Farallon Capital Management was founded in March 1986 by Thomas F. Steyer. Farallon's institutional investors are primarily college endowments and foundations, and the firm employs approximately 165 people in its headquarters in San Francisco. Farallon's investments are primarily those in which a known or expected event (a merger, restructuring, recapitalization or other major change) will cause an appreciation in the value of the particular investment. Investments include public and private debt and equity securities, direct investments in private companies and real estate. Farallon invests globally, focusing on developed and emerging markets alike. According to published reports, the firm currently manages $21.5 billion in assets and is the 12th largest hedge fund in the world.