# ValueAct Capital

ValueAct Capital is an Asset Manager based in San Francisco, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2000
- **Assets under management:** Undisclosed
- **Website:** valueact.com
- **Wikidata:** Q22032185

## Regulatory record

- **CRD number:** 154249
- **SEC file number:** 801-71658
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/154249

## About

ValueAct Capital invests for the long term in high quality companies, offering data driven insights to managers and directors whom it views as partners. It invests on behalf of some of the world's largest institutional investors. The firm has been in business for over 24 years, made over 120 core investments, and has served on over 45 public company boards. It regularly holds positions for 3-5 years and occasionally for 10 years or more.

## Sectors

- Enterprise Software
- Media & Entertainment
- Healthcare Services
- Industrial Tech
- Financial Services

## People

- Mason Morfit — Chief Executive Officer and Chief Investment Officer

## Questions

### Who runs investment decisions at ValueAct Capital?

Mason Morfit is the Chief Executive Officer and Chief Investment Officer, responsible for all investment decisions. He assumed the CIO role from founder Jeffrey Ubben in 2017 and became CEO in 2020, completing a gradual succession. Ubben left ValueAct in 2020 to found Inclusive Capital Partners.

### Is ValueAct a hedge fund or an activist fund?

ValueAct operates as a registered investment adviser and functions as a long-duration activist fund, but it rejects the hostile tactics associated with traditional activism. The firm takes minority stakes and seeks board representation to influence strategy, governance, and capital allocation collaboratively. Its holding periods often exceed five years, which distinguishes it from event-driven activists who push for quick sales or breakups.

### Does ValueAct participate in private investments or only public equities?

ValueAct invests primarily in publicly traded companies, but the firm's patient-capital approach and board-level engagement blur the line between public and private investing. The firm has not historically maintained a dedicated private equity or venture capital vehicle, though the ValueAct Spring Fund allows for investments across asset classes with a social-impact lens.

### How did ValueAct get a board seat at Microsoft?

In 2013, ValueAct accumulated a roughly $2 billion stake in Microsoft and negotiated for a board seat as part of a cooperative agreement. Mason Morfit joined the Microsoft board and participated in the strategic shift toward cloud computing under CEO Satya Nadella. The position was widely cited as a model for constructive activism and generated substantial returns.

### What is the ValueAct Spring Fund?

The ValueAct Spring Fund is a $500 million initiative launched in 2020 by Jeffrey Ubben to pursue investments that deliver both market-rate returns and measurable social or environmental impact. It operates alongside the main ValueAct Capital fund but has a distinct mandate and team. Ubben departed the main fund's CIO role to focus on Spring, signaling the firm's commitment to the strategy.

## Related profiles

- [Value8](https://altss.com/profile/value8)
- [Value Build](https://altss.com/profile/value-build)

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Last updated: 2026-08-11T15:08:22.057Z

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