Inspirational Directions

Jeff Ubben ’87 MBA

Investing for Impact

The same year Gordon Gekko proclaimed that “greed ... is good” in the 1987 blockbuster film Wall Street, Jeff Ubben entered a business world that was increasingly prioritizing short-term profit maximization and shareholder returns.

“When you leave school, you’re competitive — you put your head down and go make your way,” Ubben says. “But Northwestern has a certain ethos that makes you look around and figure out what more you can do.” 

For Ubben, that Northwestern-ignited self-reflection sparked a move to socially conscious investing as well as thoughtful philanthropy geared toward building a more sustainable world and expanding access to higher education.

“I want to make capitalism a societal good, and I don’t think it’s on that path,” Ubben says. “Over the last 40 years, it’s become a shareholder-only constituency. We need to get these other constituents — the environment, society, the workforce, the customer — to have a voice.”  

At ValueAct Capital, the San Francisco–based investment firm he founded in 2000, Ubben introduced an investment strategy in 2018 that sought to prove the viability of business models that pursue long-term value alongside environmental and societal well-being.

In 2020 Ubben launched Inclusive Capital Partners, an investment firm that seeks to positively leverage capitalism and governance in pursuit of a healthy planet and the wellbeing of its inhabitants.

“Jeff is effectively aligning his personal values with his investment acumen and extensive professional experience, creating an entirely new benchmark that might be thought of as the power of positive investing,” Ubben’s longtime colleague George F. Hamel Jr. says.

And while some so-called activist investors pound tables and incite proxy battles between shareholders, Ubben prefers collaboration. Having served on roughly 20 public company boards, he has built a reputation as a thought leader capable of supporting corporate transformation. When Exxon Mobil sought a board member to propel its transition to the alternative-energy company of the future, for instance, Ubben emerged as a clear choice.

“There is a very short list of experienced investors with a record of constructive partnerships working with companies, and Jeff is at the top of that list,” Hamel says.

Ubben’s business sensibilities have naturally informed his own philanthropy and civic involvement. When he was chair of the Posse Foundation, a college access program, Ubben helped bring Northwestern into an effort committed to increasing diversity in higher education and empowering student success. And as a member of Northwestern’s Board of Trustees, he has advanced environmental and financial aid initiatives at the University.

In 2017, Ubben and his wife, Laurie, also made a gift to create the Ubben Program for Climate and Carbon Science. The interdisciplinary program pursues carbon-reduction technologies capable of having financial and social impact.

Additionally, Ubben served on the steering committee for We Will. The Campaign for Northwestern, which expanded opportunities for students, stimulated innovative research and fueled Northwestern’s future. During the Campaign, the Ubbens made an unprecedented estate commitment of $50 million to support scholarships that encourage future Northwestern students to learn, grow and serve the world.

“Laurie and I hope to help more students take advantage of every opportunity Northwestern has to offer and become leaders in the workplace,” he says.

— Daniel P. Smith

Kari Forsee ’02 is a freelance writer based in the Washington, D.C., area. She is a graduate of the Medill School of Journalism, Media, Integrated Marketing Communications. Daniel P. Smith is a freelance writer based in Chicago.