Thomas Steyer, the billionaire environmentalist and founder of hedge fund Farallon Capital Management, is a believer. He has made a big bet on a rebound in the economy by buying energy and industrial stocks, including El Paso and Goodrich.
Steyer founded Farallon Capital in 1986 and has served as the fund’s managing partner. Based in San Francisco, Farallon has about $22 billion in assets and uses numerous strategies ranging from credit to value to merger-arbitrage investments. The hedge fund has a disciplined approach to preserve capital, focusing on achieving risk-adjusted returns.
The latest merger-arbitrage investment for Steyer is El Paso, which received a $21 billion buyout offer from Kinder Morgan (KMI) in October. Farallon bought more than 14.5 million shares of El Paso, which carried a market value of nearly $390 million as of Dec. 31. That new position alone became the third largest of Steyer’s disclosed holdings.
Read more at http://www.forbes.com/sites/thestreet/2012/02/15/22-billion-hedge-fund-puts-its-money-on-a-stronger-economy/
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