A PAC or something ?
No...a investment trust.
I would assume that Trump uses them as well.
There are different forms of them, some are tax exempt, others might not be but the more common ones are generally called REIT’s. Real-estate trusts.
You build a commercial property like a strip mall, apartment complex or in trump’s case a skyscraper or golf course and club.
You manage it for a year or so, to get a track record of the occupancy rate or profits and then you revalue the property and offer it to a trust. They buy it and you get all your money back plus a huge profit and you still can retain your management status. Or if it’s a professional building, it’s common to do a lease back.
It’s contractual, so you can devise the contract with end dates, first right of refusal language etc..in that way you maintain your rights to reclaim the property.
What the Trust gets is depreciation expense and lease payments, they in turn use that to make their investors happy. In the case of Colleges, their investors are the employee retirement funds..the deal may not be called a REIT, and might be called a investment Fund. Owned and operated as part of a much broader retirement fund and tax free.
My wife worked at a college, and her retirement fund is with one of these outfits..the buildings on the campus and many other real-estate investment are part of their portfolio. They own them. The collage maintains them and pays rents..the profits go toward the employee retirement fund.
I’m not a expert on the nitty gritty of many of these options, but I have invested in them and thus I have to know what I am buying into.