Paul Singer speaks softly and carries a big stick. After 35 years in the hedge fund business, his Elliott Management oversees $16 billion in assets and he has accumulated a personal fortune in excess of $1 billion. Although he rarely grants interviews and tries his best to stay out of the press, this is a guy you don’t want to cross. Mr. Singer’s signature investment move is to buy distressed debt cheaply and sell it at a profit or sue for full payment. (He practically declared war on Argentina for its refusal to honor $1.2 billion in sovereign debt.) Paul Singer also generously backs Republican candidates and contributes to GOP super PACs. The longtime Republican supporter is also bankrolling campaigns in support of same-sex marriage—with a notable record of success, especially in New York. In total, he has raised and contributed more than $10 million on the issue.
Is Paul Singer going to move the Republican Party toward the mainstream on the same-sex marriage front? His American Unity super PAC could do exactly that. On the other hand, the GOP is so far away from Mr. Singer on this issue that a lot of the PAC’s money is expected to be spent protecting Republican candidates who support gay marriage.