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NewsNY Post PoliticsMay 5, 2026United States

Questions Raised Over Tom Steyer's Financial Ties to Coal-Backing Hedge Fund

California gubernatorial candidate Tom Steyer is facing scrutiny over his ongoing financial investments in Farallon Capital, a hedge fund that has financed coal projects. While Steyer claims to have distanced himself from the firm to focus on climate advocacy, financial records indicate he remains a passive investor with millions of dollars still held in the fund.

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Read the full story at NY Post Politics

Why It Matters

The report highlights potential conflicts between the candidate's climate-focused platform and his personal investment portfolio, which includes holdings in a firm that funds coal operations.

Key Facts

  • Tom Steyer stepped down as CEO of Farallon Capital in 2012.
  • Farallon Capital has provided financing for coal operations in Australia and other regions.
  • Steyer's investment stake in Farallon was valued at at least $110 million during his 2020 presidential run.
  • Recent filings indicate Steyer's current stake in Farallon is approximately $34.7 million.
  • Steyer's total net worth is estimated at $2.4 billion.
  • Steyer has spent over $130 million of his own money on his current gubernatorial campaign.
  • Steyer's campaign states he is a 'passive investor' and that employees screen his portfolio for fossil-fuel-related holdings.
  • Steyer's campaign claims he does not earn a share of profits from Farallon's coal-related investments.
  • Tax filings show Steyer has investments in funds based in the Cayman Islands and other foreign holdings, including a British bank account.
  • Steyer's campaign clarified that he does not personally hold overseas accounts, but invests in funds based in those locations.

Who's Mentioned

personWill Van De Pol“Climate advocate criticizing Farallon Capital's coal investments.”otherCalifornia Environmental VoterspersonTom Steyer“Billionaire California gubernatorial candidate and former CEO of Farallon Capita”personEric Swalwell“Former leading contender in the California governor's race.”otherFarallon CapitalotherEric SwalwellotherTom SteyerpersonMatt Abularach-Macias“Political director of California Environmental Voters.”organizationFarallon Capital“San Francisco-based hedge fund founded by Tom Steyer that has financed coal proj”otherNew York Times