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 operates in a gray zone between the two. It was founded as a hedge fund in 2003 and later evolved into a vehicle that primarily manages Michael Kaufman's personal capital. The firm has historically accepted some external institutional money, but its current posture — a single decision-maker, no aggressive marketing, and concentrated long-only public equity bets — mirrors a single-family office more than a traditional fund manager.

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.

MAK Capital does not fit the traditional activist mold of proxy fights or public letters to management. However, its strategy — building concentrated stakes in underperforming or transitional companies and holding for years — is inherently engaged. The multi-year Eastman Kodak position, for instance, involved supporting a significant corporate pivot. Kaufman's approach appears to be private influence rather than public campaign.

MAK Capital is headquartered at 590 Madison Avenue in New York City. There is no public record of additional offices in other cities or countries. The firm has maintained a deliberately small operational footprint consistent with its concentrated, founder-led investment model.