Searches and Hires

CalSTRS to make $250 million anchor investment in new hedge fund Impactive Capital

CalSTRS is making an anchor investment of $250 million in newly launched activist hedge fund Impactive Capital, CalSTRS spokeswoman Michelle Mussuto confirmed in an email.

The $214.9 billion California State Teachers' Retirement System, West Sacramento, funded the investment from its sustainable investments and stewardship strategies group. "Seeding funds is not part of our overall strategy" but "Impactive Capital was a unique opportunity we did not want to pass up," Ms. Mussuto said.

Impactive Capital was co-founded by activist hedge fund Blue Harbour Group veterans Christian Alejandro Asmar and Lauren Taylor Wolfe, both managing partners of the new firm. The activist hedge fund "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 policies," said an Impactive Capital news release announcing the launch of the firm.

Christopher J. Ailman, CalSTRS chief investment officer, said in the news release: "We are thrilled to be backing Impactive. Their compelling strategy aligns with our long-term investment horizon and our commitment to promoting good governance and sustainable business practices that enhance returns for our members."

Ms. Mussuto referred further questions to the Impactive Capital news release.