President Barack Obama is holding a private fundraiser at a hotel near the White House to bolster his re-election effort.

The Obama campaign says the fundraiser at the W Hotel is with about 20 supporters paying $40,000 a person to attend. The campaign said the president was also giving a campaign update to 25 supporters before the fundraiser.

The money will benefit the Obama Victory Fund, a joint fundraising committee of the Obama campaign, the Democratic National Committee and several state Democratic parties. Both events were closed to reporters.

Obama has trailed Republican candidate Mitt Romney in fundraising during the past three months. Obama and the DNC raised $75 million in July, well below the $101 million that Romney and the Republican National Committee raised during the month.