Mason Capital Management

Founding principals Ken Garschina and Michael Martino lead investment decisions. Both previously managed risk arbitrage and special situations capital at Gruss & Co. before launching Mason in 2000. The firm has historically operated without a large analyst team, making the principals directly responsible for idea generation and portfolio construction.

Mason targets corporate events — mergers, spin-offs, restructurings, post-bankruptcy equities — where complexity or forced selling creates mispricing. The principals draw on long-standing relationships throughout Wall Street and a network cultivated over two decades of event-driven investing. The firm's concentrated approach suggests a focus on deep due diligence on a small number of situations rather than screening for breadth.

Mason Capital Management operated as a hedge fund managing outside capital from 2000 until 2016, when the principals returned external investor money and converted to a family office structure. The firm now manages partner capital exclusively, which eliminates redemption timelines and allows extended holding periods through event-driven catalysts that can take months or years to resolve.

The firm focuses on event-driven and special situations: announced mergers, spin-offs, recapitalizations, post-reorganization equities, and holding company discount trades. Mason invests across the capital structure in both equity and debt, and it operates primarily in North American and European markets. Its concentrated portfolio suggests high-conviction bets on specific corporate transformations rather than diversification across many small spread trades.

Mason does not publicly disclose assets under management. Since the 2016 conversion to a family office, the firm has not reported AUM figures that would appear in public filings or databases due to its private capital structure and exemption from Form ADV filing requirements applicable to outside-managed vehicles.