Hidden money trail comes back to haunt billionaire California governor candidate Tom Steyer
Billionaire Tom Steyer, a candidate for California governor, faces scrutiny over his ongoing financial ties to Farallon Capital, a hedge fund that has funded coal projects despite his climate activism. Although Steyer stepped down as CEO in 2012, he retains a significant passive investment in the firm and has seen his holdings drop from $110 million to $34.7 million in recent years. Questions also persist about his foreign investments, including links to Cayman-based funds, which his campaign says are structured through legal financial vehicles subject to U.S. taxes.
- ▪Tom Steyer founded Farallon Capital, a San Francisco-based hedge fund that has financed coal projects in countries like Australia.
- ▪Financial records show Steyer maintained significant investments in Farallon Capital after stepping down as CEO in 2012, with recent holdings valued at $34.7 million.
- ▪Steyer’s campaign claims employees screen fossil-fuel-related holdings from his portfolio and he no longer earns profits from the fund.
- ▪Tax filings reveal Steyer has investments tied to Cayman-based funds and a British bank account, though his campaign says he does not personally hold overseas accounts.
- ▪Steyer has spent over $130 million of his own money on his gubernatorial campaign, helping him rise in the polls after Eric Swalwell's political downfall.
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Politics Hidden money trail comes back to haunt billionaire California governor candidate Tom Steyer By Zain Khan Published May 5, 2026, 12:38 p.m. ET Billionaire California gubernatorial candidate and climate activist Tom Steyer is facing renewed scrutiny over his lingering connection to a hedge fund that has backed coal projects. Steyer has long maintained that he left the investment world to focus on climate change, telling voters he “walked away” from his hedge fund to fight global warming. While he did step down as CEO of San Francisco hedge fund Farallon Capital in 2012, financial records show he never fully cut ties to the firm he founded — even as it expanded lending to the coal industry in recent years, the New York Times reported.
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