Blackstone chief executive Steve Schwarzman was one of the leading donors to US President Donald Trump’s super political action committee (PAC) in the second half of 2025.
Schwarzman contributed $5m (£3.7m) to the super PAC, named MAGA Inc., according to a Bloomberg report which cited a filing with the Federal Election Commission.
Key figures in artificial intelligence, cryptocurrency and finance made donations to the committee, bringing the total raised to $102m in the second half of 2025.
Read more: Inside the new architecture for private credit in 401(k)s
Greg Brockman, OpenAI president and co-founder, contributed $25m, while Foris DAX Inc., the operator of the Crypto.com exchange, donated $20m and private equity investor Konstantin Sokolov contributed $11m.
Venture capitalist Asha Jadeja and healthcare investor Benjamin Landa were also among the donors, each reportedly giving $5m.
The donations come as private credit is expected to benefit in the US following President Donald Trump’s August executive order allowing greater access to alternative assets, including private credit, within 401(k) retirement accounts.
Read more: Private credit: The missing piece in 401(k) portfolios?
Since being elected in 2024, Trump’s super PAC, three leadership PACs and the Republican National Committee have together raised more than $500m, aiming to support Republican efforts ahead of the 2026 midterm elections.
Building up the president’s funds will be critical for the 2026 midterms, where all 435 House seats and 33 Senate seats are up for election. Midterms traditionally see the president’s party lose seats in the House.
