Potential Democratic contenders for the 2028 presidential nomination have started building donor networks on Wall Street through private dinners and listening sessions, well ahead of the primary race expected to ramp up after November's midterm elections.

A newly formed group of prominent Wall Street executives has hosted these sessions with Democrats weighing presidential bids, including Sen. Mark Kelly of Arizona, former Chicago Mayor Rahm Emanuel, Kentucky Gov. Andy Beshear, and Pennsylvania Gov. Josh Shapiro. The group includes Centerview Partners co-founder Blair Effron, SSW Partners partner Joshua Steiner, former Treasury Secretary Timothy Geithner, now chairman of Warburg Pincus, Blackstone Vice Chairman Tom Nides, and former Oracle President Charles Phillips. They have met since late last year to discuss the 2028 field and introduce younger financiers to candidates while aiding fundraising efforts.

These outreach efforts come despite progressive Democrats' frequent criticism of Wall Street and wealth concentration, as the finance industry remains a vital funding source for the party. Similar donor meetings are underway in Silicon Valley and other U.S. wealth centers.

Specific encounters highlight the early positioning. In early April, Emanuel met four veteran investors, including hedge-fund manager John Petry and Boykin Curry, a former managing director at Eagle Capital, over boxed lunches in a Midtown Manhattan office. Emanuel pitched his potential run by citing declining favorability ratings for President Trump and Republicans, arguing it creates an opening for a moderate Democrat. "John Petry reached out to me and said, ‘I love what you are saying about education. Would you meet?" Emanuel recounted. He added of the donors, "I’m the only person they haven’t contributed to." Petry and Curry confirmed the meeting, which stemmed from Emanuel's education comments. Emanuel, who served as White House chief of staff and U.S. ambassador to Japan until 2025, has also spoken with Avenue Capital CEO Marc Lasry about a possible bid; Shapiro met Lasry last year.

Sen. Kelly dined in New York with a Democratic fundraiser and corporate bankruptcy attorney during Rev. Al Sharpton’s National Action Network convention. He signaled serious consideration of a run amid a potentially crowded field, according to attendees. A Kelly spokesman referenced his prior public comments on the topic but declined further details.

Gov. Beshear met a Chicago-based securities lawyer and Democratic fundraiser, stressing the need for Democrats to appeal to middle-class voters with tangible policies. He did not rule out a presidential bid and benefits from his role as Democratic Governors Association chairman for 2026 fundraising. An aide declined to comment.

Shapiro, facing a competitive re-election in Pennsylvania this year, recently published a memoir that could preview a national campaign. His team emphasized support for other state Democrats and offered no comment on donor talks.

Illinois Gov. JB Pritzker, a billionaire heir to the Hyatt fortune who self-funded over $300 million in past campaigns, may not need such aggressive courting. No incumbent president or clear front-runner has emerged, with donors at a recent Democratic National Committee retreat in Park City, Utah, listing up to two dozen prospects from governors to former officials.

The accelerated timeline reflects lessons from Kamala Harris's 2024 loss and Donald Trump's continued influence, prompting candidates to secure advantages in what could exceed the 24 entrants of the 2020 primary. Bids are likely to be announced in early 2027.