Legion Partners Asset Management, LLC

Legion Partners Asset Management is a registered investment adviser that manages pooled investment vehicles and side‑by‑side co‑investments for institutional investors and other qualified investors, including public and corporate pension funds, endowments, foundations, family offices and high‑net‑worth clients. As of December 31, 2025 the firm reported approximately $200.9 million in assets under management and offers separately managed accounts alongside its pooled funds.

The firm’s investment approach centers on deep fundamental research and long‑term, concentrated equity positions—typically in small‑cap North American companies with market capitalizations generally between $250 million and $6.4 billion—holding a core set of roughly eight to twelve positions with target horizons of two to three years. Legion Partners integrates active engagement into its strategy, pursuing governance work, shareholder proposals under Rule 14a‑8, proxy voting, and in some cases seeking board representation or participating in proxy contests and tender offers to support its investment theses.

Noteworthy distinctions include an activist engagement focus that goes beyond passive stewardship, arrangements to accept co‑investments and side‑by‑side allocations, and the firm’s use of third‑party solicitation agreements to raise capital for certain private funds. The brochure also discloses a seed investor arrangement (CalSTRS is entitled to a share of performance‑based fees) and firm policies that allow employees to invest pro rata in its funds subject to a three‑year lockup, features that are less common among managers of this size.