News & Resources

The Daily Deal Reports on CalSTRS’ Co-Investment with Client Legion Partners at Perry Ellis

August 1, 2014

The Daily Deal published an article reporting that Legion Partners Asset Management LLC has joined forces in a co-investment partnership with the California State Teachers' Retirement System (CalSTRS) at Perry Ellis International Inc., where they will be pressing the retailer to consider strategic alternatives. The story chronicles how CalSTRS, the second-largest pension fund in the U.S., has become a prominent co-investor alongside activist investors, with roughly $4.6 billion in assets committed to activist situations today. Campaigns gain additional credibility when activists team up with CalSTRS, largely due to the pension fund's strong reputation as a long-term investor and a proponent of good corporate governance. Olshan Partner Steve Wolosky notes in the article that “the pension fund and its leaders including Anne Sheehan, CalSTRS' director of governance, have terrific reputations among the institutional investor community. Sheehan was elected chairwoman of the Council of Institutional Investors — a group that represents more than $3 trillion in assets.”

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