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Mark Gallogly (second from left). Photo: Alex Wong/Getty Images

Mark Gallogly, a Wall Street veteran and big-dollar Democratic donor, is joining John Kerry’s international climate team, people familiar with the matter tell Axios.

Why it matters: Hiring someone with Gallogly’s experience is an indication Kerry plans to leverage markets and investing strategies to address climate change. Gallogly is the highest-profile New York investor to sign on to the Biden administration.

The big picture: "We need to be working hand in hand with the private and public sector to provide the finance, which will be critical — finance in the trillions — in order so that countries can do what they have to do," Kerry, special envoy for climate change, told the Munich Security Conference.

  • Gallogly will focus on outreach to the business community. His job doesn't require Senate confirmation.
  • The State Department is still organizing Kerry's office and declined to confirm the hiring. "We hope to be able to share more details soon, once we have consulted with Congress,” a spokesperson said.

Gallogly co-founded Centerbridge Partners, a private equity firm, after spending 16 years at Blackstone, a private equity firm.

  • Since retiring in December, he has been focused on his family investment office, with an interest in climate solutions.
  • During the Obama administration, Gallogly served on the Council on Jobs and Competitiveness and the President’s Economic Recovery Advisory Board.
  • While other Biden officials, like Brian Deese, the director of National Economic Council, and Wally Adeyemo, nominee for deputy treasury secretary, both did stints at Blackrock, the world's largest asset management firm, they are more creatures of Washington than Wall Street.
  • Gallogly made his mark, and his money, in finance.

Go deeper: A longtime Democratic donor, Gallogly initially supported Beto O’Rourke for president but signed on to the Biden campaign last summer.

  • He and his wife, Lise Strickler, were co-hosts for a June 18 virtual Biden fundraiser called “Climate Leaders for Biden.” They raised more than $4.4 million.
  • “We have just nine years to prevent the worse consequences of climate change,” Biden said at the fundraiser. “To me, climate is personal. It’s urgent, it’s a top priority.”

Go deeper

Updated 1 hour ago - World

Mapping repression in China's Xinjiang region

Data: © Mapbox, © OpenStreetMap; Map: Will Chase/Axios

A sweeping new report released today by an Australian research organization reveals new details about how the Chinese Communist Party — and specifically who within the party — is carrying out its campaign of repression in Xinjiang.

Why it matters: Uncovering the actual offices and individuals implementing the Chinese government's genocide and forced labor policies in Xinjiang can bring accountability and help international companies delink supply chains in compliance with U.S. and EU forced labor laws.

Report: U.S. Latinos near 50% homeownership rate

Real estate broker Alex Betances sits in front of a home in Reading, Pa. Photo: Ryan McFadden/MediaNews Group/Reading Eagle via Getty Image

Latinos increased their homeownership rate to nearly 50% in 2020, according to a report from a group monitoring U.S. Hispanic wealth creation.

Why it matters: The Hispanic Wealth Project found that the homeownership rate grew despite the lack of diversified financial assets among Latinos and around 15% who still live below the federal poverty line ($26,500 for a family of four).

Updated 2 hours ago - Politics & Policy

Celebrities are America's new politicians

Illustration: Annelise Capossela/Axios

Launching gubernatorial bids, making presidential endorsements, founding schools: Celebrities are getting increasingly involved in U.S. public and political life.

Why it matters: As we've reported, politics is no longer just the purview of career politicians, as companies and their CEOs throw their weight around to affect policies. Now, movie stars, famous musicians and professional athletes also are using their influence in politics.