Tom Steyer
Encyclopedia
Thomas "Tom" Fahr Steyer (b.1957) is an American
asset manager, philanthropist
and environmentalist
.
He is the founder and Co-Senior Managing Partner of Farallon Capital Management, LLC
and the co-founder of the OneCalifornia Bank, an Oakland-based community development bank. Steyer is responsible for funding the creation of the TomKat Center for Sustainable Energy at Stanford University
, part of the Precourt Institute of Energy.
Since 1986, Steyer has been a partner and member of the Executive Committee at Hellman & Friedman
, a San Francisco-based $8 billion private equity firm. Farallon Capital Management, LLC, manages $20 billion in capital for institutions and high net worth individuals. The firm’s institutional investors are primarily college endowments and foundations.
In 2010, Steyer and his wife, along with Warren Buffett
and Bill Gates
, signed the Giving Pledge
to donate half their fortune to charity. Steyer has recently agreed to build the Center for the Next Generation, a non-profit that intends to tackle children's issues and the environment.
Steyer serves on the Board of Trustees at Stanford University
.
in 1957. He attended Philips Exeter Academy and graduated from Yale University
, Summa Cum Laude in Economics
and Political Science
and was elected to Phi Beta Kappa. He was captain of the Yale soccer team. Steyer received his MBA from Stanford Business School, where he was an Arjay Miller Scholar.
from 1983-1985 as an associate in the risk arbitrage department under Robert Rubin
. He began his professional career at Morgan Stanley
in 1979.
, real estate-related investments and direct investments. It also invests in public and private debt
and equity
securities, and direct investments in private companies and real estate.
and 37 other American billionaires in pledging to give away at least half their fortunes to worthwhile causes. Business people “are pretty widely mistrusted and seen as overwhelmingly self-interested,” Steyer said. “The point is that business people are not just laboring for themselves. They have bigger responsibilities and belong to a wider community.”
, a community development bank. The bank
functions as a regulated financial institution, insured and for-profit just like other banks, but provides commercial banking services to underserved Bay Area businesses, nonprofits and individuals. Steyer and Taylor put up $22.5 million to start the bank and create the OneCalifornia Foundation to engage in charitable and educational activities, provide lending support, investments and other services for disadvantaged communities and community service organizations in California
. Steyer and Taylor maintain mission focus and control of the bank, but take no economic benefit or repayment from their investment as they donated 100% of their economic interest in OneCalifornia Bank to OneCalifornia Foundation. In August 2010, the University of San Francisco awarded OneCalifornia Bank and Foundation the 2010 University of San Francisco California Prize for Service and the Common Good.
. The ranch's philanthropic endeavors include underwriting healthy food programs and co-producing an independent film titled "La Mission" starring Benjamin Bratt
about San Francisco's Mission neighborhood.
. The center focuses on the development of affordable renewable energy technologies and promotion of public policies that make renewable energy
more accessible. Projects include the creation of lighter, less toxic, and more durable batteries
and an analysis of the current power grid’s ability to support future renewable energy technologies.
for President campaign. He raised money for Bill Bradley
in 2000 and John Kerry
in 2004. An early supporter of Hillary Clinton for President, Steyer became one of Barack Obama
’s most prolific fundraisers. Steyer served as a delegate to the Democratic National Conventions in 2004 and 2008, and has been a member of the Hamilton Project since 2005. Steyer donated $2.5 million and has pledged to contribute $2.5 million more to the No on Prop. 23 campaign, the measure on the November 2010 ballot concerning California's environmental legislation, AB32. Steyer is joining former Secretary of State and Republican George Shultz, to co-chair the No on Prop. 23 campaign.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
asset manager, philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
and environmentalist
Environmentalist
An environmentalist broadly supports the goals of the environmental movement, "a political and ethical movement that seeks to improve and protect the quality of the natural environment through changes to environmentally harmful human activities"...
.
He is the founder and Co-Senior Managing Partner of Farallon Capital Management, LLC
Farallon Capital
Farallon Capital Management, L.L.C. is an American global investment firm that manages capital on behalf of institutions and individuals. The firm was founded by Tom Steyer in 1986...
and the co-founder of the OneCalifornia Bank, an Oakland-based community development bank. Steyer is responsible for funding the creation of the TomKat Center for Sustainable Energy at Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
, part of the Precourt Institute of Energy.
Since 1986, Steyer has been a partner and member of the Executive Committee at Hellman & Friedman
Hellman & Friedman
Hellman & Friedman is a private equity firm, founded in 1984 by Warren Hellman and Tully Friedman, that makes investments primarily through leveraged buyouts and minority growth capital investments....
, a San Francisco-based $8 billion private equity firm. Farallon Capital Management, LLC, manages $20 billion in capital for institutions and high net worth individuals. The firm’s institutional investors are primarily college endowments and foundations.
In 2010, Steyer and his wife, along with Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
and Bill Gates
Bill Gates
William Henry "Bill" Gates III is an American business magnate, investor, philanthropist, and author. Gates is the former CEO and current chairman of Microsoft, the software company he founded with Paul Allen...
, signed the Giving Pledge
The Giving Pledge
The Giving Pledge is a campaign to encourage the wealthiest people in the United States to make a commitment to give most of their money to philanthropic causes...
to donate half their fortune to charity. Steyer has recently agreed to build the Center for the Next Generation, a non-profit that intends to tackle children's issues and the environment.
Steyer serves on the Board of Trustees at Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
.
Early life and education
Steyer was born in New York CityNew York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in 1957. He attended Philips Exeter Academy and graduated from Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
, Summa Cum Laude in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
and Political Science
Political science
Political Science is a social science discipline concerned with the study of the state, government and politics. Aristotle defined it as the study of the state. It deals extensively with the theory and practice of politics, and the analysis of political systems and political behavior...
and was elected to Phi Beta Kappa. He was captain of the Yale soccer team. Steyer received his MBA from Stanford Business School, where he was an Arjay Miller Scholar.
Early career
Prior to joining Hellman & Friedman, Steyer worked at Goldman SachsGoldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
from 1983-1985 as an associate in the risk arbitrage department under Robert Rubin
Robert Rubin
Robert Edward Rubin served as the 70th United States Secretary of the Treasury during both the first and second Clinton administrations. Before his government service, he spent 26 years at Goldman Sachs eventually serving as a member of the Board, and Co-Chairman from 1990-1992...
. He began his professional career at Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
in 1979.
Farallon Capital Management
Steyer founded Farallon Capital Management, L.L.C. in January 1986. Farallon employs approximately 165 people in eight offices globally and is headquartered in San Francisco, California. Farallon is considered a pioneer in the practice of “absolute return” investing, a strategy that aims to produce a positive absolute return regardless of the directions of financial markets. To that end, Farallon makes credit investments, value investments, merger arbitrageArbitrage
In economics and finance, arbitrage is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices...
, real estate-related investments and direct investments. It also invests in public and private debt
Debt
A debt is an obligation owed by one party to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.A debt is created when a...
and equity
Equity (finance)
In accounting and finance, equity is the residual claim or interest of the most junior class of investors in assets, after all liabilities are paid. If liability exceeds assets, negative equity exists...
securities, and direct investments in private companies and real estate.
"Giving Pledge"
In August 2010, Steyer and his wife joined Warren Buffet, Bill GatesBill Gates
William Henry "Bill" Gates III is an American business magnate, investor, philanthropist, and author. Gates is the former CEO and current chairman of Microsoft, the software company he founded with Paul Allen...
and 37 other American billionaires in pledging to give away at least half their fortunes to worthwhile causes. Business people “are pretty widely mistrusted and seen as overwhelmingly self-interested,” Steyer said. “The point is that business people are not just laboring for themselves. They have bigger responsibilities and belong to a wider community.”
Community Development
Steyer and his wife, Kat Taylor, founded OneCalifornia BankOneCalifornia Bank
OneCalifornia Bank is an Oakland, California-based community development bank. Founded by Tom Steyer and his wife, Kat Taylor, in June 2007, OneCalifornia Bank functions as a regulated financial institution, but provides commercial banking services to underserved small and medium-size businesses,...
, a community development bank. The bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
functions as a regulated financial institution, insured and for-profit just like other banks, but provides commercial banking services to underserved Bay Area businesses, nonprofits and individuals. Steyer and Taylor put up $22.5 million to start the bank and create the OneCalifornia Foundation to engage in charitable and educational activities, provide lending support, investments and other services for disadvantaged communities and community service organizations in California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. Steyer and Taylor maintain mission focus and control of the bank, but take no economic benefit or repayment from their investment as they donated 100% of their economic interest in OneCalifornia Bank to OneCalifornia Foundation. In August 2010, the University of San Francisco awarded OneCalifornia Bank and Foundation the 2010 University of San Francisco California Prize for Service and the Common Good.
TomKat Ranch
The couple created the TomKat Ranch in Pescadero, CaliforniaPescadero, California
Pescadero is a census-designated place in San Mateo County, California two miles east of State Route 1 and Pescadero State Beach. The center of town, on Pescadero Creek Road, is located at latitude 37.255 and longitude 122.38028. The town is south of Half Moon Bay. The ZIP Code is 94060 and...
. The ranch's philanthropic endeavors include underwriting healthy food programs and co-producing an independent film titled "La Mission" starring Benjamin Bratt
Benjamin Bratt
Benjamin Bratt is an American actor. He is most famous for his role as Rey Curtis on the TV series Law & Order; and his appearances in the movies Blood in Blood Out, Miss Congeniality, Cloudy with a Chance of Meatballs, Traffic, and Piñero.-Early life:Bratt was born in San Francisco, California,...
about San Francisco's Mission neighborhood.
OneRoof
Steyer and Taylor also helped found OneRoof, a social business designed to bring technology to rural India. Over the past four years OneRoof has opened computer centers to connect poor residents of India with the information revolution.Environmentalism
In 2008, Steyer and Taylor gave $40 million to create the TomKat Center for Sustainable Energy at Stanford UniversityStanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
. The center focuses on the development of affordable renewable energy technologies and promotion of public policies that make renewable energy
Renewable energy
Renewable energy is energy which comes from natural resources such as sunlight, wind, rain, tides, and geothermal heat, which are renewable . About 16% of global final energy consumption comes from renewables, with 10% coming from traditional biomass, which is mainly used for heating, and 3.4% from...
more accessible. Projects include the creation of lighter, less toxic, and more durable batteries
Battery (electricity)
An electrical battery is one or more electrochemical cells that convert stored chemical energy into electrical energy. Since the invention of the first battery in 1800 by Alessandro Volta and especially since the technically improved Daniell cell in 1836, batteries have become a common power...
and an analysis of the current power grid’s ability to support future renewable energy technologies.
Political Activism
Steyer is a leading Democratic activist and fundraiser. In 1983, he worked on the Walter MondaleWalter Mondale
Walter Frederick "Fritz" Mondale is an American Democratic Party politician, who served as the 42nd Vice President of the United States , under President Jimmy Carter, and as a United States Senator for Minnesota...
for President campaign. He raised money for Bill Bradley
Bill Bradley
William Warren "Bill" Bradley is an American hall of fame basketball player, Rhodes scholar, and former three-term Democratic U.S. Senator from New Jersey. He ran unsuccessfully for the Democratic Party's nomination for President in the 2000 election.Bradley was born and raised in a suburb of St....
in 2000 and John Kerry
John Kerry
John Forbes Kerry is the senior United States Senator from Massachusetts, the 10th most senior U.S. Senator and chairman of the Senate Foreign Relations Committee. He was the presidential nominee of the Democratic Party in the 2004 presidential election, but lost to former President George W...
in 2004. An early supporter of Hillary Clinton for President, Steyer became one of Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
’s most prolific fundraisers. Steyer served as a delegate to the Democratic National Conventions in 2004 and 2008, and has been a member of the Hamilton Project since 2005. Steyer donated $2.5 million and has pledged to contribute $2.5 million more to the No on Prop. 23 campaign, the measure on the November 2010 ballot concerning California's environmental legislation, AB32. Steyer is joining former Secretary of State and Republican George Shultz, to co-chair the No on Prop. 23 campaign.