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The Tribune takes a look at Jesse Sullivan’s background

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Illinois

* 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.”

posted by Rich Miller
Friday, Oct 15, 21 @ 1:26 pm

Comments

“entrepreneurial support organization, nonprofit”…is that a legit term or another one of his “I didn’t serve in combat but lead combat missions” vernacular?

Comment by GatewayGopher Friday, Oct 15, 21 @ 1:31 pm
I’m not a finance guy, so explain it to me: Which one does the money-making, and which one does the laundering?

Comment by Roadrager Friday, Oct 15, 21 @ 1:32 pm
Do any of this goof’s biographical claims hold up to scrutiny?

– MrJM

Comment by MisterJayEm Friday, Oct 15, 21 @ 1:34 pm
Even Sullivan’s phony is phony.

Sullivan is consistent in misinformation

Comment by Oswego Willy Friday, Oct 15, 21 @ 1:36 pm
“Sullivan is consistent in misinformation”

Which means he fits in perfectly with today’s Republican party.

Comment by Steve Rogers Friday, Oct 15, 21 @ 1:40 pm
Combat leader, venture capitalist, Tinker, Tailor, Soldier, Spy…Governor?

Comment by Dotnonymous Friday, Oct 15, 21 @ 1:43 pm
His initial launch trumpeted 11m in donations. What I thought odd was I don’t think any were from himself. In the long run it won’t matter. He can’t win

Comment by Galway Bay Friday, Oct 15, 21 @ 1:51 pm
It would be interesting to see the financial records for the two entities and to hear some testimonies from the companies they supposedly helped out.

Comment by Nick Nombre Friday, Oct 15, 21 @ 1:54 pm
From the Tribune:

“Sullivan said a nonprofit subsidiary was created to make direct cash investments, allowing a financial return to the charity if it was successful. But the subsidiary, Alter Investments, never made an investment and Sullivan said it should have been closed.

An IRS statement showing Alter Investments as the vehicle that invested $250,000 in a Bangladesh startup was a “scrivener’s error,” Sullivan’s campaign said. The Bangladesh investment, Sullivan said, was from another entity which he said he incorporated in Delaware, Alter Global SPV 1.

Alter Investments is not in good standing with the California Department of Justice for failing to file copies of its tax returns with the agency. Sullivan said fees and penalties will be paid before the entity is closed.”

So Sully wants to run the state like a business, but presumably not like he ran his business.

Comment by 47th Ward Friday, Oct 15, 21 @ 1:55 pm
===It would be interesting to see the financial records for the two entities and to hear some testimonies from the companies they supposedly helped out.===

It’s a feature, not a bug we don’t know already.

Comment by Oswego Willy Friday, Oct 15, 21 @ 1:57 pm
The Manufactured Candidate.

Comment by Tear One Friday, Oct 15, 21 @ 1:58 pm
his campaign is a venture, we are all capitalists, but he is designing things to profit as a not for profit.

Comment by Amalia Friday, Oct 15, 21 @ 2:07 pm
== venture capitalist==
Shouldn’t that be on the list of banned words?
I know I cringe whenever I hear it.

Comment by Bruce( no not him) Friday, Oct 15, 21 @ 2:07 pm
So when I see Sullivan signs in yards, I can just conclude “duped,” right?

Comment by H-W Friday, Oct 15, 21 @ 2:07 pm
Don’t real candidates for high profile office do opposition research on themselves? Is he just dumb or does he think he is so special that no one would check? Either one is disqualifying to me. Why can’t we have candidates in hat work their way up and have a track record?

Comment by DuPage Saint Friday, Oct 15, 21 @ 2:14 pm
DuPage.

Number One, Yes
Number Two, Probably Not
Number Three, Probably Yes

Comment by Give Me A Break Friday, Oct 15, 21 @ 2:21 pm
——-
entrepreneurial support organization, nonprofit.
——-

going on my business card.

Comment by dan l Friday, Oct 15, 21 @ 2:43 pm
Lucky that he is so sloppy otherwise the ILGOP might buy his story like they bought Rauner’s. Elected office is the only job in the country where the fewer qualifications you have, the more people like it.

Comment by 47th and Lake Park Friday, Oct 15, 21 @ 3:06 pm
Once again Sullivan proves that he’s not ready for prime time.

Comment by Shytown Friday, Oct 15, 21 @ 3:10 pm
==a nonprofit subsidiary was created to make direct cash investments, allowing a financial return to the charity if it was successful.==

Reminds me of a priest who stole from the collection plate to gamble.

Comment by Jocko Friday, Oct 15, 21 @ 4:16 pm
Exhibit #62,701 for Governor is not an entry-level position.

Comment by The Ford Lawyer Friday, Oct 15, 21 @ 4:23 pm