If you are a California resident, please review our California Privacy Notice below.

This section describes our privacy practices with respect to the information that we may collect in connection with this site.  It applies only to this site and does not apply to the off-line collection of information or to the “Investor Login” section of the site, which is operated by our service provider, IntraLinks, Inc.  If you register for an account with, or otherwise access, the “Investor Login” section of the site your use thereof is subject to the IntraLinks, Inc., end user agreement and privacy policy available thereon.

  • Information We Collect and Track: We may collect and retain two types of information about site users: (i) personal information that individual visitors voluntarily provide when using the site or on certain other occasions (such as via forms or in emails); and (ii) tracking data, which is automatically collected from every site visitor. We may, from time to time, store and archive the information you submit to or through the site. The information that we gather may include your name, title and address, telephone number, email address or other elements of personal information.  In addition, if you contact us, we may keep a record of your correspondence, including any information contained therein. You may decline to provide any personal information, but please realize that you thereby may be unable to access certain services and sections of the site.  In addition to the information you submit to or through our site, we also may collect and store data from and about you gathered in the course of your use of our site, which may include information regarding the number and frequency of site visits, the websites that you access before and after you visit our site, the software and operating system used to access our site and your IP address and Internet service provider.
  • Use of Cookies: We or our third-party service providers may use cookies, local shared objects, web beacons and other similar technology (collectively, “Cookies”) in connection with your use of our site or site Content. Cookies are small pieces of information that a website transfers to your computer’s hard drive for record-keeping purposes and may have unique identifiers and transmit information about you and how you use our site, which may include your search preferences, browser type and the date and time of use. If you choose, you can disable some (but not all) Cookies in your device or browser settings, but doing so may affect your ability to use our site or receive third-party services through our site.
  • How We Use Your Information: The information that you provide to us and that we may collect in the future is used for our business purposes and the purpose for which you provided it only, subject to these Terms, including, without limitation, to respond to your requests or correspondence, to contact you about the site, to request feedback regarding ways to improve the site and/or to inform you about our activities, products and services or those of our affiliates. We may analyze your information, including tracking data, to provide you with useful information and improve our services through enhanced features and functions on the site.  For example, your information may be used to, without limitation, compile statistical, demographic or aggregated information about visitors to the site generally, or for load-balancing metrics, and also may be used to create reports on user demographics and the traffic patterns of the site.  We will not disclose any personal information collected through the site to third parties in an identifiable, disaggregated format, except: (i) to our affiliates, agents, consultants and contractors; (ii) to service providers who assist us in running the site and our business; (iii) when we believe that such disclosure is required by law; (iv) to enforce these Terms; (v) to protect the rights, property, security or safety of ValueAct, site users or the public; (vi) to respond to an emergency; or (vii) as otherwise stated in these Terms. In addition, we may disclose information to certain third parties if you have requested or authorized the disclosure of such information. We may also share aggregated or deidentified information in our sole discretion.  Please note that although we use reasonable efforts to limit third-party use of information, we are not responsible for such third-party use of information. From time to time, we may email site users with information regarding important developments affecting ValueAct or otherwise regarding the site. Such emails may be sent to site users even if they have not requested to receive any communication from us.
  • Information Transfer: We retain the right to transfer or assign your information to our successor or in connection with any change of control, merger, business combination, stock sale, asset sale, reorganization, amalgamation or other company transaction relating to ValueAct or our assets, in whole or in part, without notice to you.
  • How Your Information Is Protected: We take reasonable precautions to protect your information from loss, misuse or alteration. You should recognize, however, that there is no such thing as “perfect security” on the Internet, and we cannot guarantee the security of your information. In addition, because Internet communications are unsecure, it is also possible that the information you supply to us or your access of any information via the Website will be intercepted during transmission. We are not liable for any breach of our systems or interception of our transmission, and we hereby fully disclaim, to the fullest extent possible under law, any liability associated with any claim relating to a breach of security, data or information.
  • Compliance with Laws: We reserve the right to disclose any information that we believe is necessary to comply with any law, regulation, decree, judgment, order, subpoena or any other governmental order (“Order”) without any obligation to contest or verify the accuracy of such Order.

Limitation of Liability

We shall not be liable for any direct, indirect, incidental, special or consequential damages, resulting from the use of or the inability to use the site or Content or resulting from unauthorized access this site, including but not limited to, damages for loss of profits, use, data or other intangible, even if we have been advised of the possibility of such damages.

Because some states do not allow the exclusion or limitation of liability for consequential or incidental damages, in such states liability is limited to the fullest extent permitted by law.

If you are dissatisfied with any portion of the service, or with any of these Terms, your sole and exclusive remedy is to discontinue using this site.

Waiver of Jury Trial

To the fullest extent permitted by applicable law, you hereby irrevocably waive any and all right to trial by jury in any legal proceeding arising out of or relating to this agreement or the transactions contemplated hereby.


To the fullest extent permitted by applicable law, you agree to defend, indemnify and hold us, and our subsidiaries, affiliates, officers, agents, employees, contractors and advisors harmless from any claim or demand, including any liabilities, losses, costs, damages, reasonable attorney’s fees and expenses, made by any third party based on or arising out of your use of this site, your violation of these Terms, or your violation of any rights of another.


We may terminate or suspend your access to all or part of this site or Content, without notice, for any reason.  These Terms will automatically terminate upon your breach of any provision of these Terms, provided that applicable provisions will survive such termination (including, but not limited to, Governing Law, Disclaimer of Warranties, Indemnification, Limitation of Liability and Waiver of Jury Trial).

General Information

These Terms and any additional terms and/or policies posted on this site constitute the entire agreement and understanding between you and ValueAct, superseding any prior agreements and understandings, and govern your use of this site. You also may be subject to additional terms and conditions that may apply (a) if you register for an account for, or otherwise access the, “Investor Login” section of the site, which is operated by IntraLinks, Inc. and subject to the end user agreement and privacy policy posted thereon and (b)if you use affiliate services, third-party content or third-party software.  Our failure to exercise or enforce any right or provision of the Terms shall not constitute a waiver of such right or provision. If any provision of the Terms is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision, and the other provisions of the Terms remain in full force and effect. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this site or the Terms must be filed within one (1) year after such claim or cause of action arose or be forever barred. The section titles in the Terms are for convenience only and have no legal or contractual effect.

Any rights not expressly granted herein are reserved by and for ValueAct.

Modification of Agreement

We may change, modify or replace these Terms at any time for any reason by posting updated Terms on the site.  If we determine in our reasonable discretion that any such changes are material, we will make reasonable efforts to post a notice of such changes on the site.  All updated Terms take effect immediately as of the date of such update.  If you do not agree with the changes in the Terms, your sole remedy is to discontinue the use of the site. By using this site after we post any changes to this policy, you thereby indicate that you have read, understood and agree to accept those changes.

Governing Law; Statute of Limitations

This Terms shall be governed by and construed in accordance with the laws of the State of California, United States of America, without reference to its conflicts of laws principles.  Any dispute relating to your use of the website or these Terms shall be brought solely in the state or federal courts located in San Francisco, California, and you hereby consent and submit to the personal jurisdiction and venue of such courts for the purpose of litigating any such action or dispute arising hereunder.

If you have any requests with respect to your personal information collected via the site or have any inquiries concerning these Terms, please contact

ValueAct Capital Management, L.P. – California Privacy Notice

The California Consumer Privacy Act (“CCPA”) imposes certain obligations on ValueAct Capital Management, L.P. and its affiliates (together, “we” or “us”) and grants certain rights to California residents (“California Resident,” “you,” or “your”) with regard to their “personal information.”  If you are a California resident, please review the following information about your potential rights under the CCPA. This section of our Privacy Notice describes our privacy practices surrounding how we and why we collect, use, disclose, share and protect personal information (as defined below) under the CCPA. The rights described herein are subject to exemptions and other limitations under applicable law.

Terms used in this notice have the meaning ascribed to them in the CCPA.  We are a “business.”  “Personal information” means information that identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a California Resident or a household.  It does not include deidentified information, aggregate consumer information or publicly available information, as those terms are defined in the CCPA.

Notice at Collection and Use of Personal Information

Information We Collect

Depending on how you interact with us, we may collect the following categories of personal information from or about you:

  • Identifiers and similar information such as your name, address, date of birth, email address, social security number, driver’s license number, passport number, online identifiers or other similar identifiers.
  • Certain information subject to Cal. Civ. Code § 1798.80(e) such as your signature, social security number, driver’s license, passport number, state identification card number, bank account number, credit card or other financial information.
  • Characteristics of protected classifications under federal or certain state laws, including gender, age, national origin, citizenship status, or marital status.
  • Commercial information, including records of products or services purchased, obtained, or considered, or other purchasing histories or tendencies, including funds invested, investments considered, or sources of wealth.
  • Internet or other electronic network activity information, including interaction with our website or use of certain online tools.
  • Professional or employment-related information, including occupation, compensation, employer, and title.
  • Certain education information that is not “publicly available personally identifiable information” as defined in the Family Educational Rights and Privacy Act.
  • Inferences drawn from any of the information identified above to create a profile reflecting your preferences or similar information, including your potential interest in investing in new funds or products.

How We Use Collected Information

We may use your personal information for the following business or commercial purposes:

  • Performing services on our behalf, including maintaining or servicing accounts, providing customer service, processing transactions, verifying information, processing payments, or providing similar services.
  • Performing our contractual obligations to a California resident, including processing initial subscriptions and providing updates on our performance and other operational matters.
  • Detecting security incidents, protecting against malicious, deceptive, fraudulent, or illegal activity, including preventing fraud and conducting “Know Your Client,” anti-money laundering, anti-terrorist financing, and conflict checks.
  • Enabling or effecting commercial transactions, including using your bank account details to remit funds and process distributions.

Our Collection, Use, Disclosure and Sharing of Personal Information

Information We Have Collected

In the preceding 12 months, and depending on how you interact with us, we may have collected the categories of personal information listed above in the “Information We Collect” section.

Sources of Personal Information

We may collect personal information about you directly from you and/or your intermediaries through sources such as: (i) account applications, subscription agreements, and other forms; (ii) written, electronic, or verbal correspondence with us or our service providers; (iii) investor transactions; (iv) an investor’s brokerage or financial advisory firm, financial advisor, or consultant; and/or (v) from information captured on applicable websites.

In addition, we may collect personal information from different sources, such as: (i) our affiliates, our service providers, or our affiliates’ service providers; (ii) public websites or other publicly accessible directories and sources, including bankruptcy registers, tax authorities, governmental agencies and departments, and regulatory authorities; and/or (iii) from credit reporting agencies, sanctions screening databases, or from sources designed to detect and prevent fraud.

Purposes for Collecting Personal Information

We may collect your personal information for the business or commercial purposes described above in the “How We Use Collected Information” section.

Disclosure and Sharing Personal Information with Third Parties

We do not sell your personal information. We do not knowingly sell the personal information of minors under 16 years old.  We may disclose personal information to third parties in circumstances where we believe in good faith that disclosure is required or permitted under law, to cooperate with regulators or law enforcement authorities, to protect our rights or property, or upon reasonable request by the fund in which you have invested.  We also may disclose personal information about you or your accounts to a third party at your request or direction or with your consent.

In the preceding 12 months, we may have disclosed for a business purpose each of the categories of personal information listed above in, “Information We Collect,” to the following categories of third parties:

  • Counterparties and intermediaries in connection with investments and transactions or for operational purposes.
  • Entities who assist with fraud prevention, detection and mitigation, including credit agencies and to assist with anti-money laundering or anti-terrorism checks.
  • Third parties as needed to complete a transaction, including financial institutions or lenders to or creditors of a fund.
  • Judicial courts, regulators, or other government agents purporting to have jurisdiction over us or our affiliates or opposing counsel and parties to litigation.
  • Any relevant third party acquirer(s), in the event that we sell or transfer all or any relevant portion of our business or assets.

Other third parties as may otherwise be permitted by law. We may also disclose your personal information to our affiliates and our service providers, including our information technology and email providers, professional services organizations, web analytics providers, and other entities that have agreed to limitations on the use of your personal information, or entities that fit within other exemptions or exceptions in or as otherwise permitted by the CCPA.

California Residents’ Rights Under the CCPA

If your personal information is subject to the CCPA, you may have certain rights with regard to such personal information, including the right to:

  1. Be informed, at or before the point of collection, of the categories of personal information to be collected and the purposes for which the categories of personal information shall be used.
  2. Request that we delete any personal information about you that we have collected, subject to certain exceptions (“Request to Delete”). We reserve the right to retain, and not to delete, certain personal information after receipt of a Request to Delete by you where permitted by the CCPA or where another law or regulation is applicable.  We may retain your personal information if doing so is necessary for us or our service providers to, for example:
    • Comply with a legal obligation.
    • Enable solely internal uses that are reasonably aligned with your expectations based on your relationship with us.
    • Complete a transaction for which we collect the personal information, provide a good or service requested by you, or reasonably anticipated within the context of our ongoing business relationship with you, or otherwise perform a contract between us and you.
    • Use your personal information, internally, in a lawful manner that is compatible with the context in which you provided the information.
  3. Request that we, as a business that collects personal information about you and that discloses your personal information for a business purpose, disclose to you (“Request to Know”):
    • The categories of personal information we have collected about you.
    • The categories of sources from which we collected the personal information.
    • The business or commercial purpose for collecting the personal information.
    • The categories of third parties to whom we disclosed personal information about you for a business purpose.
    • The specific pieces of personal information we have collected about you.
    • The categories of personal information we have disclosed about you for a business purpose.
  4. Opt-Out of the “sale” (as that term is defined in the CCPA) of your personal information if a business sells your personal information (we do not).
  5. Not be discriminated against because you exercised any of your rights under the CCPA.

The CCPA does not restrict our ability to do certain things like comply with other laws or comply with regulatory investigations.  In addition, the CCPA does not apply to certain information.  For example, among other things, the CCPA does not apply to personal information collected, processed, sold or disclosed pursuant to the federal Gramm-Leach-Bliley Act and its implementing regulations, or the California Financial Information Privacy Act.

How to Submit a Request Under the CCPA

You may submit requests to know or to delete through the following toll-free telephone number (888) 914-9661 PIN 917850 , or through our fillable form at the following link

We are required to provide certain information or delete personal information only in response to verifiable requests made by you or your legally authorized agent.  We may need to request specific information from you or your agent to help us confirm your identify or your agent’s authorization to act on your behalf and ensure your right to access the requested information. This measure is in place to help ensure that personal information is not disclosed to any person who does not have the right to receive it.  We may also contact you or your agent to ask for further information in relation to your request to speed up our response.  Any information gathered in this process will be used for verification purposes only.

We will deliver responses to verifiable consumer requests, free of charge, either through your online account with us, if you have such an account already, or, if you do not have a pre-existing online account, by mail or electronically, at your election.

We will try to respond to your requests to know or to delete within forty-five (45) days of receipt of the request.  If we require more time, we will try to inform you of our need for an extension.  Even with an extension, we will try to provide a response within ninety (90) days of initial receipt of the request.

Keep in mind that we are not required to provide information in response to requests to know more than twice in a 12-month period.  Any response to a request to know will only cover the 12-month period preceding the verifiable request.

Contact for More Information

If you have any questions or concerns about this California privacy notice please email or call 4150-362-3700.

This California privacy notice was last updated on January 1, 2020.