Golden Gadflies

29 March 2007 By David Vise

Former SEC chairman Richard Breeden thinks so. In fact, he believes the $60bn now riding on the strategy could quadruple. The returns of Breeden s own fund suggest these pureplay corporate governance bets have promise. But his success may be hard to replicate.

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Former SEC chairman Richard Breeden, in a March 30, 2007 speech, said relational investing, the governance activist strategy, would become a significant asset class. He believes it will grow from its current size, which is about 5% of the capital devoted to private equity, to 20%.

Breeden Capital Management, his activist fund based in Greenwich, Conn. has over $1bn in committed capital. As of December 31, Breeden disclosed total investments of $326m in Applebee's ($96.2m), Alexander & Baldwin, Bausch & Lomb, H&R Block, Helmerich & Payne, Steris Corp, Walter Industries and Warnaco Group.

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