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California Hedge Fund Billionaire Tom Steyer To Step Down, Focus On Philanthropy

Forbes – Tom Steyer announced in a letter to investors Monday that he will be stepping down from Farallon Capital Management, the hedge fund he founded in San Francisco in 1986. The move is significant but not altogether surprising. Steyer, a billionaire whose net worth Forbes estimates at $1.3 billion, has spent more time in recent years on political initiatives and philanthropic activities.

“Now it’s time to focus full-time on giving back,” Steyer wrote in a letter to investors that was shared with Forbes. “I want my life to revolve around service in one form or another, including continuing participation in our community bank, in encouraging the advanced energy economy and in specific public policy initiatives here in California.”

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