(Bloomberg) -- Billionaire Tom Steyer hired former US Secretary of State and top climate diplomat John Kerry to join his sustainable-investing firm.
Kerry, 80, stepped down from the Biden administration in early 2024 after more than three years pressing nations to address global warming. He will be co-executive chair of Galvanize Climate Solutions, which was co-founded by Steyer and Katie Hall, according to a statement on Monday. The firm manages about $1 billion.
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Kerry is the latest climate elder statesmen to get involved in sustainable investing after leaving politics. Steyer, 67, a former hedge fund manager, ran for the Democratic presidential nominee in 2020 and then helped start Galvanize the following year. Former US Vice President Al Gore co-founded Generation Investment Management two decades ago.
Galvanize invests in venture capital, real estate, stocks and other assets. Kerry will focus on expanding the firm’s strategies and inform how technology, policy and geopolitics are shaping the shift to clean energy, the San Francisco-based firm said.
Hall, Galvanize’s co-executive chair, said in the statement that Kerry shares “our conviction that climate is good business because it’s delivering something that the market demands.” Hall has founded investment advisory firms including Hall Capital Partners and Laurel Management.
Kerry formerly served as a Massachusetts senator and he’s also run for US president. He was replaced earlier this year by veteran Democratic strategist John Podesta as the top diplomat representing the US in global climate talks. Steyer is a major Democratic donor.
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In addition to Hall, Steyer and his family, Lauren Powell Jobs, the billionaire widow of Apple Inc. co-founder Steve Jobs, and Marc Benioff, chief executive officer of Salesforce Inc., have trusts that own stakes in Galvanize, according to regulatory filings.
--With assistance from Miles Weiss.
(Adds names of some of Galvanize’s owners in final paragraph.)
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