Jeff Ubben is leaving $16 billion hedge fund ValueAct Capital to start a new fund focused on environmentally and socially responsible investing, The Financial Times reported Tuesday. The activist investor hopes to use the fund — named Inclusive Capital Partners — to "prove that there's a return" in impact investing. "Finance is, like, done. Everybody's bought everybody else with low-cost debt," Ubben said. "Every industry has about three players. Elizabeth Warren is right." The move follows a yearslong transition for Ubben from leading ValueAct to transferring his power to successors. Visit the Business Insider homepage for more stories.