Whitney Tilson, a former hedge fund manager and philanthropist, has announced his candidacy for New York City mayor, joining a competitive Democratic field vying to replace Eric Adams in 2025, according to a report by Bloomberg.

The report quotes the 58-year-old, who previously managed Kase Capital Management, which returned funds to investors in 2017 after a run of poor performance, as saying in a letter released on Tuesday that: “We need fresh thinking to tackle our city’s challenges—someone from outside the political establishment.”

Framing his candidacy as a call to revamp the city’s governance, Tilson, who has highlighted the need to cut violent crime, reduce housing costs, curb city spending, and improve public schools, said: “We need a leader who can unify New Yorkers and challenge the status quo.”

Tilson, a prominent figure in New York’s philanthropic circles, currently serves on the advisory board of Bill Ackman’s Pershing Square Foundation and is a board member of the KIPP Academy charter school in the South Bronx.

Tilson joins a growing list of candidates, including City Comptroller Brad Lander, former Comptroller Scott Stringer, and Queens State Senator Jessica Ramos.