Andrew F. Cates (Andy) is a Partner in Value Acquisition Fund (, an acquisition, development, and asset management company he founded in 2004. He’s also the Founder, General Partner and CEO of RVC Outdoor Destinations (, the leading developer and owner of high quality outdoor resorts in the United States.

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 has served on the Board of Directors of Pioneer Natural Resources (NYSE:PXD) since 2009. Over his more than ten years of service, Pioneer has been one of the best performing energy stocks in United States and was the best performing energy stock from 2009 – 2014. Cates previously 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 started and now oversees The Daily Memphian (, one of the largest “digital newspapers” 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 boards of Pioneer and Memphis Fourth Estate, he also serves on the boards of the Myelin Repair Foundation, Calvary Endowment Foundation, Inc, and Memphis University School.


Ashton Hudson is a Partner in Value Acquisition Fund, an acquisition, development and asset management company and in Rock Creek Capital, an alternative asset manager with significant land holdings throughout the southeast.

Prior to beginning his investment career,  Hudson practiced law with the firm of Parker, Hudson, Rainer & Dobbs LLP, where his legal practice was primarily focused on corporate finance, mergers and acquisitions, general corporate law and securities law.

Hudson previously served on the Board of Directors of the Jacksonville Electric Authority, the seventh largest municipally owned utility in the United States, where he chaired the Audit and Finance Committee and served a two-year term as Chairman of the Board.  He currently serves on the Board of Directors of Forestar Group, Inc. (NYSE: FOR), where he sits on the Audit, Compensation and Corporate Governance Committees, and on the Florida Board of Directors of Fifth Third Bank.

 Until its sale to Anticimex in February 2018, Hudson was the owner and Executive Chairman of Jacksonville, FL-based Turner Pest Control, one of the largest and fastest growing pest control providers in the United States.

Hudson earned his B.S., cum laude, in business and accountancy, from Wake Forest University in 1994.  He received his J.D., magna cum laude, in 1997 from the Wake Forest University School of Law, where he was a Cooke Foundation Scholar, Articles Editor of the Law Review, member of the Moot Court Board and Order of the Coif


Matt serves as an Acquisition Associate for Value Acquisition Fund and serves as VP of Acquisitions for RVC Outdoor Destinations (a related company). Upon graduating from the University of Memphis with a Bachelors of Business Administration in Finance, he was an analyst for commercial real estate development with Loeb Properties and an Investment Banking Analyst intern in Public Finance at Morgan Keegan, now Raymond James. Before joining the Val Fund team, Matt was the Senior Analyst and Registered Appraisal Trainee for Valbridge Property Advisors, a national commercial real estate appraisal firm.

In addition to asset management and deal sourcing roles for Val Fund, Matt is active in all aspects of site selection, market analysis, asset management and purchase as well as development strategy for RVC Outdoor Destinations.

Outside of the commercial real estate world, Matt is a professional musician with a 10-year career as a live and studio guitarist along with years of teaching, song-writing and studio production.


Gladys is the Office Manager and Research Analyst for Val Fund and RVC USA (a related company). Gladys graduated from the University of Tennessee at Martin with a degree in Business Administration. After working twenty years in telecommunications, Gladys managed an Executive Suites business before joining Val Fund.