Key Takeaways
- • New Leaders 2024 super PAC formed to support No Labels' third-party presidential ticket with $2 million in initial commitments and expectations to raise up to $300 million.
- • Andrew Fishman, president and COO of hedge fund Schonfeld Strategic Advisors, serves as treasurer of the super PAC; Schonfeld laid off 150 employees (15% of staff) in November 2023 following failed partnership negotiations.
- • No Labels operates through a "dark money" 501(c)(4) nonprofit that does not disclose donors, while its political entities have been predominantly funded by corporate executives and billionaire investors including hedge fund co-founder Howard Marks and Bain Capital principals.
- • The super PAC's political adviser is a Republican strategist whose former firm provided union avoidance services to large corporations, raising governance and structural questions about the organization's backing.
- • In 2023, No Labels PACs were used by major institutional investors to funnel contributions to congressional members, demonstrating the political network's reach into established campaign finance channels.
Summary
A newly formed super PAC called New Leaders 2024 has been established to support a potential third-party presidential ticket from No Labels, a bipartisan political organization. According to the New York Times, the super PAC has secured $2 million in commitments and projects raising up to $300 million to fund the initiative. The organization stated in a formal filing that it would support "the election of a No Labels Unity Ticket, should one be named in the coming weeks."
Andrew Fishman, identified as a Democrat with a business background, serves as the super PAC's treasurer. Fishman holds the position of president and COO at Schonfeld Strategic Advisors, an investment company founded in 1988 that incorporates hedge fund strategies. Fishman joined Schonfeld in 2004. In November 2023, Schonfeld Strategic Advisors conducted a substantial workforce reduction, eliminating approximately 150 positions—representing 15% of its total staff—primarily in non-investment roles such as information technology teams, following the collapse of discussions around a potential strategic partnership.
No Labels' funding structure relies heavily on undisclosed donor networks. The organization operates through a primary "dark money" 501(c)(4) nonprofit entity that is not required to reveal its funding sources. A political organization established by No Labels in 2022 for its presidential initiatives has been overwhelmingly capitalized by corporate executives. During 2023, prominent investors including hedge fund co-founder Howard Marks and private equity executives from Bain Capital utilized No Labels PACs as vehicles to direct contributions to sitting members of Congress, demonstrating the organization's integration into institutional investment and political networks.
The super PAC's political advisory structure includes a Republican strategist whose previous firm specialized in providing union avoidance services to large corporations. This staffing choice has raised questions regarding the organizational composition and underlying interests of the No Labels political infrastructure. The formation of New Leaders 2024 represents a significant expansion of No Labels' financial and operational capacity to execute a third-party presidential strategy in 2024.
Andrew Fishman, identified as a Democrat with a business background, serves as the super PAC's treasurer. Fishman holds the position of president and COO at Schonfeld Strategic Advisors, an investment company founded in 1988 that incorporates hedge fund strategies. Fishman joined Schonfeld in 2004. In November 2023, Schonfeld Strategic Advisors conducted a substantial workforce reduction, eliminating approximately 150 positions—representing 15% of its total staff—primarily in non-investment roles such as information technology teams, following the collapse of discussions around a potential strategic partnership.
No Labels' funding structure relies heavily on undisclosed donor networks. The organization operates through a primary "dark money" 501(c)(4) nonprofit entity that is not required to reveal its funding sources. A political organization established by No Labels in 2022 for its presidential initiatives has been overwhelmingly capitalized by corporate executives. During 2023, prominent investors including hedge fund co-founder Howard Marks and private equity executives from Bain Capital utilized No Labels PACs as vehicles to direct contributions to sitting members of Congress, demonstrating the organization's integration into institutional investment and political networks.
The super PAC's political advisory structure includes a Republican strategist whose previous firm specialized in providing union avoidance services to large corporations. This staffing choice has raised questions regarding the organizational composition and underlying interests of the No Labels political infrastructure. The formation of New Leaders 2024 represents a significant expansion of No Labels' financial and operational capacity to execute a third-party presidential strategy in 2024.
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