In an unusual move, $4 billion activist fund operator ValueAct Capital Management, which has maintained a strictly long-only profile since its inception in 2000, has teamed up with short-biased Copper River Management to launch a long/short product.
ValueAct Capital III is expected to launch sometime in the third quarter and will accept just $500 million before closing to new investors.
Jeff Ubben, a founder of San Francisco-based ValueAct and portfolio manager of...