New Jersey Dem Invests in His Donors’ Private Equity Firm
Josh Gottheimer bought KKR stock two days before receiving tens of thousands in donations from the firm's executives.
New Jersey Democratic Rep. Josh Gottheimer purchased stock in a private equity firm in May, two days before his fundraising committee received more than $42,000 from its executives.
According to a financial disclosure, on May 10, Gottheimer bought up to $15,000 worth of stock in Kohlberg Kravis Roberts (KKR), one of the largest private equity companies in the world. On May 12 and May 19, Gottheimer’s joint fundraising committee with Rep. Steven Horsford (D-Nev.) received a combined $85,400 from KKR executives, making up nearly all of the $92,000 the committee reported to the Federal Election Commission on a pre-primary disclosure. Among the donors were co-heads of global private equity Pete Stavros and Nate Taylor, as well as Chief Operating Officer Ryan Stork and Global Head of Infrastructure Raj Agrawal.
On June 10, S&P Dow Jones Indices announced that KKR’s stock would be added to the S&P 500 Index later that month, news that triggered a more than 10 percent rise in its value. KKR is not a common stock for members of Congress to buy. According to information from the Capitol Trades website, only two other members have bought it since 2021.
Asked about the stock purchase, a spokesperson for Gottheimer told Sludge his investment decisions are handled by a third party.
“Prior to taking office, Congressman Gottheimer turned over management of his retirement savings and investments to a third party, who has full investment discretion,” the spokesperson said. “Throughout his time in Congress, decisions related to his managed investments have been made at the direction of that third party.“
