La Fayette launched an internal fund of activist hedge funds last May that it is now touting to external investors. The fact that activist hedge funds take a similar approach to private equity funds is an attractive offer to investors that have now been encouraged to look at alternatives. “They identify undervalued companies, submit a road map for greater shareholder value creation and have to convince boards to work with them. It is a similar strategy [to private equity] but with the exception that the firms are not planned to be taken private,” says Dolan.
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