* This is just a taste of a very well-researched and clearly written story by Rick Pearson. Lots of stuff in here, so go read it…
In launching his candidacy for the Republican nomination for governor, 37-year-old political unknown Jesse Sullivan has touted his background as a venture capitalist as a key pillar of his campaign.
But public records show the entity Sullivan has described as a “venture capital firm,” Alter Global, was created in February 2016 as a tax-exempt charity. Alter Global made limited financial investments and was heavily dependent on cryptocurrency for its funding.
It wasn’t until January of last year that Sullivan created a more traditional for-profit venture capital firm, the similarly named Alter Global LLC, with more than two dozen investments, largely in developing countries, none in Illinois.
“I’ve been a venture capitalist. The other one I would not list as venture capital,” Sullivan said of his initial Alter Global nonprofit venture. “I’d list it as an entrepreneurial support organization, nonprofit.”