Democratic Virginia gubernatorial candidate Terry McAuliffe. | McAuliffe's Facebook page
Democratic Virginia gubernatorial candidate Terry McAuliffe. | McAuliffe's Facebook page
Former Democratic Gov. Terry McAuliffe, currently running again for governor, is fending off criticism tied to his private equity enterprises. One of those ventures has links to his opponent's global investment firm, The Carlyle Group, where Glenn Youngkin worked from 1995 to 2020, eventually becoming co-CEO.
The race is shaping up to be one of the most intriguing and anticipated campaigns in the upcoming November elections.
While his ties to big donors and lobbyists are well established, McAuliffe's prior history of investments with Carlyle are now coming to light. McAuliffe's recent criticisms regarding Youngkin's private equity ties have drawn scrutiny because he continues to profit from Carlyle's work.
“Is this hypocrisy? Sure,” said Dan Primack via Axios. “And it's exacerbated by the McAuliffe campaign declining to explain how its candidate got access to Carlyle funds, which aren't the sorts of things you can invest in via a Robinhood account.”
McAuliffe has referred to Youngkin as a private equity billionaire in the past.
“Glenn Youngkin is a private equity billionaire who is going to spend $75 million of his own money,” McAuliffe told Roanoke's WDBJ.
The Washington Post recently issued a correction revealing that McAuliffe is still invested in Carlyle. An earlier AP report noted that McAuliffe had invested at least $690,000 in Carlyle funds between December 2007 and the end of 2016.
Questions remain about the actual figure that McAuliffe initially invested in the Carlyle Group in 2007. It would have had to be in the millions, since they didn't lower the entry point until 2013, according to CNBC.
"The lowered entry point is down from Carlyle's earlier minimum investment of between $5 million and $20 million, according to a filing made with the U.S. Securities and Exchange Commission in January," CNBC reported.
McAuliffe's investments are not his only tie to Carlyle. In 2016, Frank Finnelli, managing director at Carlyle Group, was appointed by McAuliffe to Virginia's Veterans Services Foundation.
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