 Farallon was founded by Tom Steyer in January 1986 with $15 million in seed capital.Before operating out of a cramped H&F office, Steyer had worked for San Francisco-based private equity firm Hellman & Friedman, as a risk arbitrage trader under Robert Rubin at Goldman Sachs, and in Morgan Stanley's corporate mergers and acquisitions department.Farallon made a name for itself by being one of the first hedge funds to raise money from a university endowment.