Wall Street gears up for 2014 elections

Are hedge funds still in love with Chris Christie?

Some of the biggest names in finance are quietly preparing to do battle over elections this year.

Notable on the right is billionaire hedge fund manager Paul Singer, who's leading fellow conservative financial industry honchos to help win a Republican majority in the U.S. Senate and more broadly influence issues that could include gay rights, immigration reform and U.S.-Israel policy.

A prominent early mover on the left is billionaire Tom Steyer, the founder of hedge fund firm Farallon Capital Management who is now an environmentalist. Steyer plans to spend $100 million or more to shape elections around fighting climate change.

Conservative fundraising, usually dominated by the Koch brothers, appears to now have a second figurehead in the more libertarian Singer.

A new federal fundraising committee led by Singer—Friends for an American Majority—counts many prominent conservative hedge funders as donors. They include $21 billion Paulson & Co. founder John Paulson; $9 billion Maverick Capital founder Lee Ainslie; $98 billion AQR Capital Management head Cliff Asness; $17 billion Citadel founder Ken Griffin; hedge fund pioneer Michael Steinhardt; and various employees of Singer's $24 billion Elliott Management.

Other notable supporters, according to public filings, are Vincent and Linda McMahon of professional wrestling and Connecticut political fame; billionaire businessman Leonard Blavatnik; brokerage head Charles Schwab; real estate developer Harlan Crow; and economist Marie-Josée Kravis, wife of $94 billion KKR co-founder Henry Kravis.

(Read more: Business to tea party: Get out of our way)

Together, they've contributed $579,800 to the nascent political group and supported Republican Senate hopefuls Tom Cotton in Arkansas, Steve Daines in Montana and Dan Sullivan in Alaska, according to the disclosures. The GOP is likely to control both houses of Congress if it can gain six more seats in the Senate this fall; elections in Arkansas, Montana and Alaska are all tight.

Those candidates are among the politicians expected at a private Colorado retreat in late February organized by the American Opportunity Alliance, another new Singer-backed group that will parallel the Senate committee, according to Politico. The event is also expected to feature House Speaker John Boehner and New Hampshire Senator Kelly Ayotte.

Singer has previously teamed with fellow hedge funder Dan Loeb of Third Point to host events benefiting gay rights and featuring New Jersey Governor Chris Christie.

Representatives for Singer, Friends for an American Majority and Loeb did not respond to requests for comment.

Also on the conservative side is TD Ameritrade founder Joe Ricketts. Ricketts backs Singer's efforts, but his own national debt-focused group, Ending Spending, is also playing in Senate races.

The group has also endorsed Cotton, Daines and Sullivan; run ads against Democratic New Hampshire Sen. Jeanne Shaheen; and is likely to target other tight Senate races such as in Oregon and Minnesota.

"Ending Spending plans to educate voters across the country about the records of those senators who gave us bigger government, more debt and bad policies like Obamacare," said Brian Baker, president of Ending Spending.

Baker declined to comment on the group's 2014 financial industry backers.