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The activist hedge fund ValueAct has disclosed a stake in the private equity firm KKR.
“We own economic exposure of units of KKR of just under 5 per cent, it’s a $750m position through derivatives,” said Mason Morfit, the president of ValueAct, at a conference in New York.
“If there’s any business we ought to know about it’s the asset management business, which we are in ourselves,” he said. “It has an extraordinarily high satisfaction level amongst its client base, and we think that the future in the near-term is extraordinarily bright because of this factor.”
It’s the latest publicly-disclosed investment for the fund since it took a stake of nearly 2 per cent in Morgan Stanley, though they have since sold down that position after the share price rose more than expected.
The San Francisco-based fund has pushed for management changes at companies including Microsoft, and driven merger and acquisition activity at Valeant Pharmaceuticals and Willis Towers Watson.