Tom Steyer, now a front‑runner for California governor, faces fresh questions about his wealth built at Farallon Capital. He left the hedge‑fund’s helm in 2012 to focus on climate activism, yet records show he retained a passive stake that once held at least $110 million. Voters are weighing his billionaire status against his climate‑first narrative.

Campaign officials say Steyer has asked Farallon to wall off any fossil‑fuel exposure and that his current holdings in the firm total $34.7 million. Farallon, managing roughly $44 billion, has financed coal projects in Australia and backed the Adani terminal, positioning itself where major banks have retreated. Critics argue the separation may be more procedural than substantive.

Beyond coal, Steyer backs green ventures such as Galvanize and funds advocacy group NextGen America. Progressive endorsements cite his shift from hedge‑fund mogul to climate donor, while opponents demand full transparency on offshore assets. The debate underscores how a candidate’s investment history can shape California’s political and financial climate.