Two of the world’s most influential activist investors reveal their strategies and why private credit may be on the verge of a major reckoning.

Boaz Weinstein (Saba Capital) explains closed-end fund activism and why he’s now targeting private credit products like Blue Owl’s BDCs. He warns: “We are in the super early innings of the wheels coming off” and calls the current environment “not a canary — it’s a giant big bird in the coal mine.”

Lars Förberg (Cevian Capital) shares 29 years of operational activism in Europe, where shareholder democracy makes change easier — and why he’s never had to go through a proxy fight. Anne Marie Fleurbaaij (Makena Capital) explains how allocators use activism to amplify alpha by 100-200 basis points.

From the Smithson fund making 150 million pounds in a minute to Blue Rock turning “a dollar into 60 cents,” this panel exposes the dysfunction in semi-liquid products sold to retail — and the massive opportunity it creates.

TIMESTAMPS:
0:00 — Intro: Two forms of activism
1:05 — Boaz: Closed-end fund activism explained
2:05 — Smithson: 150 million pounds made in a minute
4:09 — Lars: Operational activism for 29 years
5:45 — “We will not invest without thinking we’ll double the value”
6:27 — Europe’s shareholder democracy advantage
7:47 — Anne Marie: How allocators use activism (100-200 bps alpha)
10:21 — Boaz: When discounts get biggest
12:20 — Retail investors: “Least sophisticated in the world”
13:27 — Private credit’s explosive growth: $500B to $2.5T in a decade
14:22 — Blue Rock: “How to turn a dollar into 60 cents”
15:41 — “Super early innings of the wheels coming off”
17:00 — Lars: Finding underperforming companies in Europe
19:42 — Anne Marie: “Write-your-own-adventure” strategy
21:28 — Boaz: “Giant big bird in the coal mine”
23:30 — Selling new funds at NAV while existing at 70 cents
24:17 — Anne Marie: “Manager relationships last longer than most marriages”

KEY TOPICS:

  • Two forms of activism: closed-end fund arbitrage vs operational improvement
  • Smithson fund: 150 million pounds made in a minute by open-ending
  • Private credit grew from $500B to $2.5T in a decade — “turbocharging” via retail
  • Blue Rock interval fund: converted to closed-end, lost 40% on day one
  • “Super early innings of the wheels coming off” for semi-liquid products
  • Europe’s shareholder democracy: easier influence, no proxy fights needed
  • Cevian’s 29-year strategy: double company value over 3-7 years
  • Makena underwrites activists for 100-200 bps additional alpha per year
  • S&P at 7000 but insurance down 10%, JP Morgan down 4.5%
  • “Selling new funds at NAV while existing at 70 cents” — warning sign
  • Boaz launching drawdown fund for coming private credit dislocation
  • “Giant big bird in the coal mine” — not just a canary

SPEAKERS:

  • Boaz Weinstein — Founder & CIO, Saba Capital Management
  • Lars Förberg — Founding Partner, Cevian Capital
  • Anne Marie Fleurbaaij — MD, Makena Capital Management
  • Dan Nathan — Co-Founder, RiskReversal Media (Moderator)

Recorded live at Global Alts Miami 2026