Billionaire hedge-funder Stephen Mandel bankrolls new Democratic centrist network

Stephen Mandel, a hedge-fund billionaire, and his wife Susan have contributed more than $24 million this primary cycle to two newly created groups, Majority Democrats and the Bench, which seek to cultivate younger, less ideologically rigid Democratic candidates. The organizations supply extensive campaign resources and have already aided primary victories for candidates like James Talarico in Texas and Josh Turek in Iowa.

Their stated goal is to shift the party toward a moderate center, blaming recent electoral setbacks on the progressive wing rather than on donors. In Michigan, the network backed state Senator Mallory McMorrow against a Bernie Sanders-endorsed opponent, while in Connecticut it is backing former Hartford mayor Luke Bronin in a challenge to long-time incumbent John Larson. Critics note that many of the supported candidates also favor light regulation of artificial-intelligence industries, where Mandel’s Lone Pine Capital holds large positions. The Mandels remain largely out of the public eye, with insiders saying direct contact with them is rare.