ValueAct taps Copper River for long/short investing

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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 the firm's flagship ValueAct Capital Partners, will run the new fund, with Copper River (known as Rocker Partners before the announcement of founder David Rocker's retirement earlier