New Venture Fund
Formation2006 (2006)
Type501(c)(3) nonprofit
HeadquartersWashington, D.C.
AffiliationsArabella Advisors
Sixteen Thirty Fund
Hopewell Fund
Windward Fund
North Fund
Budget (2020)
$975,483,022 (revenue)
Websitenewventurefund.org

The New Venture Fund is a 501(c)(3) nonprofit organization managed by Arabella Advisors, a for-profit consulting company that advises left-leaning donors and nonprofits about where to give money and serves as the hub of a politically liberal "dark money" network in the United States.[1] The New Venture Fund serves as the fiscal sponsor for various left-leaning political projects.[2] The New Venture Fund has annual revenue of nearly $1 billion.

According to OpenSecrets, the New Venture Fund "has fiscally sponsored at least 80 groups and acted as a pass-through agency funneling millions of dollars in grants for wealthy donors to opaque groups with minimal disclosure."[3] According to Axios, the New Venture Fund has been "criticized for obscuring information about the scores of subsidiary groups they sponsor."[4]

Swiss billionaire Hansjörg Wyss is a major donor to the New Venture Fund.[5] The New Venture Fund has given money to Acronym, a partial owner of Courier Newsroom, which The New York Times described as "a network of news media outlets that was criticized by a nonpartisan disinformation watchdog for slanting coverage to favor Democrats."[6]

The New Venture Fund and its affiliated Windward Fund announced in October 2023 they would not grant any more funds in the future to Alliance for Global Justice, a charity in Arizona revealed through an investigation in the Washington Examiner by journalist Gabe Kaminsky to share Palestinian terrorism ties. "We condemn terrorism and violence against civilians in all forms and do not support any projects or provide any grants to organizations that fund terrorism," New Venture Fund President Lee Bodner said at the time. "New Venture Fund is discontinuing grants to any projects hosted by Alliance for Global Justice. [7]

References

  1. ↑ Vogel, Kenneth P.; Goldmacher, Shane (29 January 2022). "Democrats Decried Dark Money. Then They Won With It in 2020". The New York Times. Retrieved 11 September 2023.
  2. ↑ "The Inside Philanthropy Power List". Inside Philanthropy. 21 July 2021. Retrieved 11 September 2023.
  3. ↑ Massoglia, Anna (May 22, 2020). "'Dark money' networks hide political agendas behind fake news sites". OpenSecrets. OpenSecrets. Archived from the original on 23 May 2020. Retrieved 2 June 2020.
  4. ↑ Markay, Lachlan (May 13, 2021). "Progressive legal advocacy group spinning off from sponsor". Axios. Retrieved 11 September 2023.
  5. ↑ Vogel, Kenneth P. (3 May 2021). "Swiss Billionaire Quietly Becomes Influential Force Among Democrats". The New York Times. Retrieved 11 September 2023.
  6. ↑ Vogel, Kenneth P.; Robertson, Katie (13 April 2021). "Top Bidder for Tribune Newspapers Is an Influential Liberal Donor". The New York Times. Retrieved 11 September 2023.
  7. ↑ Kaminsky, Gabe (2023-10-30). "Left-wing Arabella Advisors dark money groups cut ties with Palestinian terror-tied charity". Washington Examiner. Retrieved 2023-12-03.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.