Tom Steyer Quits Climate Firm to Chase California Governor Seat

Tom Steyer has stepped down from his leadership role at decarbonization-focused investment platform Galvanize as he prepares a run for Governor of California.

Galvanize confirmed that Steyer, its co-founder and Co-Chair, has taken a formal leave of absence. The billionaire investor and former U.S. presidential candidate later announced his gubernatorial campaign, setting the stage for one of California’s most closely watched races.

Steyer co-founded Galvanize in 2022 with Hall Capital founder Katie Hall to accelerate climate solutions through a mission-driven, multi-asset investment platform. The firm deploys capital across real estate, private credit, venture and growth equity, and public markets, targeting technologies and businesses driving the global shift to decarbonization.

Since launch, Galvanize has rapidly scaled. In 2023, it raised more than $1 billion for its first venture and growth fund. This year, it introduced a new Credit and Capital Solutions strategy backed by a $1.3 billion investment program from a major institutional investor, providing flexible financing to companies across the energy transition. Galvanize also manages a global equities strategy and a real estate platform focused on cutting building emissions while increasing asset performance.

In a statement, Galvanize said the firm “continues its growth trajectory” under CEO and Co-Chair Katie Hall, alongside Co-Chair John Kerry and a seasoned leadership team. Steyer, it added, remains a significant investor in the firm and its strategies despite stepping away from leadership.

Steyer’s departure marks a major shift for Galvanize -and the beginning of a new political chapter for one of the climate movement’s most prominent financiers.