Andy Cates | Partner
Andrew F. Cates (Andy) has been a partner at Value Acquisition Fund since 2005. In 2007, he founded RVC Outdoor Destinations, the leading developer and operator of high-quality outdoor resorts in the United States and currently serves as its CEO.
In 1999, Cates was the Founding Chairman and Project Developer of the Soulsville Revitalization Project, one of the largest inner city revitalization projects in the United States that includes The Stax Museum, Soulsville Charter School, and Stax Music Academy. In the summer of 2000, Cates worked with a team of business and civic leaders to attract the Vancouver Grizzlies National Basketball Association franchise to Memphis, Tennessee and was a Limited Partner in the original ownership group.
Cates began his real estate career in Dallas working for the Trammell Crow Company and Crow Investment Trust (now Crow Family Holdings) as a member of the team responsible for partnership and loan workouts, office and industrial acquisitions, asset management, and commercial real estate development. After leaving Crow, Cates was a founding partner in Viceroy Investments, LLC based in Dallas, Texas and is currently a partner in two Viceroy sponsored partnerships.
Cates served on the Board of Directors of Pioneer Natural Resources (NYSE:PXD) from 2009 – 2020. Over his more than eleven years of service, Pioneer was the top performing energy stock in United States. Cates also served on the Board of Directors of PICO Holdings, Inc. (NASDAQ:PICO) from 2016 – 2017 where he helped lead a turnaround that resulted in a 55% increase in the stock price over his 18-month tenure.
In 2018, Cates founded Memphis Fourth Estate, Inc. which created and now oversees The Daily Memphian, the largest locally oriented “digital newspaper” in the United States. He currently serves as its Board Chairman.
Cates earned a Bachelor of Business Administration (Finance) degree at the University of Texas at Austin. In addition to serving on the Memphis Fourth Estate board, he serves on the board of Tripadvisor (NASDAQ:TRIP) and the Myelin Repair Foundation.
Ashton Hudson | Partner
Ashton Hudson is a Partner at Value Acquisition Fund, where he helps lead the firm’s investment strategy, capital allocation, and governance initiatives. He is also the founder and Chairman of Riverwood Asset Management, a family office established in 2018 to steward long-duration capital across public equities, private investments, and real assets.
He brings more than two decades of experience as an operator, investor, and fiduciary across public, private, and municipal enterprises. He currently serves on the Florida Board of Directors of Fifth Third Bank, the Board of Directors of Bessemer Trust’s Real Asset Investment Funds, and the Board of Directors of Live Oak Acquisition Corp. V (NASDAQ: LOKV).
His board service reflects a consistent focus on disciplined capital allocation, value creation, and strong governance. As a director of Forestar Group, Inc. (NYSE: FOR), he served on the Audit, Compensation, and Corporate Governance Committees during a period of significant transformation, including executive leadership change, divestiture of non-core assets, and strategic simplification. These initiatives culminated in the company’s sale to D.R. Horton and a 125% increase in share price during his tenure.
At JEA, one of the largest municipally owned utilities in the United States serving more than one million customers, he chaired the Audit and Finance Committees and served a two-year term as Chairman of the Board, overseeing the hiring of a new CEO and a significant balance sheet transformation.
He has also served on the boards of Advanced Disposal, which grew through the consolidation of more than 50 regional haulers prior to its $1.5 billion public listing on the NYSE, and The Shaw Group, a global leader in industrial pipe and module fabrication. His operating experience includes leadership of Turner Pest Control, where he served as owner and Executive Chairman. Under his direction, the company scaled from $1.5 million to more than $25 million in revenue, becoming one of the fastest-growing pest control companies in Florida and a top 40 firm nationally before its sale to Anticimex.
Earlier in his career, he practiced law at Parker, Hudson, Rainer & Dobbs LLP, focusing on corporate finance, mergers and acquisitions, and securities law —experience that continues to inform his work as an investor and director. He earned a Bachelor of Science in Business and Accountancy, cum laude, from Wake Forest University, and a Juris Doctor, magna cum laude, from Wake Forest University School of Law, where he was a Cooke Foundation Scholar and Articles Editor of the Law Review.
He lives in Ponte Vedra Beach, Florida, with his wife, Mandy, and their three children.
Matt Uselton | Managing Director
Matt Uselton joined Value Acquisition Fund in 2014 and supports the firm’s investment activities across multiple real estate asset classes and geographies. His responsibilities include asset management, acquisition strategy, investor relations, underwriting, and the execution of programmatic investment structures. In addition to his role at ValFund, he serves as Executive Vice President of RVC Outdoor Destinations, where he has led real estate acquisition and development initiatives across the company’s national portfolio.
Matt brings extensive experience in real estate development, valuation, and operations. His background includes construction management, design and cost estimation, tax appeal, contract negotiation, property management, financial analysis, and reporting. In 2024, he was recognized by the Memphis Business Journal as a “40 Under 40” honoree for his leadership as a national real estate developer and executive.
Prior to joining ValFund, Matt worked in commercial real estate development and valuation after earning a Bachelor of Business Administration in Finance from the University of Memphis. He began his career with Loeb Properties before joining Valbridge Property Advisors, where he served as Senior Analyst and Appraisal Trainee with a focus on multi-tenant office and retail properties.
Beyond his professional responsibilities, Matt has been active in Memphis’s business and creative communities for more than two decades as a musician, songwriter, and producer. His entrepreneurial experience includes leadership roles with Blue T.O.M. Records, the University of Memphis’ student-run record label, where he contributed to music production, artist development, and educational initiatives. He lives in Memphis with his wife and two daughters.
Mary Jean Campchiaro | Controller
Mary Jean serves as Corporate Controller for Value Acquisition Fund, where she oversees the firm’s accounting systems, financial reporting, treasury functions, and financial controls. She also serves as Controller for RVC Outdoor Destinations, supporting one of the nation’s leading outdoor hospitality and RV resort platforms. With more than three decades of hospitality and real estate accounting experience, she plays a key role in the financial management and reporting of the firm’s investment and operating platforms.
Prior to joining ValFund, Mary Jean served as Vice President of Hotel Accounting for Davidson Hotel Company, where she oversaw accounting and financial reporting functions for a portfolio of more than 30 hotels. Following the company’s relocation, she joined McNeill Hotel Company as Vice President of Accounting, where she established the organization’s accounting infrastructure and helped support its growth from a single hotel to a portfolio of more than 20 properties.
Throughout her career, Mary Jean has developed expertise in financial reporting, operational accounting, internal controls, and multi-property portfolio management across both privately held companies and large-scale operating platforms.
Mary Jean earned a Bachelor of Business Administration in Accounting from the University of Memphis. Outside of the office, she enjoys spending time with her family.