Funds of Hedge Funds

Undiscovered value finds a home in a New York FoHF

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Michael van Biema mixes hidden ‘Wizard of Oz’ with apprentice deep-value managers to generate strong returns and long-lasting funds

By Claire Makin

Michael van Biema
Michael van Biema is not just a New York-based value investor – he is more an intellectual heir to the people who started the deep-value concept in the first place.

A former professor of finance at Columbia Business School, van Biema put theory into practice in 2004 when he launched van Biema Value Partners, which invests with small and undiscovered ‘deep value’ managers in funds with typically less than $200 million in assets.

His aim was to gain exposure to two powerful sources of potential