October 23, 2012, 10:07 am
California hedge-fund billionaire Tom Steyer is leaving his $20-billion financial firm to devote himself to philanthropy and politics, according to Reuters.
Mr. Steyer announced his long-rumored decision in a letter to clients of Farallon Capital, the San Francisco-based investment house he founded in 1986 and built into one of the world?s largest hedge funds, saying, ?Now it?s time to focus full-time on giving back.?
The 55-year-old investor and his wife, Kat Taylor, have significantly raised their public profile in recent years with major gifts to Yale and Stanford universities. They signed the Giving Pledge in 2010 and ranked 33rd on The Chronicle of Philanthropy?s Philanthropy 400 list of 2011?s biggest donors.
Mr. Steyer, a Democrat, has also become more involved in politics, speaking at the party?s 2012 convention and channeling $22-million into a ballot initiative to require multistate businesses to pay more taxes in California.
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