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Joe Biden will raise more than $25mn on Thursday at a fundraiser featuring former US presidents Barack Obama and Bill Clinton as he seeks to expand his cash advantage over Donald Trump.

The event at Radio City Music Hall in New York, expected to be attended by more than 5,000 people, was organised in part by Condé Nast chief content officer Anna Wintour.

The main draw of the evening is set to be a conversation between the three Democratic leaders moderated by CBS Late Show host Stephen Colbert.

The campaign says the event, which will include appearances by Queen Latifah, Lizzo, Ben Platt, Cynthia Erivo and Lea Michele, will boost the Biden campaign’s coffers by $25mn.

Many Democrats are concerned that Biden is trailing Trump in polling averages at this stage in the race and want to see his campaign in a better position to defeat the Republican nominee in November.

Obama has been stepping up efforts to help Biden’s cause. This week he joined a call with Biden and former House Speaker Nancy Pelosi arranged by the campaign to celebrate the 14th anniversary of his signature healthcare law.

Tickets for the event in New York ranged from $225 for a seat in the third mezzanine level to $500,000 in the front of the orchestra. Other perks include access to an after-party hosted by Jill Biden, the first lady.

Jeffrey Katzenberg, the media mogul and Biden campaign co-chair, said the event was “a testament to the unprecedented fundraising machine we’ve built”.

Katzenberg also accused Trump of spending millions of dollars of donors’ money on legal fees as the former president defends himself against numerous criminal and civil charges.

By the end of February, Biden’s campaign had more than $71mn on hand, according to Federal Election Commission filings, more than twice as much as Trump.

But Trump has secured enough delegates to become the Republican presidential nominee, allowing him to raise money alongside the party, and he is trying to catch up in the money race.

Billionaire investor John Paulson will host a fundraiser for Trump on April 6 in Palm Beach, Florida, which is expected to gather some of the top Republican donors.

Read More: World News | Entertainment News | Celeb News

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