Same-Sex Marriage & Private Equity

Photograph by Gretchen Ertl/The New York Times via Redux

Rep. Barney Frank, center, walks down the aisle with his husband, Jim Ready, during their wedding ceremony in Newton, Mass., on July 7, 2012.

Democrats such as Barney Frank, the retiring congressman from Massachusetts who recently celebrated his wedding with Jim Ready, aren’t the only ones promoting gay marriage as a political cause.

The campaign for ballot measures in Maine, Maryland, Minnesota and Washington has drawn backing from Paul Singer, a hedge fund billionaire, and Cliff Asness, founder of AQR Capital Management, the Financial Times reports.

Dan Loeb, an investor who recently shook up management at Yahoo, and Seth Klarman, founder of Baupost, a private equity group, also have contributed money to Freedom to Marry, a non-profit group working on the legalization of same-sex marriage, the FT reports. They’re also backing American Unity, a super-PAC started by Singer supporting Republican congressional candidates who support marriage equality.

Ken Mehlman, a partner at KKR, the private equity group – and a former chairman of the Republican National Committee – also is backing the same-sex marriage campaign.

“Supporting the right of adults to marry the person that they love is consistent with Republican and conservative principles,” Mehlman told the FT. “A party that ignores reality and demographic change is a party that loses a lot of elections and becomes less relevant.”

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