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Alternative Market Briefing

CalSTRS backs new activist hedge fund Impactive with $250m

Tuesday, February 12, 2019

Laxman Pai, Opalesque Asia:

The California State Teachers' Retirement System (CalSTRS) made a $250m investment with Impactive Capital, a new activist hedge fund that expects to start trading next month.

The second largest U.S. pension fund, which invests $215bn on behalf of the state's educators, puts money into only a handful of hedge funds, provides an anchor for the new firm to begin deploying capital and executing its strategy.

Impactive Capital was founded by Lauren Taylor Wolfe and Christian Asmar, who have over 20 years of combined experience in activist investing and board experience across both public and private companies.

The firm's strategy will focus on investing in companies over a long-term time horizon, while actively engaging with management teams and boards to materially enhance value by focusing on capital allocation and improvements to their environmental, social and governance (ESG) policies.

Lauren Taylor Wolfe, Co-Founder and Managing Partner of Impactive Capital, said: "The pendulum has swung too far toward a hyper-focus on short term results. Our strategy is unconventional. We take a longer-term view of our investments and improve capital allocation and ESG where it drives real value. We do this using a range of tools that we believe positively impact multiple stakeholders-shareholders, customers, employees- to create superior, sustainable returns."

Christian Alejandro Asmar, Co-Founder and Managing Partner of Impactiv......................

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