Millions of dollars for the Trump campaign were raised by JD Vance's Wall Street allies.

• Over the past decade, Ohio Sen. JD Vance has developed close ties with a specific set of Wall Street executives.
• Since Vance joined the ticket in July, the Trump campaign has raised millions of dollars with the help of these allies.
• Vance, a populist, frequently attacks Wall Street and the banking sector, yet his backers remain unbothered and some even share his views.

In contrast to his running mate, former President Donald Trump, Sen. JD Vance of Ohio has established a network of allies on Wall Street over the past decade.

Vance's supporters are rallying to aid him in raising vast sums of money for his campaign with Trump.

On Thursday, Vance will host two fundraisers in New York City, each expected to raise over $1 million for Trump's presidential campaign.

The breakfast event, hosted by Scott Bessent, Jonathan Burkan, Howard Lutnick, and Norm Champ, is a minimum of $10,000 per plate and requires a donation of $50,000 per couple to attend.

A Trump campaign lunch is being hosted by investor Keith Rabois, Palantir advisor Jacob Helberg, and Burkan, with ticket prices ranging from $25,000 to $250,000 per couple.

"J.D. Vance has demonstrated a strong dedication to promoting policies that benefit American workers and businesses, according to Champ, who spoke to CNBC. His emphasis on economic revitalization and creating growth opportunities aligns with values that many, including Champ, support."

Vance is a leader who prioritizes the needs of the American people, and I plan to continue supporting him in the future.

Sander Gerber, CEO of Hudson Bay Capital, is another notable supporter of Vance.

During the 2022 midterm elections in New York, two men met for the first time.

CNBC reported that Gerber was impressed by the Ohio Republican's memoir, "Hillbilly Elegy," which details his difficult childhood, and the Netflix biopic based on the book, released in 2020.

Vance may headline a campaign fundraiser hosted by Gerber later this fall, as Gerber stated he is open to the idea.

He stated that he is a big fan of JD and will do everything in his power to assist him.

Wall Street relationships

After the November 2016 presidential election, Vance had his first interaction with Wall Street by headlining a lunch in New York to discuss his newly published memoir.

Several senior figures from the company were present, as confirmed by a former executive who granted anonymity to speak about private matters.

In the following year, Vance attended the renowned Allen & Company business conference in Sun Valley, Idaho, where he networked with leaders from diverse industries, including Wall Street. The relationships he formed proved beneficial when he decided to run for the Senate seat of retiring Ohio Republican Sen. Rob Portman.

According to sources, John Underwood, a managing director at Goldman Sachs for many years, urged his associates to back and contribute funds to Vance's Senate campaign.

Vance initially met Underwood after the publication of "Hillbilly Elegy," and later participated in a Goldman Sachs fireside chat in Washington, discussing his book.

Steve Case, a co-founder of AOL and CEO of investment firm Revolution, also participated in the discussion. Vance worked at Revolution for about a year before leaving in 2019. The fireside chat took place some time after Vance had already left the firm, although the exact date was unclear.

In the 2022 Senate campaign, Vance secured the highest amount of funds from the securities and exchange industry, with over $650,000 in donations, surpassing all other professional industries. Despite this, he still won the race by six points.

Since Trump selected Vance as his running mate in July, Underwood has been receiving inquiries from business leaders about the junior senator from Ohio who could potentially become vice president, according to sources.

A source close to the calls stated that Underwood praises Vance as a suitable candidate for Trump's vice president, citing his impressive performance.

Omeed Malik, president of 1789 Capital, and Emil Henry, CEO of Tiger Infrastructure Partners, are among the financiers who have helped Vance raise campaign cash for his Senate run and the Trump political operation, according to sources and OpenSecrets data.

Henry, a former assistant Treasury secretary in the Bush administration, was among the guests at an Aug. 25 fundraiser for the Trump campaign where Vance was the guest of honor.

The event, held at the palatial house of New York Jets owner Woody Johnson, was attended by Bessent and investor Ted Virtue, along with other attendees who told CNBC that top tickets went for $50,000 and the event raised over $1 million, despite a limited guest list.

On August 25, a second fundraiser was held at Clifford Sobel's home, who is the managing partner of Valor Capital Group, with Vance in attendance.

Richard Kurtz, a real estate executive and billionaire, stated that Vance spoke to a crowd of approximately 100 people. He emphasized that the Trump campaign would require "hundreds of millions of dollars" to match Vice President Kamala Harris's fundraising momentum.

Vance's statement was genuine. The Harris campaign revealed that they raised $361 million in August, which is more than double the $130 million Trump's team collected in the previous month.

The second Hamptons fundraiser was hosted by a group of financial executives, including Malik, John Paulson, and Reuben Jeffery III, who is the former president of Rockefeller & Co. The invitation stated that tickets cost up to $50,000.

Unlikely allies

Despite Vance's criticism of the financial industry, a small but loyal base of support for him on Wall Street has grown over the years, according to interviews with over half a dozen people familiar with the matter.

During the Republican National Convention in Milwaukee in July, the Ohio Republican's stance against Wall Street was prominently showcased.

"In his nomination acceptance speech, Vance stated that Wall Street barons were responsible for the economic crash and American builders went bankrupt. He declared that they were finished catering to Wall Street and would prioritize the working man."

A spokesman for Vance did not return a request for comment for comment.

Vance is viewed as one of the more populist members of the Senate Banking Committee in Washington. He has also aligned himself with Democrats to advocate for stricter accountability for bank leaders, including a bill that grants federal regulators the power to recover bank executives' pay if their institutions fail.

Despite Vance's support for Lina Khan's antitrust enforcement and stricter merger rules, not all of Wall Street has been deterred from him.

"One longtime investor in smaller companies stated, "I'm with JD and I like stopping M&A activity. We're about innovation, and I want my companies to succeed.""

Hudson Bay Capital's Gerber concurs with Vance on the need for increased regulation in the banking industry.

Gerber stated that the banking sector requires transformation due to the inadequate and excessive regulation of certain things.

Vance's criticism of the banking sector doesn't faze Kurtz, as he believes there are problems in every industry, including Wall Street.