Tom Steyer
Tom Steyer | |
|---|---|
 | |
| Born | 1957 |
| Nationality | American |
| Alma mater | Yale Stanford |
| Occupation(s) | -Founder, Co-Senior Managing Partner of Farallon Capital Management -Co-Founder of OneCalifornia Bank -Partner Hellman & Friedman -Philanthropist -Environmentalist |
| Spouse | Kat Taylor |
| Children | 4 |
| Website | http://www.faralloncapital.com/farallon/ |
Thomas "Tom" Fahr Steyer (b.1957) is an American asset manager, philanthropist and environmentalist.[2]
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.[3] Steyer is responsible for funding the creation of the TomKat Center for Sustainable Energy at Stanford University, part of the Precourt Institute of Energy.[4]
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 funds for institutions and high net worth individuals. The firm’s institutional investors are primarily college endowments and foundations.[5][6]
In 2010, Steyer and his wife, along with Warren Buffett and Bill Gates, signed the Giving Pledge to donate half their fortune to charity.[7]
Steyer serves on the Board of Trustees at Stanford University.[8]
Early Life and Education
Steyer was born in New York City 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, where he was an Arjay Miller Scholar.[9]
Early Career
Prior to joining Hellman & Friedman, Steyer worked at Goldman Sachs from 1983-1985 as an associate in the risk arbitrage department. He began his professional career at Morgan Stanley in 1979.[10]
Farallon Capital Management
Steyer founded Farallon Capital Management, L.L.C. in January 1986.[11] Farallon employs approximately 165 people in eight offices globally and is headquartered in San Francisco, California.[12] 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.[13] To that end, Farallon makes credit investments, value investments, merger arbitrage, 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.[14] According to Fortune Magazine, Farallon achieved a 16% compound annual return since 1986, compared with about 10% for the S&P 500 index.[15]
Philanthropy
"Giving Pledge"
In August 2010, Steyer and his wife joined Warren Buffet, Bill and Melinda Gates and 37 other American billionaires in pledging to give away at least half their fortunes to worthwhile causes.[16] 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.”[17]
Community Development
Steyer and his wife, Kat Taylor, founded OneCalifornia Bank, a community development bank.[18] 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.[19][20] 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.[21]
Environmentalism
In 2008, Steyer and his wife, Kat Taylor, gave $40 million to create the TomKat Center for Sustainable Energy at Stanford University. 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.[22][23]
Political Activism
Steyer is a leading Democratic activist and fundraiser. In 1983, he worked on the Walter Mondale for President campaign.[24] 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.[25] Steyer donated $5 million to the No on Prop. 23 campaign, the measure on the November 2010 ballot concerning California's environmetnal legislation, AB32. Steyer is joining former Secretary of State and Republican George Shultz, to co-chair the No on Prop. 23 campaign.[26]
Personal Life
Steyer and his wife have four children between 16 and 22 years of age.[27]
See Also
References
- ^ [1] Forbes.com. Retrieved July 2010.
- ^ Lashinsky, Adam. "California's hedge fund king". Fortune. Retrieved 2010-07-23.
{{cite web}}: Cite has empty unknown parameter:|coauthors=(help) - ^ Lashinsky, p3
- ^ Ritch, Emma. "Stanford launches $100M energy research institute". Cleantech Group. Retrieved 2010-07-23.
{{cite web}}: Cite has empty unknown parameter:|coauthors=(help) - ^ Lashinsky, p2
- ^ http://www.hf.com/team/Team.aspx?membercode=tSteyer
- ^ "40 billionaires pledge to give away half of wealth". MSNBC.com. Retrieved 2010-08-05.
{{cite web}}: Cite has empty unknown parameter:|coauthors=(help) - ^ http://www.stanford.edu/about/facts/finances.html
- ^ "The World's Billionaires". Forbes. Retrieved 2010-07-23.
{{cite web}}: Cite has empty unknown parameter:|coauthors=(help) - ^ Lashinsky, p2
- ^ http://www.faralloncapital.com/farallon/principals_thomas_steyer.htm
- ^ http://www.faralloncapital.com/farallon/office_locations.htm
- ^ Lashinsky, p1
- ^ http://www.faralloncapital.com/farallon/strategies.htm
- ^ Lashinsky, p1
- ^ http://www.google.com/hostednews/ap/article/ALeqM5hQfKHf4dMeyXBE7Q7BXtSaUst0fQD9HCRI7G1
- ^ http://www.joplinglobe.com/dailybusiness/x1936220446/Buffett-Gates-persuade-38-billionaires-to-donate-half-of-wealth
- ^ http://www.onecalif.com/biotsteyer.aspx
- ^ Sharma-Sindhar, Priyanka. "Oakland Fund Gets the Governor's Attention". The Oakbook. Retrieved 2010-07-23.
{{cite web}}: Cite has empty unknown parameter:|coauthors=(help) - ^ Stuhldreher, Anne. "Tradtional lending goes mainstream". San Francisco Chronicle. Retrieved 2010-07-23.
{{cite web}}: Cite has empty unknown parameter:|coauthors=(help) - ^ http://www.prnewswire.com/news-releases/university-of-san-francisco-announces-2010-recipient-of-statewide-prize-99931719.html
- ^ Ritch, p1
- ^ "Stanford starts new, $100 million energy institute". Greenbang. Retrieved 2010-07-23.
{{cite web}}: Cite has empty unknown parameter:|coauthors=(help) - ^ http://www.onecalif.com/biotsteyer.aspx
- ^ Lashinsky, p2
- ^ Maviglio, Steven. "No on Prop 23 Campaign Gets Big Backing from Major Democratic Donor, Releases Report on Valero's $9 Billion Export of California Energy Dollars". The California Majority Report. Retrieved 2010-07-26.
{{cite web}}: Cite has empty unknown parameter:|coauthors=(help) - ^ Forbes, p1
External Links
- http://www.faralloncapital.com/farallon/ - Farallon Capital Management website
- http://www.hf.com/ - Hellman & Friedman LLC website
- http://www.onecalif.com/ - OneCalifornia Bank website