{
  "crd_number": 154249,
  "slug": "valueact-capital-management-l-p-san-francisco-ca-154249",
  "primary_business_name": "VALUEACT CAPITAL MANAGEMENT, L.P.",
  "legal_name": "VALUEACT CAPITAL MANAGEMENT, L.P.",
  "dbas": [],
  "city": "San Francisco",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41860",
  "metro": {
    "cbsa_code": "41860",
    "common_name": "San Francisco",
    "msa_name": "San Francisco-Oakland-Fremont, CA",
    "path": "/advisors/ca/san-francisco"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2010-08-02",
  "years_registered": 16,
  "period": "2026-10-01",
  "filing_date": "2026-03-30",
  "carried_forward": false,
  "raum_total": 11281197574.0,
  "raum_discretionary": 11281197574.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 31,
  "advisory_employees": 12,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": null
    },
    "pooled_investment_vehicles": {
      "raum": 11281197574.0,
      "count": 18
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 1,
  "states_registered": [
    "CA",
    "TX"
  ],
  "websites": [
    "https://linkedin.com/company/valueact-capital",
    "https://valueact.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/154249",
  "disclosure_items": [
    {
      "item": "11.H(1)(a)",
      "question": "In the past ten years, has a domestic or foreign court issued an injunction against the firm or an advisory affiliate in connection with investment-related activity?"
    }
  ],
  "city_as_filed": "SAN FRANCISCO",
  "url": "https://advisorcensus.com/firm/valueact-capital-management-l-p-san-francisco-ca-154249",
  "display_name": "Valueact Capital Management, L.P.",
  "summary": "Valueact Capital Management, L.P. is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2010, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.",
  "citation": "AdvisorCensus. Valueact Capital Management, L.P. (CRD 154249): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Valueact Capital Management, L.P. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Valueact Capital Management, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is Valueact Capital Management, L.P. located?",
      "a": "Valueact Capital Management, L.P.'s principal office is in San Francisco, CA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Valueact Capital Management, L.P. registered with the SEC or a state?",
      "a": "Valueact Capital Management, L.P. is an SEC-registered investment advisory firm, registered since 2010. Status as filed: Approved. CRD 154249."
    },
    {
      "q": "How much does Valueact Capital Management, L.P. manage?",
      "a": "Valueact Capital Management, L.P. reports $11,281,197,574 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary)."
    },
    {
      "q": "How have Valueact Capital Management, L.P.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Valueact Capital Management, L.P.: Regulatory assets under management: $13,697,486,657 in the October 2021 data and $11,281,197,574 in the October 2026 data, down 18%. Total employees: 39 in October 2021 and 31 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Valueact Capital Management, L.P. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (18)."
    },
    {
      "q": "Does Valueact Capital Management, L.P. report any disciplinary disclosures?",
      "a": "Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.H(1)(a) (court injunction in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/154249"
    },
    {
      "q": "Does Valueact Capital Management, L.P. state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 30, 2026 says: \"When accepting new investors, the clients (except for certain Co-Investment Vehicles) generally require a minimum investment of $ 5 million but may accept lesser amounts at the discretion of ValueAct Capital and/or the general partner of the relevant clients.\""
    },
    {
      "q": "What changed in Valueact Capital Management, L.P.'s recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 11 to 12. No longer lists an office in New York, NY."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 13697486657.0,
      "total_employees": 39,
      "filing_date": "2021-03-30"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 13233202297.0,
      "total_employees": 39,
      "filing_date": "2022-03-30"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 11991077409.0,
      "total_employees": 42,
      "filing_date": "2023-04-27"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 9844585030.0,
      "total_employees": 27,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 11356129211.0,
      "total_employees": 30,
      "filing_date": "2025-03-21"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 11281197574.0,
      "total_employees": 31,
      "filing_date": "2026-03-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 11 to 12.",
        "No longer lists an office in New York, NY."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 30, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$5,000,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $5,000,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "When accepting new investors, the clients (except for certain Co-Investment Vehicles) generally require a minimum investment of $ 5 million but may accept lesser amounts at the discretion of ValueAct Capital and/or the general partner of the relevant clients."
        ]
      }
    ],
    "quotes": [
      "When accepting new investors, the clients (except for certain Co-Investment Vehicles) generally require a minimum investment of $ 5 million but may accept lesser amounts at the discretion of ValueAct Capital and/or the general partner of the relevant clients."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/valueact-capital-management-l-p-san-francisco-ca-154249.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 18,
      "fewer_than_5": false,
      "raum": 11281197574.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": null,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports 1 disclosure item on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/154249",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}