# AAF

AAF is a Single Family Office based in Westborough, United States.

## Overview

- **Organization type:** Single Family Office
- **Headquarters:** Westborough, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2011
- **Assets under management:** $500M - $1B (Altss estimate)
- **Website:** aaf.com
- **LinkedIn:** https://www.linkedin.com/company/american-action-forum

## About

AAF is an SEC-registered investment adviser in Westborough, MA, established in 2012. The firm manages $728 million in assets, with $580 million on a discretionary basis. AAF employs 10 staff members, including 6 investment advisers.

## Sectors

- Enterprise Software
- Financial Services
- Business Services
- Real Estate
- Consumer Discretionary
- Healthcare Services

## Offices

- Sydney, Australia
- Chicago, IL, United States

## People

- John Phelan — Co-Founder and Chairman
- Tony Hall — Co-Founder and Chief Investment Officer

## Questions

### Who runs investment decisions at 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.

### How is AAF related to MSD Capital and Michael Dell?

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.

### Does AAF maintain philanthropic structures?

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.

## Related profiles

- [Not3Lau Capital](https://altss.com/profile/not3lau-capital)
- [Sustainable Capital](https://altss.com/profile/sustainable-capital)

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Last updated: 2026-07-06T01:24:10.660Z

Canonical page: https://altss.com/profile/aaf

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