California State Teachers’ Retirement System has agreed to invest $250 million in New York City-based Impactive Capital, a newly launched investment management firm. Lauren Taylor Wolfe and Christian Asmar are the co-founders.
NEW YORK, Feb. 11, 2019 /PRNewswire/ — Impactive Capital, a newly launched activist investment management firm announced today that the California State Teachers’ Retirement System (CalSTRS) has agreed to an anchor investment of $250 million for a six-year term. 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 Impactive Capital said: “We believe there is a substantial and growing opportunity for us to work closely with companies and boards, improving not only their strategy, operations and capital structure but also their ESG profiles in a way that has a material impact on long-term performance. ESG can be a lever for long term value creation and we will focus on improving those ESG factors that are demonstrably linked to long term economic benefits. Our approach aims to create value for shareholders and to build better, more sustainable businesses for the long run.”
The $250 million investment mandate from CalSTRS, the largest educator-only pension fund in the world, provides an anchor for the new firm to begin deploying capital and executing its strategy.
Christopher Ailman, CalSTRS CIO said: “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.”
Impactive Capital’s co-founders worked together for more than a decade at activist investment firm, Blue Harbour Group, and will be supported by a leading team of experienced professionals.
The team includes industry operations experts and investment analysts with extensive investment and activism experience.
About the Founders
Lauren Taylor Wolfe, Co-Founder & Managing Partner
Managing Director and Investing Partner, Blue Harbour Group, 2007-2018
Portfolio Manager and Investment Analyst, SIAR Capital, 2003-2007
Analyst, Diamond Technology Partners, 2000-2003
MBA, The Wharton School at the University of Pennsylvania
Magna Cum Laude, B.S. Applied Economics and Business Management, Cornell University
Board Member of HD Supply
Top 50 Women in Hedge Funds; Angel Member 100 Women in Finance; 30% Club Steering Committee
Christian Alejandro Asmar, Co-Founder and Managing Partner
Managing Director and Investing Partner, Blue Harbour Group, 2010-2018
Private Equity, Debt Structuring & Infrastructure experience at Morgan Stanley, 2004-2010
Magna Cum Laude, B.S.E. Operations Research and Financial Engineering, Princeton University
Member New America Alliance
About Impactive Capital
Impactive Capital is an activist investment management firm founded by Lauren Taylor Wolfe and Christian Alejandro Asmar, former Managing Directors and Investing Partners at Blue Harbour Group, who have worked together for a decade. Impactive Capital invests in high-quality companies where active engagement around capital allocation, operations and strategy and a focus on material ESG changes can deliver superior risk-adjusted returns over a long-term investment horizon. For more information, visit: www.impactivecapital.com.