Big money rolls in as Virginia’s 2025 statewide contests take shape
Republican Pat Herrity and Democrat Levar Stoney topped their rivals in first quarter fundraising in Virginia’s race for lieutenant governor, according to new campaign finance reports.
The filings for statewide candidates, published by the Virginia Public Access Project, also show interest groups trying to make their mark, with donations tied to key issues such as electronic skill games and energy policy.
Candidates in the statewide elections for governor, lieutenant governor and attorney general filed their first-quarter campaign finance reports by the state’s Tuesday night deadline, revealing how much money they raised and spent between Jan. 1 and March 31 — and who’s pulling ahead in the race for campaign cash. In a June 17 primary Virginians will pick each party’s nominee for lieutenant governor and the Democratic nominee for attorney general.
In the lieutenant governor’s race, two Republicans and six Democrats are vying for their parties’ nominations.
Herrity, a Republican Fairfax County supervisor, raised the most: $540,273 in the first quarter. Herrity’s campaign has broad-based support.
Herrity received some of his largest donations in the period from notable figures in construction and development. He received $50,000 from Jon M. Peterson, CEO of Peterson Companies, a real estate company in the Washington area.
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He received $25,000 from Cecil Pruitt Jr., founder of a construction and property management company based in Fairfax, and an additional $25,000 from Building a Remarkable Virginia PAC, which advocates for the construction industry. Herrity also received $25,000 from Basim Mansour, owner of Michael & Son Services, an electrical, plumbing and remodeling business.
Herrity’s opponent in the Republican primary, longtime Richmond radio host John Reid, raised $178,110, including a $10,000 in-kind contribution from himself.
Reid received $10,000 each from Thomas “Teddy” Gottwald, chairman and CEO of Richmond-based NewMarket Corporation and a vice president of Virginia Military Institute’s Board of Visitors; Donna Dean Stevens, widow of country music star and sausage entrepreneur Jimmy Dean; and Robert Hargett, founder and principal of The Rebkee Company, a Richmond-based real estate development and investment firm.
Herrity had $335,067 in cash on hand as of March 31 and Reid had $90,990.
Dems for LG
Among the six Democrats vying for their party’s nomination in the lieutenant governor’s race, Stoney, the former Richmond mayor, raised the most in the first quarter: $428,802.
Stoney’s top donor during this cycle was Thomas McInerney, president and CEO of Richmond-based Genworth Financial, who contributed $30,000.
Stoney also received $25,000 from Pace-O-Matic, an operator of electronic skill games that has been fighting for their legalization in Virginia. A renewed push to end the state’s ban on the slot machine-like skill games died during the General Assembly session.
In 2024, Gov. Glenn Youngkin accused Pace-O-Matic of a breach of faith after it introduced a variation of its Queen of Virginia game that does not require a direct deposit of money but still allows a player to wager funds. Attorney General Jason Miyares said the machines were still illegal under Virginia law. He called Pace-O-Matic’s changes, which allowed bettors to pay a cashier who then unlocks the device so it can be played, an evasion of the state’s ban on the games.
Stoney, Richmond’s mayor from 2017 to Jan. 1 of this year, also received $10,000 in the period from the Common Good Virginia PAC, which is associated with his political mentor, former Gov. Terry McAuliffe. Stoney served as Secretary of the Commonwealth in McAuliffe’s administration from January 2014 to April of 2016. Stoney also co-chaired McAuliffe’s 2021 gubernatorial campaign in which McAuliffe lost to Youngkin.
Sen. Aaron Rouse, D-Virginia Beach, raised $399,319 in the first quarter – $80,000 coming from his Senate campaign which he transferred over to his lieutenant governor campaign. Rouse received $60,000 from Our States Matter PAC, which helps Democrats compete in down-ticket contests.
In 2024, Rouse introduced legislation Youngkin vetoed to legalize electronic skill games. In the latest reporting period Rouse continued to receive contributions from backers of skill games, including $20,000 from VA Operators for Skill and $20,000 from Republic Amusements.
Coming in third among Democratic candidates for lieutenant governor in money raised in the first quarter is Dr. Babur Lateef, an eye physician and chair of the Prince William County School Board. He raised $398,259, with $17,300 coming from himself.
Lateef received a total of $30,000 in the period from Robert Hardie, co-chairman and CEO of H7 Holdings, LLC, and Level One Partners, LLC. Hardie is rector of the University of Virginia’s Board of Visitors.
Sen. Ghazala Hashmi, D-Chesterfield, raised $305,871 in the first quarter, with $42,500 coming from her campaign committee and $3,500 in in-kind contributions coming from herself.
Hashmi received $75,000 in the period from Sonjia Smith, a Charlottesville philanthropist and megadonor who is married to Michael Bills, founder of Clean Virginia.
Hashmi, the first Indian American and the first Muslim woman to serve in Virginia’s Senate, received $30,000 in the period from the Indian American IMPACT fund.
Union official Alex Bastani gave his campaign $130,000 and received $4,137 in contributions.
The Department of Elections said former federal prosecutor Victor Salgado, who is running for the Democratic nomination for lieutenant governor, filed his report past the 11:59 p.m. deadline and it will be publicly available on Thursday morning.
State law bars candidates who are legislators — like Rouse and Hashmi — from raising money during the legislative session, which lasted from Jan. 8 to Feb. 22.
Rouse had the most cash on hand as of March 31, with $925,949, followed by Hashmi at $655,869.
Attorney General
Dominion Energy and Clean Virginia — two of the most powerful donors in Virginia politics — are taking sides in the Democratic primary for attorney general.
Former Del. Jay Jones raised $931,242 and his opponent, Henrico County Commonwealth’s Attorney Shannon Taylor, raised $534,275 in the reporting period.
Taylor’s top donation was $50,000 from the Dominion Energy PAC. Jones received $150,000 from Clean Virginia, which says its mission is to advance clean government and clean energy by fighting utility monopoly corruption in Virginia politics. Clean Virginia does not donate to candidates who accept money from Dominion Energy.
Taylor also received $30,000 in contributions during the period from Ronald D. Abramson, a lawyer with the firm of Buchanan Ingersoll & Rooney.
Jones also received $10,000 from Pace-O-Matic.
Incumbent Attorney General Jason Miyares, the Republican nominee, raised $1.5 million in the first quarter. His top donation was $150,000 from the Dominion Energy Political Action Committee. He also received $25,000 from Reginald Brown, who served as assistant secretary of the Army from 2001 to 2005.
Governor’s race
As the Richmond Times-Dispatch first reported, former Rep. Abigail Spanberger, D-7th, raised $6.7 million for her campaign for governor in the first three months of the year, more than doubling the $3.1 million first-quarter funding haul of Lt. Gov. Winsome Earle-Sears, the Republican nominee.
Spanberger’s top donation in the period was $500,000 from VoteVets Federal PAC, a group whose main goal is to advocate for issues that impact troops, veterans and their families. Her second biggest donation was $250,000 from the American Federation of State County and Municipal Employees, the largest public service employee union in the U.S.
Earle-Sears’ top donation was $300,000 from Thomas Peterffy, a billionaire who is the founder and largest shareholder of Interactive Brokers. She also received a $50,000 donation from Kevin McCarthy, former Speaker of the House of Representatives.
Anna Bryson (804) 649-6922