In recent hedge fund news, activist hedge fund ValueAct Capital just took a $2 billion investment in Microsoft. CEO Jeffrey Ubben announced the hedge fund industry investment news at a conference in New York on Monday.

He explained the investment as he said, “In three to five years, which is our time horizon, we’ll stop talking about PC cycles and instead talk about Microsoft as the largest cloud-computing company in the world.”

ValueAct describes itself as a fund that performs hedge fund due diligence as it “combines intensive due diligence, a concentrated number of investments, and active, constructive involvement in the value creation of those investments.”  It currently has $10 billion in assets under management and it works to have significant ownership in only a small number of companies and to perform hedge fund due diligence with these companies.

According to Reuters, ValueAct does not plan to change any of Microsoft’s current strategies. As Microsoft said, “Microsoft’s Board of Directors and management team welcome the perspectives of shareholders. We are committed to enhancing value for all shareholders, and will continue to take actions that we believe will enable us to achieve this objective.”