George G. Hicks

George Hicks is a Co-Founder and Co-Executive Chair. He is a member of the firm’s Investment Committee. Based in Minneapolis, George co-founded the firm in 1993.

As a founder, George was an original architect of the firm’s investment thesis and philosophy and has helped guide the application of those principles to an ever-changing, growing and dynamic investing environment. He has presided over the growth of the firm, overseeing its transition from a start-up to a global enterprise with the infrastructure required to support offices around the globe and a diverse investor base. George played a central role in developing the mandates and raising the capital for Värde’s funds. He has served as a lead creditor in a number of corporate restructurings and has served on the boards of a number of the portfolio companies owned by the Värde funds. George transitioned to Executive Chair in 2022 after serving as Co-Chief Executive Officer through 2021 and Co-Chief Investment Officer through 2017.

Prior to founding Värde, George served as senior vice president of Cargill Financial, the financial services subsidiary of Cargill, where he helped build and manage the company’s worldwide merchant banking department. A lawyer by training, George also served as counsel in the Cargill legal department.

George graduated from Gustavus Adolphus College, Minnesota with a B.A. in Economics and History, and received his J.D. from the University of Minnesota Law School. He is a member of the Board of Trustees of Asia Society.

Marcia L. Page

Marcia Page is a Co-Founder and Co-Executive Chair. She is a member of the firm’s Investment Committee. Based in Minneapolis, Marcia co-founded the firm in 1993. Marcia is also Founder and CEO of MPowered Capital, an investment firm established to invest in best-in-class female and other underrepresented investment talent in the alternative markets.

As a founder of Värde, Marcia has overseen every aspect of the firm’s growth, ranging from the development of the original investment thesis, to raising capital for Värde’s funds, to the crafting of the firm’s investor communications, to the development of the firm’s infrastructure. Marcia built the liquid investing side of the business, first focusing on all aspects of the day-to-day investing and portfolio management and then building the business on a world-wide basis, including moving to London as she built the liquid side of the business there. Marcia has played key roles in various portfolio companies owned by the Värde funds as well as serving on creditors’ committees. Marcia transitioned from Co-Chief Executive Officer and Co-Chief Investment Officer to Executive Chair in 2016.

Prior to founding Värde, Marcia served as vice president of EBF & Associates, an alternative investment firm. There, she managed Merced Partners, an investment partnership. Prior to EBF & Associates, Marcia traded distressed and high-yield bonds and managed fixed-income portfolios at Cargill.

Marcia graduated from Gustavus Adolphus College, Minnesota with a B.A. in Economics, and received an M.B.A. from the University of Minnesota. Marcia serves on the Board of Trustees and as Chair of the Investment Committee of Gustavus Adolphus College. She is on the Board of Overseers of the Carlson School of Management at the University of Minnesota and is a member of The Committee of 200.