Kashkari: $4 million raised for campaign, half from himself

Republican Neel Kashkari of Laguna Beach has collected just over $4 million for his gubernatorial campaign, nearly half of it from his own pocket, according to a finance report that he filed with the state Thursday.

The former investment banker and assistant U.S. Treasury secretary reported $1.4 million in cash on hand as of May 17. It’s a small sum for a California governor’s race – enough to sustain minimal TV advertising and targeted mail to voters.

But Kashkari’s top GOP rival, Assemblyman Tim Donnelly of Twin Peaks, was in worse financial shape for the June 3 primary. He reported Thursday that he had raised just over $447,000 from Jan. 1 through May 17, leaving his campaign with $70,015 in cash on hand.

“Neel is the only Republican candidate in this race with the resources to communicate with voters in these final days before June 3, and with recent polls confirming significant growth in Neel’s support, we are confident he will ultimately win on Election Night,” Kashkari campaign manager Pat Melton said in a written statement.

A poll released Wednesday by the Public Policy Institute of California found 48% of likely primary voters favor Democratic incumbent Jerry Brown, followed by 15% for Donnelly and 10% for Kashkari. Regardless of party, the candidates who finish first and second in the primary will compete in the November election.

Brown has had more success in raising money. Earlier this week, he reported nearly $21 million on hand.

Many of Kashkari’s contributions came from donors at financial firms, including Morgan Stanley, Capital One, the Carlyle Group, Leach Capital Corp., Baron Equities and Goldman Sachs, where he worked from 2002 to 2006.

But Kashkari’s $2 million in personal donations were by far the largest.