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Alternative Market Briefing

Mill Road Capital launches fund to push for diversity among boards

Thursday, June 24, 2021

Laxman Pai, Opalesque Asia:

The Greenwich-headquartered investment firm Mill Road Capital is set to roll out its Mill Road Progressive Governance (MRPG) fund in the second quarter of 2021, with an initial target of $500 million.

According to a press release from the investment firm, 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.

"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," it said.

Mill Road has a history of prioritizing investments in companies with progressive social values, and MRPG will build on that record by targeting undervalued small-cap public companies, with a primary mission of unlocking value by improving governance and enhancing diversity, said the release.

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.

MRPG's sponsorship of a company is structured to be a signal to all shareholders that the board has the pr......................

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