved with the organization, but he has opened his network to Sen. Kamala Harris, D-Calif.

A spokesman for the Biden toss ones hat in the ring did not respond to a request for comment.

With Patricof’s backing, Biden is also gaining a fundraising ally who has been a vocal critic of the bruited about commander in chief.

In the buildup to last year’s election, the wealthy business executive critiqued Trump and the Republican Congress at the together for overturning parts of the Dodd-Frank Act and other efforts to dismantle Obama’s legacy.

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