David Lockwood is a founder and Managing Partner of the ValueAct SmallCap. Prior to co-founding the SmallCap Funds, Mr. Lockwood was Chairman and CEO of Liberate Technologies, where he led the successful turnaround of the company, as one of its largest shareholders. In 2005, Liberate sold substantially all the assets of the firm to a group of investors, lead by Comcast. Before Liberate Technologies, Mr. Lockwood was Vice Chairman, CEO, and a significant shareholder of Intertrust. At Intertrust, Mr. Lockwood drove the restructuring of the business and formulation of a new business strategy. In 2003, Intertrust was acquired by a joint venture established by Sony and Philips. Prior to Liberate and Intertrust, Mr. Lockwood held a number of positions in the financial services industry, including Managing Director at Goldman Sachs, where he worked from 1990 to 2000. At Goldman Sachs, Mr. Lockwood had extensive principal investing, portfolio management, and trading experience in equity securities, convertible bonds and derivatives. Mr. Lockwood also had management responsibility for several principal and customer trading businesses. Prior to Goldman Sachs, Mr. Lockwood worked for five years at Smith Barney in the Equity Division. Mr. Lockwood is a director of Steinway Musical Instruments, Inc. and Energy Solutions, Inc. He has a B.A., magna cum laude, from Miami University (Ohio), and an M.B.A. from the Graduate School of Business of the University of Chicago, where he was a Peat Marwick Scholar.