Tom Wolf, a Democratic candidate for Pennsylvania governor, says some of the $10 million that he gave to his campaign was from a bank loan.
Wolf made the acknowledgment in a Philadelphia Inquirer report Friday, saying he had lacked the entire $10 million after investing his available cash to save his building materials company from shutting down in 2009.
The Inquirer also reported that Pennsylvania’s State Employees Retirement System is the largest investor in the Weston Presidio V buyout fund that has invested $41 million in Wolf’s company starting in 2006.
Weston Presidio says the retirement system invested $50 million in the $1 billion fund. Weston Presidio estimates that its investment in Wolf’s company is now worth $22 million, after saying the company had no resale value in 2009.