Miami mayor’s reelection bid breaks $3.5M in fundraising as hedge funds give big

Miami Mayor Francis Suarez raised $1 million in political contributions in May — a massive haul fueled by supporters in private equity, real estate interests and a six-figure check from his new boss.

Two political committees affiliated with Suarez reported $1,027,480 in contributions last month — Suarez’s biggest yield yet — putting his fundraising total at about $3.7 million six months before the November election. Since January, a string of investors, tech executives, and local real estate development interests have pumped large sums into the mayor’s reelection bid every month.

Campaign finance reports posted on Thursday show that in May, the largest single contribution of $150,000 came from Joseph DaGrosa, chairman of Miami-based private equity firm DaGrosa Capital Partners — the firm that recently hired Suarez as a senior operating partner. DaGrosa, whose investments are primarily in soccer companies, was one of Suarez’s former clients when the mayor, a real estate attorney, worked at Greenspoon Marder.

DaGrosa gave to Suarez’s political committee, Miami For Everyone, which has received the bulk of the mayor’s political contributions so far. Two other donors each made six-figure donations to a new political committee that opened in May to support Suarez’s re-election, Miami Good Government Initiative.

Hedge fund executive Daniel Sundheim, founder of D1 Capital Partners, contributed $100,000. Sundheim’s firm recently signed a 10-year lease for office space in Coconut Grove. Orlando Bravo, known as the first Puerto Rican billionaire and founder of private equity firm Thoma Bravo, also gave the committee $100,000.

Across both committees, a range of donors gave $50,000 each. That list includes New York hedge fund manager Daniel Loeb, CEO of Third Point LLC; Venture capitalist Bradley Tusk, an advocate for mobile voting; Alex Keyner, CEO of ABK Capital; and Steven Price, co-founder of investment firm 25Madison and minority owner of the Atlanta Hawks.

Suarez’s promotion of cryptocurrency has also attracted political support. Blockchain mogul Brock J. Pierce, a former child actor, contributed $25,000.

Local beach concessionaire Steven Boucher and Miami developer Moishe Mana’s company each gave $25,000.

The donor list includes many smaller contributions from attorneys, real estate professionals and construction interests.

Suarez is running for a second term as Miami’s mayor, a position with limited power to govern the city’s daily operations. The mayor has to lobby city commissioners to push his legislative agenda.

Two political newcomers have so far filed to run against Suarez: Maxwell Martinez and Anthony Melvin Dutrow. The qualifying period for the election is in September.

Neither political committee supporting Suarez is obligated to spend money on his reelection campaign. In the past, Suarez has used leftover money from political committees to fund other campaigns, including a 2018 ballot initiative to make himself the city’s top administrator. Voters rejected the proposal in a referendum.