A nonprofit organization funded by Republican philanthropist Peter Thiel has reportedly made a $3 million donation to a group that has supported left-leaning organizations and progressive elements within the Democratic Party. This information comes from tax documents that CNBC has obtained. The Thiel Foundation, which operates as a 501(c)(3) and is entirely financed by Thiel himself, made the donation to the New Venture Fund in 2021, as stated in the organization’s 990 tax forms.
The New Venture Fund, based in Washington, D.C., has long acted as a major source of funding for Democratic-aligned groups. It is considered a “dark money” organization because it does not publicly disclose its donors. The New Venture Fund raised more than $950 million in 2021.
Interestingly, Thiel’s donation to the New Venture Fund coincided with his support for Republican candidates during the 2022 midterms. He contributed over $35 million to GOP causes throughout the election cycle, according to data from OpenSecrets. However, Thiel has expressed that he does not plan to financially support individual Republican candidates in the 2024 elections.
It is worth noting that the $3 million donation from the Thiel Foundation to the New Venture Fund may have been intended for a less partisan organization that the fund assists in financing. Anna Massoglia of OpenSecrets, who reviewed the documents, has suggested this possibility. Another scenario is that the Thiel Foundation’s accountants may have made an error when filling out the forms.
The New York Times reported in 2022 that Thiel was part of a group of donors working to counteract the advantage that Democrats have had in the “dark money” battle. Thiel, with a net worth of over $9 billion, made substantial efforts in this regard.
According to OpenSecrets, these types of organizations spent and donated over $295 million during the 2022 midterm elections. One Nation, a 501(c)(4) group aligned with Senate Minority Leader Mitch McConnell, allocated over $120 million to the midterms.
The $3 million donation from the Thiel Foundation to the New Venture Fund is the second-largest contribution recorded in 2021. The largest donation, over $4 million, went to the Donors Trust, a 501(c)(3) donor advisory fund that enables contributors to support nonprofits of their choice indirectly. The Donors Trust is known for supporting conservative-leaning nonprofit groups and raised over $1 billion in 2021.
Brendan Fischer, a deputy executive director at the watchdog organization Documented, noted that seeing grants to both the Donors Trust and the New Venture Fund on the same tax form is unusual. He also mentioned that based on the address provided, the $3 million grant from the Thiel Foundation does appear to be for the same New Venture Fund that supports progressive causes.
Tax records show that the Thiel Foundation had not donated to the New Venture Fund prior to 2021. However, the purpose of the donation remains unknown. Neither Thiel nor the Foundation’s spokesperson provided a comment on the matter. The accountant listed on the Thiel Foundation’s forms did not respond to a comment request.
Additionally, the New Venture Fund donated over $7 million to America Votes, a nonprofit voting rights group focused on mail-in voting, during the same year as the Thiel donation. Other tax records reveal that a nonprofit funded by Democratic philanthropist George Soros donated over $16 million to America Votes during that period.
The New Venture Fund forms part of a network of left-leaning nonprofits associated with Arabella Advisors, a philanthropic advisory firm. In 2021, the firm received nearly $30 million from the New Venture Fund for administration, operations, and management services.
The Sixteen Thirty Fund, another 501(c)(4) organization, shares a nearly identical address with the New Venture Fund. This organization paid Arabella Advisors $5 million for services in 2021, according to additional tax records. The Sixteen Thirty Fund received a grant of just over $27 million from the New Venture Fund that year and raised over $180 million overall.
Like the New Venture Fund and the Donors Trust, the Sixteen Thirty Fund does not disclose its donors publicly.
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