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In FY25, Punjab is set to experience financial challenges as its capital-to-revenue expenditure ratio is the lowest among all states, standing at just 6.2%, highlighted a research report by the <keyword id="19938957" type="General" weightage="100" keywordseo="National-Stock-Exchange" source="keywords">National Stock Exchange</keyword> (NSE). This means that for every rupee Punjab spends, a very small portion is being allocated towards capital expenditure, which is crucial for long-term <keyword id="19971350" type="General" weightage="20" keywordseo="infrastructure-development" source="keywords">infrastructure development</keyword>. In contrast, the research showed that the states like Gujarat lead the way with a much higher ratio of 36.2%, signaling a stronger focus on capital spending that can drive future growth. "The capital-to-revenue expenditure ratio, a measure of expenditure quality, is set at 20.7 % for FY25BE, declining from 21.2 % in FY24RE. Punjab has the lowest ratio at 6.2 %, while Gujarat leads at 36.2 %" said the report. The report also highlighted that the overall, capital expenditure by Indian states is expected to moderate in FY25 after three years of strong growth. It stated that the total capital spending for the fiscal year is estimated to increase by just 6.5 % to Rs 6.5 lakh crore. This is a notable slowdown compared to the sharp 39.3 % rise in FY24, which was marked by a post-pandemic push to boost infrastructure and public projects. The capital-to-revenue expenditure ratio, a key indicator of the quality of spending, is also set to decline slightly to 20.7 %in FY25 from 21.2 %in FY24, reflecting a more cautious approach by states. At the same time, revenue expenditure, which covers recurring costs like salaries, subsidies, and interest payments, is expected to grow by 8.9 % to Rs 44.2 lakh crore. This is the slowest growth in the last four years, indicating tighter control over everyday spending. "<keyword id="23614983" type="General" weightage="20" keywordseo="committed-expenditure" source="keywords">Committed expenditure</keyword> (interest payments and pensions), on the other hand, remains high, comprising about 24 % of total revenue expenditure and consuming nearly a quarter of revenue receipts" the report added. Despite this, the report noted that a large portion of revenue expenditure remains committed to non-discretionary costs. Interest payments and pensions alone account for about 24 % of total revenue expenditure and consume nearly a quarter of the revenue receipts, limiting states' flexibility in spending. Some states are more burdened than others by this committed expenditure. Punjab, Kerala, Himachal Pradesh, and Tamil Nadu have earmarked over 35 %of their revenue receipts for these fixed costs in FY25, putting additional pressure on their finances. This leaves less room for discretionary spending and makes it harder for these states to invest in development and growth-oriented projects.

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

The prestigious venture firm Sequoia Capital likes to say all its partners invest in every sector. But more than anyone, the growth-stage partner Grady, part of Business Insider's 2024 AI Power List, has led the firm's AI strategy, making bets on companies including OpenAI, Harvey, and Hugging Face. Along with another partner, Sonya Huang, Grady also wrote a public blog post on Sequoia's website inviting AI founders to email them their ideas and pitches directly. A successful deal for Sequoia is more about investing in the best people rather than at the best price, Grady told Business Insider last year. "We don't make money by getting a good deal," he said.See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

Sequoia Capital partner Pat Grady is redefining AI investments

<ul class="summary-list"><li>Microsoft's Q1 profits beat analysts' estimates as cloud computing continued to grow.</li><li>Q1 capital spending reached $20 billion, up from $19 billion in Q4.</li></ul><a target="_blank" href="https://www.businessinsider.com/category/microsoft">Microsoft</a> reported better-than-expected first-quarter results after the closing bell on Wednesday, and continued to ramp up its capital spending as it invests in AI capabilities.Capex totaled $20 billion, compared with $19 billion in its fiscal fourth quarter and $14 billion in the quarter before that.Much of the company's spending has been going toward data centers, graphics processing units, and other AI projects. By year end, Microsoft intends to <a target="_blank" href="https://www.businessinsider.com/microsoft-gpu-targets-1-8-million-ai-chips-this-year-2024-4">amass 1.8 million GPUs</a>. By July 2025, the Redmond, Washington, company plans to <a target="_blank" href="https://www.businessinsider.com/microsoft-plan-double-triple-data-center-capacity-2024-4">triple its data-center capacity</a>. The company is trying to figure out how it will recoup this massive investment.Also in the first quarter, Microsoft Cloud revenue rose 22% from a year earlier to $38.9 billion. Analysts, on average, had expected revenue for the business would total $38.11 billion, per Bloomberg.Shares rose more than 1% in late trading.Some analysts have been critical of the company's <a target="_blank" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10">spending on artificial intelligence</a>, as Business Insider previously reported."We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage," the company's chairman and CEO, Satya Nadella, said in the earnings announcement.The report follows Microsoft's <a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/789019/000119312524204403/d846847d8k.htm">August announcement</a> that it would reconfigure how it reported results from its business units. The Productivity and Business Processes segment includes results from Microsoft 365 Commercial products and cloud services.Here are several key metrics for the quarter that ended September 30 and how they compared with analysts' consensus expectations as reported by Bloomberg.<ul><li>Earnings per share: $3.30 vs. $3.11 expected</li><li>Revenue: $65.59 billion vs. $64.51 billion expected</li><li>Operating income: $30.6 billion vs. the $29.21 billion expected</li><li>Microsoft Cloud revenue: $38.9 billion vs. the $38.11 billion expected</li></ul>Investors have been tracking spending on AI at many of the so-called Magnificant 7 stocks, of which Microsoft is one — along with fellow tech giants including Apple, Amazon, Google parent Alphabet, and Nvidia. One concern is that returns on <a target="_blank" href="https://www.businessinsider.com/ai-impact-overblown-investment-tech-stocks-billions-daron-acemoglu-mit-2024-10">companies' AI investments</a> could fall short of expectations. That's a worry at Microsoft partly because feedback on the company's<a target="_blank" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10"> Copilot AI</a> has been mixed.

Microsoft reports stronger-than-expected earnings as it ramps up capital spending

<ul class="summary-list"><li>Cathie Wood's Ark Venture Fund allows retail investors to invest in high-growth startups.</li><li>The fund's net assets have climbed to $69 million, roughly tripling year over year.</li></ul><a target="_blank" href="https://www.businessinsider.com/cathie-wood-profile-ark-invest-etf-rise-success-following-tesla-2021-2">Cathie Wood</a> attracted billions of dollars with her fresh approach to betting on tech stocks, combining bold calls on the future with the ability for investors to buy and sell in an instant.Wood's effort to do something similar for venture capital has delivered investments in many of Silicon Valley's hottest deals. Though its investors will have to wait much longer before they see any returns.Wood's firm Ark Invest debuted a new closed-end interval fund in 2022, allowing investors to throw as little as $500 into a vehicle that invests in private startups. Investors can buy and sell shares in the fund just as they do with stocks, with some restrictions."Our goal here is to provide the best venture portfolio in the world to everyone in the world, not just to the rich and the famous," said Brett Winton, who works closely with Wood as chief futurist at Ark Invest and is an architect of the firm's venture capital strategy.The fund, Ark Venture Fund, has now gathered close to $70 million in assets, some distance from venture giants like Sequoia and Andreessen Horowitz, or even Ark's other funds. ARKK, Wood's most famous fund, has $5.8 billion in assets, down from a peak of $50 billion.Despite its small size, the fund has clinched deals to invest in <a target="_blank" href="https://www.businessinsider.com/openai-bets-big-on-humanoid-robots-with-figure-ai-2024-2">Figure</a>, a Jeff Bezos-backed startup developing humanoid robots, <a target="_blank" href="https://www.businessinsider.com/elon-musk-xai-hiring-spree-ai-tutors-2024-10">xAI</a>, an artificial-intelligence firm founded by Elon Musk, and OpenAI, the maker of ChatGPT.<div type="image" title="Elon Musk SpaceX" height="2034" width="2712" msid="115254561" hostid="261" sizebytes="675642"></div>It raises the question of why aging startups SpaceX, Epic Games, and Databricks, which have raised billions in funding, bother to include Ark in new rounds. SpaceX is Ark Venture Fund's largest holding, accounting for 13% of the fund's total assets, worth around $9 million.Winton said it's a subject he's frequently addressed in early meetings with founders.First, Ark produces reams of <a target="_blank" href="https://www.ark-funds.com/articles">original research</a> on areas of investment. Winton said this research helps the firm win over teams because it demonstrates a grasp of their breakthrough technologies. "It means we can engage in really constructive conversations with them about their strategy," Winton said.Second, because Ark invests in both the private and public markets, it offers relationships with potential customers across the size spectrum of enterprises.Lastly, unlike a traditional venture fund, which has a fixed lifespan to invest the capital and return the profits to the fund's investors, Ark set up its venture fund to continue indefinitely, allowing investors to enter and exit the fund on a periodic basis.This provides flexibility to hold shares of companies after they go public, which can be particularly attractive for founders who are looking for investors with a long-term outlook and a higher tolerance for market volatility.In October, Ark invested at least $250 million into OpenAI's latest round, which pushed the AI startup's valuation to $157 billion.Most of that investment came from a related private venture fund that's only for high-net-worth investors. OpenAI makes up just 5% of the Ark Venture Fund's portfolio, which means it has less than $4 million invested."We would prefer to be able to write larger checks out of the venture fund than we currently can," Winton said.For that to happen, the fund will need to attract more investors.Though the fund is up 36% since its inception date, it's down 3% year to date, according to the website. The S&amp;P 500 in comparison is up 26% this year, with surging tech stocks and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-election-win-stock-market-today-record-high-sp500-dow-2024-11?_gl=1*nfthw5*_ga*MTQ0NjYxMDEzMC4xNzIyMzAwMzYy*_ga_E21CV80ZCZ*MTczMTM0MjA0MC4yNDUuMS4xNzMxMzQyMDY4LjMyLjAuMA..">Donald Trump's election win</a> driving record highs.Ark Venture Fund charges a flat fee for investing assets under its control, the same as a venture fund. The fee, 2.75%, is high relative to other interval funds, according to Morningstar, but it doesn't take carried interest or a share of profits.Winton said the fund could accrue assets into the billions of dollars; on a follow-up call, he walked back his comment, saying it's hard to know how big the fund could get."If that happens, then that'll actually become the story of Ark," he said. "Ark kind of changed venture capital."

Ark's Cathie Wood changed Wall Street. Now, she's set her sights on venture capital.

<ul class="summary-list"><li>Before he was the vice president-elect or a senator, <a target="_blank" class="" href="https://www.businessinsider.com/trump-vice-president-jd-vance-career-facts-2024-7">JD Vance</a> was a venture capitalist.</li><li>He maintains ownership stakes in several funds, according to his disclosure forms.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/election-results-congress-historic-firsts-2024-11">JD Vance</a> is a man of many careers: attorney, author, senator, vice president-elect, and, perhaps less well-known, venture capitalist.For about six years between graduating from law school and becoming a United States senator from Ohio, Vance held various positions in the space before eventually starting his own fund, Narya Capital.Over his career, Vance has been involved in investments across a broad range of business areas. Through Narya, he continues to hold a portfolio of investments in several startups, though he gave up his role as a partner there in 2022 and doesn't actively run or advise any of the companies.<h2 id="4b0a6db6-89d6-4a96-93e8-e561475e4b10">Vance's early VC career</h2>After a brief stint at a now-defunct biotech startup, Vance got a job at his benefactor <a target="_blank" href="https://www.businessinsider.com/peter-thiel">Peter Thiel's</a> venture fund Mithril Capital.He went on to work as a managing partner at <a target="_blank" class="" href="https://www.businessinsider.com/rise-of-the-rest-steve-case-jd-vance-2018-1">Rise of the Rest</a>, part of Steve Case's Revolution venture firm. The fund's mission is to invest in companies outside major tech hubs — New York, Silicon Valley, Boston — and Vance, whose outsider persona was cemented by his memoir <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-hillbilly-elegy-transformation-trump-vice-president-2024-7">"Hillbilly Elegy"</a>, was <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-venture-capital-opioid-nonprofit-tech-record-ohio-senate-2021-8">seen as a perfect fit for the fund</a>.Vance was active in a number of deals for the firm, including leading investments in storage-sharing startup Neighbor, agtech company AppHarvest, and AI outfit Pryon, Rise of the Rest confirmed.<h2 id="114f37cf-0035-49cd-8b40-1bd02d5bdb6c">Vance co-founded Narya Capital in 2019</h2>After two years, Vance broke out on his own, cofounding <a target="_blank" href="https://www.businessinsider.com/hillbilly-elegy-jd-vance-launches-vc-fund-backed-by-thiel-2020-1">Narya Capital</a> in 2019 with investments from Thiel, former Google CEO Eric Schmidt, and VC veteran Marc Andreessen.Vance still owns pieces of the funds that he helped advise. According to his vice president and senate disclosure forms, he has a stake in Narya Capital Fund I, Narya Capital Fund II, and Rise of the Rest Seed Fund.His stake in Narya Capital Fund I is worth between $500,001 and $1 million. His holdings through Narya's Capital Fund II and the Rise of the Rest's Seed Fund are smaller, worth as much as $15,000 and $250,000, respectively, according to his disclosure forms.Through all three funds, he holds a portfolio of investments in dozens of startups. He doesn't actively run or advise any of the companies, and gave up his role as a partner in Narya in December 2022 after winning his senate seat, according to disclosure forms.It's not entirely clear which Rise of the Rest companies Vance has a stake in. The fund has two $150 million investment vehicles and did not disclose which portfolio companies are in which fund.Narya, meanwhile, has only completed one fundraise so far — its $120 million Fund I. The fund has a dozen active investments, according to its website, and because Vance has a stake in the fund, he technically owns a stake in each.The companies vary in their mission: One is a gene therapy company founded by Vivek Ramaswamy's brother, while another is a Catholic meditation and prayer app. Thiel, one of Vance's mentors, is listed as a separate investor in many of the companies, per PitchBook.Some are the type of companies that could work with the government.True Anomaly, an aerospace company for which Narya participated in two rounds of funding, <a target="_blank" class="" href="https://www.trueanomaly.space/newsroom/true-anomaly-selected-for-30m-space-systems-command-contract-in-support-of-victus-haze-tactically-responsive-space-mission">won a $30 million government contract</a> from the US Space Force in April. ValueBase, a property valuation software, lists local governments among its customer base on its website.Nayra has had two exits: <a target="_blank" class="" href="https://www.businessinsider.com/what-is-rumble-conservative-video-youtube-competitor-joe-rogan-2022-2">Rumble</a>, the conservative-leaning social video platform that went public in 2022, and AppHarvest, which went public in 2021.Criminal conflict of interest laws do not apply to the president and vice president.Luke Schroeder, a spokesperson for the vice president-elect, said that Vance has complied with all required disclosures and is not directly involved in the funds.<h2 id="883278a9-d442-4e81-aeb4-b282861515b7">Here are Narya's current portfolio companies</h2>Deal details, unless noted with a comment from the company, come from PitchBook.<table style="width: 652px"></colgroup></colgroup><tbody><tr><td>Company</td><td>Industry</td><td>Deal Description</td></tr><tr><td colspan="1" rowspan="1">AcreTrader</td><td colspan="1" rowspan="1">Farmland investment</td><td colspan="1" rowspan="1">Narya contributed to AcreTrader's $12 million Series B round in 2021. "Senator Vance has no involvement in AcreTrader's operations or strategic direction," the company said.</td></tr><tr><td colspan="1" rowspan="1">AmplifyBio</td><td colspan="1" rowspan="1">Biotech</td><td colspan="1" rowspan="1">Narya took part in the company's $200 million, early-stage investment round in 2021.</td></tr><tr><td colspan="1" rowspan="1">Atomic Industries</td><td colspan="1" rowspan="1">Manufacturing</td><td colspan="1" rowspan="1">In 2023, Narya contributed to a $16.5 million early-stage round.</td></tr><tr><td colspan="1" rowspan="1">Branch</td><td colspan="1" rowspan="1">Insurance</td><td colspan="1" rowspan="1">Narya took part in Branch's 2022 $147 million Series C. During his time at Rise of the Rest, Vance led an investment in Branch.</td></tr><tr><td colspan="1" rowspan="1">Chapter</td><td colspan="1" rowspan="1">Medicare advisory</td><td colspan="1" rowspan="1">Narya contributed to three of Chapter's fundraising rounds: A 2021 $17 million Series A round, 2022 $42 million Series B round, and 2024 $50 million Series C round. Peter Thiel is also an investor in Chapter.</td></tr><tr><td colspan="1" rowspan="1">Hallow</td><td colspan="1" rowspan="1">Religion</td><td colspan="1" rowspan="1">Narya invested in Hallow's 2021 $40 million Series B round."We worked with another partner at the fund on the investment - not with JD at all," Alex Jones, Hallow's CEO, told BI. Thiel is also an investor in Hallow.</td></tr><tr><td colspan="1" rowspan="1">Kriya Therapeutics</td><td colspan="1" rowspan="1">Gene therapy</td><td colspan="1" rowspan="1">Narya contributed to three of Kriya's funding rounds, including a $87.6 million Series A in 2020, $100 million Series B in 2021, and $430 million Series C in 2023. Kriya Therapeutics is founded by Shankar Ramaswamy, the brother of Vivek Ramaswamy.</td></tr><tr><td colspan="1" rowspan="1">Realm Alliance</td><td colspan="1" rowspan="1">Security services</td><td colspan="1" rowspan="1">Earlier this year, Narya took part in Realm Alliance's seed round.</td></tr><tr><td colspan="1" rowspan="1">Strive</td><td colspan="1" rowspan="1">Asset Management</td><td colspan="1" rowspan="1">Narya invested in Strive's $20 million seed round in 2022 and $30 million Series B earlier this year. Thiel is also an investor in Strive.</td></tr><tr><td colspan="1" rowspan="1">True Anomaly</td><td colspan="1" rowspan="1">Space</td><td colspan="1" rowspan="1">Narya contributed to True Anomaly's $100 million Series B in 2023 and $17 million Series A in 2022. The company won a contract from the US government earlier this year.</td></tr><tr><td colspan="1" rowspan="1">ValueBase</td><td colspan="1" rowspan="1">Property valuation</td><td colspan="1" rowspan="1">Narya took part in ValueBase's $6.3 million seed round earlier this year.</td></tr></tbody></table>

Before politics, JD Vance had a career in venture capital. Here are the startups he's invested in.

<ul class="summary-list"><li>VCs are lobbing cash at the presidential election and key congressional races, FEC data shows.</li><li>While most VCs favored Democrats, a16z's crypto giving dwarfed all other donations.</li></ul>America is bitterly divided over politics, and the tech industry — once portrayed as a liberal bastion — is <a target="_blank" href="https://www.businessinsider.com/election-a-distraction-silicon-valley-wants-to-be-over-2024-8">no different.</a> Among the sector's investor class, these disputes typically play out behind closed doors, with checkbooks rather than <a target="_blank" href="https://www.businessinsider.com/silicon-valley-political-divide-twitter-elon-musk-kamala-harris-2024-8">angry social media posts</a>.This election cycle, investors at the top venture capital firms have plowed tens of millions of dollars into the election, both backing their favored political candidates and just cannily promoting commercial interests.Business Insider trawled political donation data released by the Federal Elections Commission to see how employees at VC firms have donated by candidates and political entities as the hotly contested race enters its final phase.The data is limited, focusing only on a subjective grouping of 10 high-profile firms, and cutting off at varying points over the summer. More recent FEC donor data will be released in the days and weeks ahead of the November 5 general election, often the most turbulent time in any cycle.The sheer volume of donations captured in the FEC filings underscores the significance of the tech constituency in the political arena, how the Silicon Valley elite has embraced politics of late, and just how flooded by money modern American politics has become.<h3 id="dd94bff4-8a0b-4fe4-8f40-59db1deb3131">The big spenders</h3>For venture capitalists, talking politics can invite scrutiny — or worse, turn off founders seeking funds for what might be the next big thing. It's part of the reason why many firms won't take positions on political issues or push a candidate on their employees.While that hasn't stopped individual investors from voting with their dollars, many VC firms are quick to point out that donations do not represent the organization's political stance.Except when they do.Andreessen Horowitz, or a16z, is the sole firm in our dataset to make political contributions directly. In this election cycle, it contributed $47 million to groups working to elect blockchain-friendly candidates, including Fairshake, a titanic crypto-industry backed super PAC. The firm is all-in on crypto, investing in Solana and Yuga Labs, and launched a $4.5 billion investment fund focused on this area in 2022.While the names of the firm's founders, Marc Andreessen and Ben Horowitz, also appear on filings for donations to these groups, a16z says on its <a target="_blank" href="https://a16zcrypto.com/posts/article/contributing-to-fairshake-pac/">website</a> that these contributions come from the firm, not the founders personally. Though the distinction a16z draws between itself and its founders might be slightly artificial, given Andreessen and Horowitz created, own, and named the firm after themselves.For all the brouhaha about Andreessen and Horowitz putting <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-vcs-in-silicon-valley-2024-7">millions of dollars</a> behind Trump's latest bid for the White House and Horowitz hedging his bets with <a target="_blank" href="https://www.businessinsider.com/read-ben-horowitzs-email-a16z-saying-plans-donate-kamala-harris-2024-10">a planned donation to Harris</a>, the data shows the two are a rare breed among venture investors: relatively bipartisan donors.Horowitz sent roughly 59% of his personal political contributions to Republicans and a little under 40% to Democrats, while Andreessen more strongly favored Republicans this election cycle, with 64% of his donations.In the time period covered by the data, a16z even eclipsed Greylock, where outgoing partner and <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">Democrat megadonor</a> Reid Hoffman has personally pumped nearly $30 million in recorded donations into the presidential election and key congressional races.Investors at Founders Fund, which has backed SpaceX and Palantir, are nearly 100% Republican in donations, though the bulk of contributions came from Keith Rabois, who left the firm in January to rejoin Khosla Ventures. Employees of venerable firm Kleiner Perkins are the opposite, giving almost entirely to Democratic causes, as is the case for Y Combinator, the colossal startup accelerator.Like Andreessen Horowitz, Sequoia Capital is largely bipartisan. Unlike a16z, its biggest donors are largely split on party lines. Michael Moritz, who left the firm midway through last year and continues to serve as an advisor to Sequoia Heritage, its wealth management group, gives to Democrats, while Sequoia partner Shaun Maguire donates to Republicans.<h3 id="3ae3c5f1-4f98-4417-8e68-d3e367656034">Number-crunching</h3>When a candidate's campaign or other political entity receives political donations, they must report it either quarterly or monthly to the FEC, along with information about the donors, including the donor's employer. The federal agency processes these filings, before releasing them in a searchable format on its website.The data analyzed for this story cuts off on August 31 for entities that report donations on a monthly basis (including presidential campaigns, national party committees, and some PACs), while the cut-off for entities that report quarterly (including Congressional committees and some PACs) is June 30. (The filing deadline for Q3 data for quarterly filing entities was October 15, but this data isn't yet readily available in full online.)Business Insider selected 10 venture capital firms to focus on, taking into account fund size and cultural and industry significance. The list encompasses employees ranging from general partners and firm founders to marketers and executive assistants.The findings should not be interpreted as an exhaustive accounting of all venture capital investors' donations to date, but as a comparative analysis of how some of the industry's most significant players have approached political giving over the summer as the election heated up.Business Insider divided the recipients into three categories: Democrat-aligned, Republican-aligned, and unaffiliated — a grouping that includes both bipartisan groups like Fairshake and independents like West Virginia senator Joe Manchin, as well as organizations like The Lincoln Project, run by self-described Republicans but in practice supporting Democratic causes.<h3 id="383b71f4-35bb-4d3d-9fd8-a1daae48b9df">Hoffman vs. Horowitz</h3>Hoffman, the top individual donor, has developed a reputation as tech's Democratic Party standard-bearer. In this election cycle, records show his efforts include $2 million to help fund an <a target="_blank" href="https://www.forbes.com/sites/saradorn/2024/01/31/billionaire-reid-hoffman-spent-2-million-on-bidens-new-hampshire-write-in-campaign-fec-records-show/">unusual write-in effort</a> for President Joe Biden in New Hampshire, and millions to joint fundraising committees for Harris after Biden dropped out. Hoffman also <a target="_blank" href="https://www.nytimes.com/2023/12/05/us/politics/nikki-haley-reid-hoffman-donation.html">gave $250,000</a> to a super PAC supporting Nikki Haley, the last major candidate to challenge Trump for the Republican nomination.Most donors more closely resemble Hoffman than Horowitz: clearly partisan, with an overwhelming majority of their donations going to support one party.Vinod Khosla of Khosla Ventures is another of the biggest donors on the Democratic side of the aisle, with more than $3 million in recorded donations during the time period to recipients including the Democratic Congressional Campaign Committee and Harris' presidential campaign. Khosla's giving puts him just above John Doerr, chairman of Kleiner Perkins and architect of cleantech investing, though he hasn't managed funds for the firm in a decade.Sequoia Capital's Doug Leone is one of VC's most prolific GOP-aligned political donors, giving his almost $3.8 million to the National Republican Committee and other causes.The vehicle of choice for many of these donations is via super PACs, a controversial political fundraising tool that can raise unlimited funds — <a target="_blank" href="https://www.fec.gov/help-candidates-and-committees/candidate-taking-receipts/contribution-limits/">bypassing FEC limits on donations</a> to candidates and other committees — but cannot directly coordinate with candidates. Asides from Fairshake, some of the biggest super PACs out there favored by VC investors include Future Forward PAC, a tech billionaire-linked Democrat-supporting group, and <a target="_blank" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10">America PAC, a right-wing entity founded by Elon Musk</a>.Investors also gave to several joint fundraising committees, which take money for multiple candidates or organizations. They, too, became favored over the years because a joint fundraising committee allows candidates to rake in cash while sharing the costs of fundraising — think website hosting fees, high-end hotels, and catering for splashy Hamptons fundraisers. The most well-loved committees in our dataset were the Harris Victory Fund and Harris Action Fund, the joint fundraising efforts between the Harris campaign, the Democratic National Committee, and state Democratic committees.Reached for comment by Business Insider, none of the named investment firms agreed to make employees available for interviews about their political giving. Perhaps, from the donors' perspectives, they don't need to: They're already putting their money where their mouth is.Have a tip or a story? Connect with Melia Russell via email at <a target="_blank" href="mailto:mrussell@insider.com">mrussell@businessinsider.com</a> or by phone at (603) 913-3085. Reach Rob Price at <a target="_blank" class="" href="mailto:rprice@insider.com">rprice@businessinsider.com</a>. For sensitive matters, use the Signal app on a non-work device for encrypted messaging.

Venture capital is going to war over the election. Here's the data to prove it. 

<ul class="summary-list"><li>Insider is putting together a list of the best up-and-coming venture capitalists of 2024.</li><li>We want to spotlight US-based VCs who are skilled at dealmaking at both large and small funds.</li></ul>We are seeking nominations for Insider's yearly list of rising stars of venture capital, and we want to hear from you.Submit your suggestions below or <a target="_blank" rel=" nofollow" class="" href="https://forms.gle/NsfCPK2ruEfRs9Lg8">via this form.</a>We're looking for US-based venture capitalists who are working hard to find and fund the next big startups. These individuals may be early in their careers at big-name funds or managing young funds and wowing their peers in the industry.In the past, we've had people with various roles and experiences from VC funds like Founders Fund, Greylock Partners, Lightspeed Venture Partners, Tiger Global, and Spark Capital.Take a look at<a target="_blank" rel="" class="" href="https://www.businessinsider.com/rising-stars-venture-capital-tech-startups-2023-11"> our 2023 list here.</a>Note: Due to the large volume of applicants, we're unable to provide additional guidance on the selection process. Applications submitted after the deadline may not be considered.

Business Insider is seeking nominations for the 2024 rising stars of venture capital

<ul class="summary-list"><li>Donald Trump Jr. will not take on a White House role, opting instead for the VC firm 1789 Capital.</li><li>The firm, co-founded by Omeed Malik, funds conservative causes like Tucker Carlson's media venture.</li></ul>The venture capital firm that Donald Trump Jr. is reportedly joining eschews investments that push social and environmental issues and instead focuses on what it calls "EIG," or entrepreneurship, innovation, and growth.The Palm Beach, Florida-based firm, called 1789 Capital — the US constitution went into effect that year — has invested in Tucker Carlson's new conservative media venture, Substack, and BlinkRx, a prescription startup.The president-elect's eldest son — who had an <a target="_blank" class="" href="https://www.businessinsider.com/trump-family-then-and-now-photos-2024-11">active role in Donald Trump's presidential campaign</a> and is now on his transition team — told a group of supporters at a conference earlier this week that he would be joining 1789 as a partner, <a target="_blank" class="" href="https://www.nytimes.com/2024/11/11/us/donald-trump-jr-firm.html">The New York Times first reported</a>. Several people with knowledge of the matter also told <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-11-12/don-trump-jr-opts-out-of-white-house-to-join-1789-capital?cmpid=BBD111224_MKTDLY&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=241112&amp;utm_campaign=marketsdaily&amp;embedded-checkout=true">Bloomberg</a> of Trump Jr.'s plans.The firm was co-founded in 2022 by Omeed Malik — a former Bank of America executive who also founded boutique investment bank Farvahar Partners — alongside author and investor Christopher Buskirk.Malik, who once <a target="_blank" class="" href="https://www.businessinsider.com/trump-guilty-verdict-donors-backing-conviction-2024-5">co-hosted a Trump fundraiser that raised more than $10 million</a>, serves as the firm's president and Buskirk as its chief investment officer, according to its website. Both Buskirk and <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-political-contributions-by-name-for-trump-vs-harris-2024-8#omeed-malik-10">Malik donated to Trump's</a> 2024 presidential campaign, the Republican National Committee, as well as to other conservative causes and candidates, according to political donation <a target="_blank" class="" href="https://www.opensecrets.org/donor-lookup/results?name=omeed+malik&amp;order=desc&amp;sort=D">records</a>.The firm <a target="_blank" class="" href="https://www.1789capital.io/">bills itself</a> as "anti-ESG" — an acronym for companies that say they commit to certain environmental, social justice, and corporate governance-focused principles. One of 1789's areas of interest is in companies or industries that have faced negative effects of ESG, its website says. It also focuses on what it calls deglobalization, building out an economy that is parallel to the traditional one, and disrupting industries it deems weighed down by excessive bureaucracy. Like 1789 Capital, Trump Jr. has long been a proponent of the parallel economy, also called the "patriot economy," a term used by MAGA conservatives to refer to businesses that align with their traditional values.And Trump Jr.'s connection to Malik, the president of 1789 Capital, includes the pair's mutual support of a parallel economy platform called PublicSquare.Both <a target="_blank" class="" href="https://time.com/6317479/bud-light-boycott-maga-economy-donald-trump-jr/">Malik</a> and <a target="_blank" class="" href="https://www.msnbc.com/opinion/msnbc-opinion/maga-amazon-alternative-publicsquare-rcna127418">Trump Jr.</a> have been investors in and <a target="_blank" class="" href="https://www.publicsquare.com/events/town-hall">vocal supporters</a> of PublicSquare, an online shopping marketplace similar to Amazon that <a target="_blank" class="" href="https://investors.publicsq.com/overview/default.aspx#:~:text=Corporate%20Overview,both%20consumers%20and%20business%20owners.">bills itself as a place to connect</a> Americans to "businesses that value life, family, and freedom." In order to use the platform, businesses have to commit to <a target="_blank" class="" href="https://support.publicsquare.com/en/articles/6746843-what-values-do-the-businesses-on-publicsquare-have-to-share">PublicSquare's core values</a>, which include the "sanctity of every life," "the family unit," "freedom and truth," and adherence to the US Constitution.Malik and Trump Jr. together rang the New York Stock Exchange's ceremonial opening bell on the day the company went public in 2023, <a target="_blank" class="" href="https://time.com/6317479/bud-light-boycott-maga-economy-donald-trump-jr/">Time Magazine reported</a> at the time. Malik didn't return a request for comment from BI.As for 1789 Capital's own investments, the firm has contributed $15 million to the Tucker Carlson Network, the conservative commentator and former <a target="_blank" class="" href="https://www.businessinsider.com/tucker-carlson-raise-millions-new-media-company-neil-patel-report-2023-7">Fox News host's new media venture</a>, according to VC database PitchBook.On its website, the firm doesn't tout its specific investments but does offer a broad list of industries it's interested in, including consumer, fintech, healthcare, B2B SaaS, tech-enabled services, software, infrastructure, energy, and special situations.Representatives for Trump Jr. through the Trump Organization and the Trump transition team didn't respond to a request for comment from BI. Buskirk also didn't respond to requests for comment from BI, nor did the company's chief operating officer, Jordan Cohen.

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