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Laxman Pai, Opalesque Asia:

The Greenwich-headquartered investment firm Mill Road Capital is launching a fund this spring designed to improve governance and diversity in small public companies.

The vehicle, which will be structured like a hedge fund, has an initial target of $500 million, according to WSJ. It will invest in small public companies and try to improve their board governance and diversity.

The investment firm that aims to apply private-equity management strategies to public companies said in a press release that it will be launching the Mill Road Progressive Governance Fund (MRPG) in the second quarter of 2021.

"MRPG's objective is to generate strong returns by taking large equity positions in small-cap companies and appointing board members capable of improving the culture and character of the boards in those target companies," it explained.

The strategy aims to improve the functioning of boards by adding directors with the ability to drive long-term value creation, while also enhancing the culture of boards by bringing in more diverse viewpoints and committing that at least 50 percent of its director nominees will be women or people of color.

The Progressive Governance Fund has a distinctive strategy that is neither passive nor adversarial; it is a "Sponsoring Investor" fund that will seek board seats and constructively engage with management to create economic and social value for shareholders, said the release.

MRPG's sponsorship of a com......................

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