He was born in 1957 in Manhattan, the son of Roy Steyer, who was a partner at Sullivan & Cromwell and a Nuremberg trial prosecutor, and Marnie, who taught remedial reading at the Brooklyn detention center, so he grew up around both corporate law and public service. He studied economics and political science at Yale and earned an MBA at Stanford, and he worked at Morgan Stanley from 1979 to 1982 before he ever started building his own fortune.
In 1986 he co-founded Farallon Capital Management, which grew to manage about $20 billion, and he ran it as senior managing partner for 26 years until he retired in 2012. While he was running it, his portfolio included positions in CoreCivic, the private prison company, from 2004 to 2006, as well as coal financing in Australia and Indonesia, and those investments are the part of his record that his opponents press hardest on.
After he left Farallon he founded NextGen America, which is the largest youth voter mobilization organization in the United States, and he ran for the Democratic presidential nomination in 2020. That same year Newsom appointed him chair of the Business and Jobs Recovery Task Force, and in 2021 he co-founded Galvanize Climate Solutions, so the years since 2012 have been spent on climate and on voter organizing rather than on hedge funds. He donated $12M to Proposition 50 in 2025, and he announced his run for governor in November 2025.
