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ValueAct Is Seeking Longer-Term Capital

The firm, now down for the year after its big losses on Valeant, is looking to raise money for a longer lockup structure that will charge lower fees.

San Francisco–based investment firm ValueAct Capital is raising money for a new tranche of capital that will have a five-year lockup. The private-equity-like structure will allow the firm to draw capital over a three-year period, according to ValueAct’s third-quarter letter, obtained by Alpha. The move comes at a time when the

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