AAF

Tony Hall serves as Chief Investment Officer and oversees day-to-day portfolio allocation, while John Phelan sets overall strategy as Chairman. The two have worked together since the MSD Capital era, creating a continuity of investment philosophy and risk management approach that predates AAF's 2011 founding. Major commitments require consensus between the two principals.

John Phelan co-founded MSD Capital in 1998 to manage Michael Dell's personal wealth and served as a managing partner there before departing to launch AAF. AAF is a completely separate entity from MSD Capital and does not manage capital for Michael Dell. The investment philosophy at AAF, however, reflects institutional practices and long-duration thinking developed during Phelan's MSD tenure.

AAF primarily pursues direct investments across public equities, private companies, and real estate, but it will selectively commit as a limited partner to funds managed by independent sponsors and emerging managers. The firm prefers control or significant minority positions where it can influence governance and capital allocation. Fund commitments are typically reserved for managers within its core network.

AAF regularly co-invests alongside other family offices and independent sponsors, particularly on larger private equity transactions where its permanent capital base allows it to hold positions without a fixed exit timeline. The firm does not operate a formal co-investor club but leverages relationships built over decades in the single-family office community. Co-investors are typically other large family offices rather than institutional limited partners.

AAF does not publish formal exclusionary criteria, but its track record suggests limited appetite for early-stage venture capital, commodities trading, and highly regulated industries such as defense contracting. The firm focuses on sectors where Phelan and Hall have direct operating and investment experience. Deep-tech and biotechnology investments are notably absent from its known portfolio.

Yes, the Phelan Family Foundation operates as a separate philanthropic vehicle supporting education, arts, and community initiatives primarily in New York and Florida. The foundation is legally distinct from AAF's investment activities, though both entities share John Phelan as a principal. The foundation does not make program-related investments or impact-first capital allocations.

AAF invests directly in commercial and residential real estate, favoring income-producing properties in supply-constrained markets. The firm's real estate exposure is concentrated in the United States, with selective Australian holdings reflecting the Sydney office's local market knowledge. AAF typically holds properties for extended periods rather than pursuing value-add repositioning strategies.