Glenview Capital Management is a hedge fund founded in 2000 with approximately $7.7 billion of capital under management as of March 2019. Glenview manages capital for investors through a series of private investment funds. The firm was founded by Larry Robbins, the firm's CEO and portfolio manager, and is based in New York.
History
Robbins left Omega Advisors in 2000 to form Glenview Capital Management, named after the suburban Chicago area where he started playing hockey at age five.
Glenview's investing style is most commonly tied to the category of Growth at a Reasonable Price or “GARP” and focuses on companies in industries that are stable, predictable and steady, with recurring revenue streams or entrenched market positions. Glenview's flagship funds which launched in 2001 employ a long/short strategy focused on investments in equity and fixed income securities. In 2007, Glenview launched the Glenview Opportunity or “GO” funds which employ a purely opportunistic investment approach. Across these two strategies Glenview manages the following investment funds: Glenview Capital Partners, L.P., Glenview Institutional Partners, L.P., Glenview Capital Partners, Ltd., Glenview Capital Opportunity Fund, L.P. and Glenview Offshore Opportunity Fund, Ltd. In 2013, the firm placed number one on the Bloomberg Markets annual ranking of best performing large hedge funds due to the performance of the Glenview Capital Opportunity Fund, which saw an 84% gain through October 31 2013.
Investment history
Glenview holds investments in a broad range of industries including healthcare, industrials, consumer services and technology companies. In 2013, Health Management Associates and Community Health Systems announced that they had agreed to a $3.9 billion merger. Owning a 14.6% stake in HMA, Glenview objected to the terms of the deal and submitted consents from a majority of the shareholders of HMA to remove and replace the entire Board of Directors. The merger was completed in January 2014. In 2016, Glenview became the largest shareholder in hospital chainTenet Healthcare with a 17.8% stake in the company. In 2017, after Dow Chemical engaged in merger discussions with DuPont, Glenview and other shareholders pushed for changes to the plan of how the combined company, DowDuPont, would be broken up. In 2018, Cigna announced that the company had agreed to buy Express Scripts for $67 billion. After activist investorCarl Icahn called the deal a “$60 billion folly,” Glenview declared its support of the transaction in a letter to Cigna shareholders, urging other investors to do the same. The merger was approved in August 2018.
