New investment firm InCap invited to join board at Strategic Education

Strategic Education

02/03/2021 24:17

BOSTON, March 1 (Reuters) - Inclusive Capital Partners, an
environmental and social impact investment firm launched in
2020, said on Monday that one of its partners will join the
board at Strategic Education Inc  STRA.O .
    William Slocum has been invited by the company and has
agreed to serve as a nominee for election to the company's board
at the 2021 annual meeting, Inclusive Capital, called InCap,
said in a regulatory filing on Monday.
    It is the second InCap board appointment in a day after
ExxonMobil  XOM.N  said earlier it had tapped Jeffrey Ubben,
InCap's co-founder, as a director amid fresh pressure from
investors for it to focus more on clean energy and improve its
financial performance. urn:newsml:reuters.com:*:nL3N2KZ3FU
    The regulatory filing announcing Slocum's directorship also
said that InCap raised its ownership stake in Strategic
Education, valued at $2.1 billion, to 6.14% from 5.65%. InCap is
Strategic Education's fourth largest owner.
    InCap bought 121,784 shares on December 31, February 26 and
March 1, when the stock traded between $87.79 and $95.17 a
share, the filing said. In the last 52 weeks the stock has lost
41.31% and it closed trading at $86.49, having lost 4.87%.
    While Slocum's move attracted less notice than Ubben's, it
is noteworthy at a time InCap is building its credentials as a
new firm and seeks to raise as much as $8 billion in capital
 urn:newsml:reuters.com:*:nL1N2KE1ZS for a new portfolio.
    Two decades ago, Ubben founded ValueAct Capital and shaped
the firm's reputation as a friendlier activist whose partners
work collaboratively with management behind the scenes on boards
ranging from Microsoft to AES. He left last year to found InCap.
    Slocum and fellow partners Eva Zlotnicka and Sarah Farrell
are being groomed as the next generation of leaders at InCap.
Slocum worked with Ubben at ValueAct before moving to Golden
Gate Capital from 2011 to 2020. 

 (Reporting by Svea Herbst-Bayliss; editing by Richard Pullin)
 ((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))