VenturePAC, the political action committee managed by the National Venture Capital Association, is one of the most bi-partisan business-oriented PACs in Washington, D.C., which is to say that it only gives about two-thirds of its money to Republican Party candidates. This means that its post-election wounds in the aftermath of last week’s election aren’t life-threatening, but they are noticeable.
VenturePAC supported 176 federal candidates running for office in the 2005-2006 cycle, according to data compiled from the Federal Election Commission disclosure database. Of those, 123 were Republicans, while 52 were Democrats.
A total of 30 of their 176 supported candidates lost in the Nov. 7 election, and all of them were Republicans. This includes Sen. George Allen (R-VA), who conceded defeat late last week to former Navy Secretary Jim Webb (D) in the tight Virginia Senate race. VenturePAC only supported even losing candidates in the 2004 election.
In all, VenturePAC spent about $120,000 on its losing candidates this year, compared to nearly $580,000 on its winners. It also spent significantly more on GOP-friendly political action committees than it did on Democratic ones. —Dan Primack