Farallon Capital Management, L.L.C. is an employee owned hedge fund sponsor. The firm primarily provides its services to institutions, typically endowments and foundations, high net worth individuals, other pooled investment vehicles, and charitable organizations. It invests in the public equity, fixed income, and alternative investment markets across the globe. For the firm’s equity securities, it invests in value stocks. For its fixed income securities, the firm invests in companies experiencing financial distress or whose credit is poor but expected to improve, including companies experiencing a liquidity crisis, defaulting on their debt obligations or filing for Chapter 11 bankruptcy protection. The firm typically invests in real estate, private equity, and private debt markets for its alternative investments. It employs a merger arbitrage and a special situation investing approach to make its investments. The firm primarily invests in companies undergoing or expected to undergo a merger, restructuring, recapitalization, spin-off, and litigation event. It employs a combination of in-house and external research to make its investments. Farallon Capital Management was founded in March 1986 and is based in San Francisco, California.