Mill Road Capital launches fund that will push for diversity among boards

Mill Road Progressive Governance fund

Mill Road Capital is set to roll out its Mill Road Progressive Governance fund in the second quarter of 2021, with an initial target of $500m.

MRPG's objective is to generate strong returns by taking large equity positions in small-cap companies and appointing board members capable of improving the culture and character of the boards in those target companies. The strategy aims to improve the functioning of boards by adding directors with the ability to drive long-term value creation, while also enhancing the culture of boards by bringing in more diverse viewpoints and committing that at least 50% of its director nominees will be women or people of color. Thomas Lynch, senior managing director and founder of Mill Road, said:...