MAK Capital

Michael Kaufman, the firm's founder, CEO, and Chief Investment Officer, is the sole decision-maker. He built the firm in 2003 after running a specialist arbitrage book at Bear Stearns. Kaufman's investment style — concentrated, catalyst-driven public equity value — has not been delegated to a committee or external managers in any publicly disclosed structure.

MAK Capital's primary strategy is public equity investing, specifically in small- and mid-cap companies where it can build meaningful ownership stakes. The firm's SEC 13F filings confirm a concentrated portfolio of public names. There is no public record of the firm maintaining a formal private equity or venture capital allocation.

MAK Capital was one of the most visible institutional backers of Eastman Kodak's post-bankruptcy pivot. The firm accumulated a significant stake in the imaging company as it restructured toward commercial printing, advanced materials, and chemicals. The position, held for several years through the turnaround, was exited in early 2024 according to SEC filings — marking the end of a classic Kaufman deep-value trade.

MAK Capital concentrates on technology, enterprise software, media, and consumer sectors — areas where Michael Kaufman developed deep expertise at Bear Stearns. Confirmed portfolio holdings over time have included names in payments technology, digital imaging, e-commerce, and enterprise IT services. The firm does not publicly disclose sector exclusions, but its 13F history shows no material energy, commodities, or biotech exposure.