Tom Steyer

Under Tom Steyer's leadership as co-senior managing partner, Farallon Capital systematically financed the expansion of Indonesia's coal industry through three landmark investments. In 2003, Farallon provided approximately $200M of a $500M acquisition of PT Bumi Resources' Kaltim Prima Coal from BP and Rio Tinto — making it one of the world's largest coal exporters. In 2004, Farallon financed the acquisition of Berau Coal, Indonesia's fifth-largest producer. In 2005, Farallon/Noonday provided ~$110M in leveraged buyout financing for Adaro Energy, Indonesia's second-largest coal miner, and held an 11% direct equity stake. A 2014 New York Times investigation found that coal-mining companies Farallon financed under Steyer increased their annual coal production by approximately 70 million tons — more than the entire United Kingdom consumed per year at that time.

• —Kaltim Prima Coal (2003): Farallon reportedly provided ~$200M of a $500M acquisition from BP and Rio Tinto; KPC became Indonesia's largest thermal coal exporter.
• —Berau Coal (2004): Farallon financed acquisition of Indonesia's fifth-largest coal producer.
• —Adaro Energy (2005): ~$110M in LBO financing + 11% direct equity stake; Adaro is Indonesia's second-largest coal miner; coal price rose from $50/tonne to $170/tonne at its 2008 IPO.
• —NYT investigation (2014): Farallon-financed coal companies under Steyer increased annual production by ~70 million tons.
• —These operations export coal primarily to China, India, Japan, and South Korea — locking in decades of emissions.
• —None of this was illegal. Steyer later became a prominent climate activist.

In 2009, Farallon Capital lent hundreds of millions of dollars to finance the Maules Creek coal project in New South Wales, Australia — one of the largest undeveloped thermal coal deposits on the continent. The project proceeded through Aston Resources, later acquired by Whitehaven Coal. A 2014 New York Times investigation confirmed Farallon retained its investor stake years after Steyer publicly stated he had resigned from the firm to distance himself from fossil fuels. The Maules Creek mine was projected to produce approximately 13 million tonnes of thermal coal per year at full capacity. Operations continue. The carbon from coal financed under Steyer's watch will remain in the atmosphere for centuries.

• —Farallon provided hundreds of millions in financing for the Maules Creek coal project, NSW Australia, in 2009.
• —Project developed through Aston Resources, later absorbed into Whitehaven Coal.
• —NYT (2014): Farallon retained its investor stake in the Maules Creek project after Steyer's 2012 departure.
• —Projected annual production: ~13 million tonnes of thermal coal per year at full capacity.
• —The mine operates in the Namoi River catchment — disputed on environmental and water-rights grounds by local communities.
• —Steyer did not control Farallon's portfolio decisions after his 2012 resignation, but the capital he built and the investments he approved remained.

Farallon Capital Management, under Tom Steyer's leadership, accumulated approximately $89–90 million in Corrections Corporation of America (CCA) stock — representing roughly 5.5% of outstanding shares — by mid-2005. CCA (now CoreCivic) is the largest private prison company in the United States and operates ICE immigrant detention facilities. Deaths, abuse, and civil rights violations have been documented at CCA/CoreCivic facilities across multiple investigative reports. Steyer later ordered the position sold; it was divested by early 2006. He subsequently ran as a progressive presidential candidate in 2019–2020 on a platform that included criticism of ICE detention. Steyer's response when the investment was surfaced during his campaign: "It was a mistake."

• —Farallon accumulated ~$89–90M in CCA stock — ~5.5% of shares outstanding — by mid-2005.
• —CCA (now CoreCivic) is the largest private prison company in the US; it operates ICE detention facilities under federal contracts.
• —Multiple investigations have documented deaths, medical neglect, and abuse at CoreCivic facilities.
• —Steyer held approximately 10% of Farallon's general partnership — meaning he received proportional profits from the CCA stake.
• —Position sold by early 2006 on Steyer's instruction.
• —Steyer ran for president in 2019–2020 on a platform that included ending ICE detention practices that CoreCivic profits from.

After resigning from Farallon in October 2012, Tom Steyer publicly claimed to have fully divested from fossil fuels. He founded NextGen Climate (now NextGen America) in 2013 and positioned himself as a leading climate activist. However, his 2019 FEC financial disclosure — required as a presidential candidate — revealed continuing indirect exposure to fossil fuels: a $6–31M stake in Tinicum Capital Partners (an oil and gas private equity firm); a $15,000 stake in Direct Petroleum Exploration Inc.; and investment exposure to Strike Energy, an Australian coal-seam gas developer. When confronted on camera at an MSNBC Climate Forum in September 2019, Steyer said: "There's probably some dregs left." Bloomberg and The Hill both documented the gap between his divestiture claims and his disclosed holdings. The Farallon-financed Indonesian and Australian coal infrastructure he helped build continues operating, projected through the 2030s and beyond.

• —2019 FEC disclosure: $6–31M stake in Tinicum Capital Partners — an oil and gas private equity firm.
• —2019 FEC disclosure: $15,000 stake in Direct Petroleum Exploration Inc.
• —2019 FEC disclosure: indirect exposure to Strike Energy, an Australian coal-seam gas developer, through Mark Carnegie fund.
• —September 2019 MSNBC Climate Forum (on camera): when asked about remaining fossil fuel exposure — "There's probably some dregs left."
• —Steyer separately told the FEC he "can't disclose" hundreds of millions in assets due to fund structure opacity.
• —The coal operations Farallon financed during his tenure remain operational and are projected to operate through the 2030s.