It sounded quixotic, and so it proved. Activist investor Jeff Ubben is winding down his social and environmental impact funds, a project that sought to harness capitalism for the simultaneous benefit of society and shareholders.
The failure points to some uncomfortable truths about the modern stock market and the staying power of even well-meaning investors.
Ubben came to prominence through ValueAct Capital, an investment firm that takes large, long-term stakes in companies and tries to work alongside management rather than getting into bitter public fights. His most recent venture, Inclusive Capital Partners, took that approach and added an environmental mission. It was born from the conviction ...
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