|The highly successful activist hedge fund, MMI Investments, founded by New York City civic-leader John Dyson, has come full circle returning to its original status as a personal investment fund. As reported by Hedge Fund Alert, John Dyson’s firm, Millbrook Capital is cashing out outside investors and converting back to a family office operation, where it began in 1996. |
In its 15-year run as an activist hedge fund focusing on small-cap companies, MMI Investments grew to $700 million and generated average annual returns of 20 to 25 percent. The impending departure of portfolio manager and partner, Clay Lifflander, apparently prompted the decision to roll back the fund. Dyson, who also has a business interest in a private equity firm, plans on returning to private investing.