Veery Capital

Veery sources through a proprietary screening process that identifies small- and mid-cap companies trading at discounts to intrinsic value where operational change can narrow the gap. The firm avoids broad auctions and instead builds positions quietly over multiple quarters, often initiating direct dialogue with management before publicly disclosing its stake. Deal flow is supplemented by the founders' network from their tenure at Brahman Capital and relationships across the activist-investor community.

Veery targets holding periods of three to five years, matching its drawdown-style fund structures that lock up investor capital for similar durations. This long horizon allows the firm to propose and see through multi-year operational turnarounds — board recomposition, capital-structure changes, or management overhauls — that quarterly-reporting investors cannot stomach. Positions are rarely exited within 12 months.

The firm operates a nearly all-long portfolio, typically holding 8 to 12 names without meaningful short exposure. Veery views short-selling as incompatible with its engagement model, since building trust with portfolio-company boards requires alignment rather than adversarial positioning. Limited hedging may occur for portfolio-level risk management but is not a return driver.

Veery uses committed-capital drawdown structures with multi-year lockups — closer to a private-equity fund than a monthly-redemption hedge fund. This eliminates forced selling during drawdowns and aligns the investor base with the firm's three-to-five-year engagement cycles. Management fees are charged on committed capital, not mark-to-market NAV, further reducing short-term pressure on the portfolio.

Veery seeks board representation in most core positions, either through a direct seat or through influence on director selection. The firm's engagement playbook includes proposing independent directors, restructuring management incentives, and in some cases replacing CEOs. Public filings from engagements like Ferrellgas and Team Inc. show Veery proxy materials advocating for specific governance changes.

Kyle Luke and Sam Teller co-founded Veery and serve as Managing Partners, with Luke holding the CIO title. Both previously worked at Brahman Capital, a value-focused hedge fund, where they developed the concentrated, engagement-heavy approach that defines Veery's strategy. Investment decisions are made jointly, with no external investment committee.

Veery's investors — a mix of family offices, endowments, and institutions — commit capital to multi-year drawdown vehicles and receive limited interim liquidity. The firm provides quarterly updates but does not mark positions for redemption purposes. This structure selects for allocators comfortable with both concentration risk and extended illiquidity in exchange for an engagement premium.