ValueAct Capital (VAC), a governance-oriented investment manager with $6 billion in assets under management, is well known for taking large stakes in undervalued companies and working productively with their management and boards to boost performance. After seven years in business, VAC had generated a superior investment track record and had built a loyal clientele consisting of high net worth investors and blue-chip institutions. Management saw an opportunity to replace its passive seed investor with a more strategic and active partner to drive future growth. Jefferies' global financial institutions group was awarded the sell-side advisory mandate owing to its in-depth specialist knowledge of the asset management sector and its longstanding dialogue with VAC. Jefferies screened a limited number of potential partners, focusing on firms that would retain VAC's unique and innovative culture, and sourced multiple attractive transaction alternatives for its client. Ultimately, VAC partnered with Affiliated Managers Group (AMG), a publicly traded multi-affiliate asset manager with a reputation for its unique investment structure and expertise in aligning the incentives of generations of equity holders. The transaction provided partial liquidity to VAC's founding partners to reinvest in its funds, and enabled them to maintain investment decision-making autonomy and preserve VAC's distinctive operating culture. AMG benefited by adding another best-in-class alternative asset manager to its roster of affiliates, bolstering its exposure to high-growth product lines. The transaction further distinguishes Jefferies as a leading M&A advisor to the alternative investment community.