William Blair Investment Management, the employee-owned asset manager, has launched a fund investing in equity securities of small to medium-sized companies.  

The William Blair Small-Mid Cap Value Fund will be managed by Chad Kilmer, Mark Leslie and David Mitchell, the firm’s value team.

Michelle Seitz, head of investment management, said in a statement that the team seeks balance in two ways: quality companies at discount prices and corporate transformation opportunities.  

The team also manages the company’s Small Cap Value Fund, Mid Cap Value Fund and Small Cap and Mid Cap Value for institutional separate accounts.

Earlier in December, the company launched the William Blair Macro Allocation Fund, a total return fund unconstrained by geography, asset class, sector, style, or capitalization.

William Blair had $38 billion in assets under management at the end of September.