Chaos is profit in disguise

Opportunistic multi-strategy investment fund

Who We Are

Dellwood Capital was founded in 2009 as a dedicated public markets equity fund, focused on disruptive technology and high growth opportunities. Consistent alpha generation is our central focus. We have generated over 18% IRR since 2018.

About Us

50+ Years of Experience

At Dellwood we build upon our rich heritage of over 50 years of collective investing experience. Our journey has taught us invaluable lessons, shaping our approach to intelligent and strategic investment decisions.

Consistent Superior Returns

Regardless of market conditions, we have a proven track record of producing consistently superior returns. Our unwavering commitment to diligent research, meticulous analysis, and nimble decision-making allows us to identify investment opportunities that yield exceptional results.

Proven multi-asset playbook

With a focus on public equities, private debt, and outstanding private opportunities, we leverage our expertise and network to uncover high-potential investment opportunities.

Opportunistic & Disciplined

Our investment philosophy embodies the best of both worlds: we are opportunistic and disciplined at all times. We seize opportunities proactively. Yet, maintain the discipline to assess risks prudently and align our strategies for sustainable success.

Prudent Risk Management

We strive for a balanced risk profile by embracing the inherent diversification offered through cross-asset investing. We seek to mitigate risk and optimize returns, even in the face of market volatility.

Meet the Team

Serge Milman

  • Dellwood Capital Partners LP was founded by Serge and Peter Milman in 2009.

  • Before that, the brothers had launched Ronin Asset Management in 2000 growing it to employ 72 traders with offices across the country.

  • Dellwood experienced success initially as a long-short TMT fund with AUM > $100M.

  • The fund returned over 45% in 2009 and over 50% in 2010.  

  • Serge incorporated private credit into Dellwood in 2017, leading to a cumulative return of over 150% since then.

  • Dellwood 2.0 is now being launched, following the same model with a portfolio balanced at 60% public markets and 40% private credit.

Chief Investment Officer, Co-Founder

  • Ben Reiter

    HEAD OF VENTURE / PRIVATE EQUITY

    Benjamin Reiter is an experienced venture capital investor with a multi-disciplinary background. Prior to founding 840 Venture Partners, Benjamin held a lead operational role as Principal at Starta Ventures, an early-stage venture capital firm, and startup accelerator in New York City. His responsibilities consisted of diligencing technology companies across a range of verticals, negotiating and closing investment deals, co-directing the firm's flagship startup accelerator program, and managing the firm's portfolio of over 100 companies. Benjamin worked closely with over 70 startup companies from around the world in Starta Accelerator, supporting them in all aspects of strategic growth. He has successfully negotiated and closed over 50 venture investment deals, and has screened over 1,000 investment prospects, from pre-seed to round A stages.

    In addition to his work at 840VP, Benjamin currently serves as an Advisory Director at people analytics startup Cognitive Talent Solutions USA, and is an active mentor at several startup accelerator programs.

    Benjamin spent the first part of his career as an accounting analyst at In Demand Networks, earning responsibility for the analysis of over $100 million in annual receivables. He has an MBA with a concentration in Human Resource Management from the Zicklin School of Business at Baruch College, and an MS in Nutritional Sciences from San Diego State University.

  • Gabriel Arant

    HEAD OF INVESTOR RELATIONS

    With a remarkable background encompassing both startup acceleration and investment management, Gabriel brings a wealth of experience and expertise to our firm, enhancing our operations and delivering exceptional value to our investors.

    Gabriel's professional journey commenced within the dynamic realm of startup acceleration at Starta VC, an industry-renowned entity. As a key figure within the organization, Gabriel led the flagship Accelerator program, empowering early-stage international founders seeking to establish a foothold in the US market. Through close collaboration with over 100 startups, Gabriel played an instrumental role in designing and implementing customized acceleration programs, nurturing and guiding these ventures towards remarkable success.

    Driven by an unwavering passion for exploration and growth, Gabriel made a pivotal transition into the world of investment management by joining Dellwood Capital, a prestigious long-short multi-strategy investment fund. Founded in 2009 as a dedicated equity fund, Dellwood Capital has since expanded its horizons to include credit and private investments, strategically diversifying our portfolio across various asset classes.

    In his role as Head of Investor Relations, Gabriel serves as the indispensable link between Dellwood Capital and our esteemed network of current and potential investors. With a focus on cultivating robust relationships, Gabriel leverages his deep expertise in investor relations to provide exceptional service and ensure seamless alignment with our fund's objectives. His adeptness in effectively communicating our investment strategies and value proposition makes Gabriel an invaluable asset, fostering enduring trust and driving mutual success for Dellwood Capital and our esteemed investors.

    Gabriel's unwavering dedication to excellence, combined with his profound understanding of both the startup and investment landscapes, empowers him to navigate the intricate and ever-changing financial terrain with finesse. By fostering collaboration and cultivating a deep sense of trust, Gabriel ensures that Dellwood Capital thrives and continues to deliver outstanding results to our valued stakeholders.

  • Peter Milman

    CO-FOUNDER / ASSET MANAGER

    Peter is the Co-Founder and Asset Manager at Dellwood Capital LP. Peter's allocations range from long/short niche trading strategies, private debt financing, Digital asset/crypto, and direct trading. Peter's approach has been fine-tuned with over 24 years of investing experience. Deep-rooted channels have provided early access into new investment opportunities that Peter has cultivated over the years.

    His trading career started at Broadway Trading where he developed repeatable trading models that relied on fundamentally strong companies but utilized a systematic approach to timing. Technical analysis gave Peter confidence in defining entry and exit points. To this day, Peter focuses his time on disruptive leaders in tech. In 2015, Peter was an early investor in the cryptocurrency world. While the adoption of crypto and blockchain tech continues to develop, Peter leads the team with his pursuit of returns and alpha generation in the crypto space.

    Peter graduated from Stern School of Business, NYU with a Finance and Math degree in 1998. In 2008 Peter was featured in a 6-page article in New York Magazine that portrayed a day in the life of a trader.

In The Media

As seen on the cover of Forbes magazine.

Our Strategy

With a focus on technology household names, opportunistic trading, and macro opportunities, we employ a comprehensive strategy to maximize returns while carefully managing risk.

  • At Dellwood, we have a long bias and invest in tech household names that dominate their respective markets. Companies like Google, Microsoft, Apple, Amazon, Tesla, Netflix, Shopify, Nvidia, and more are core holdings in our portfolio. We allocate a significant portion of our assets under management (AUM), with typical investments reaching as high as 10%. By targeting market leaders with near-monopolistic control, we aim to capture long-term value and growth potential.

  • We actively trade around our core investments, capitalizing on short-term opportunities as they arise. This allows us to enhance returns by leveraging market fluctuations and swiftly adapting to changing conditions. Our agile approach enables us to respond to emerging trends and make strategic moves to optimize performance.

  • In the face of a high-volatility environment, Dellwood 2.0 is equipped to pursue macro opportunities. We stay vigilant, analyzing market trends and identifying potential areas of growth. By capitalizing on macro events, we seek to generate additional value and enhance portfolio performance.

  • Our investment decisions are driven by a variety of technical criteria. We actively trade and reposition our holdings based on rigorous analysis and data-driven insights. This approach allows us to identify favorable entry and exit points, optimizing risk-adjusted returns for our investors.

  • At Dellwood 2.0, we firmly believe in taking profits, especially when they happen quickly. We implement profit-taking strategies on short-term trades, beginning at a 5% return on investment (ROI). By realizing gains swiftly, we capitalize on favorable market movements and strive for consistent profitability.

  • While we do not engage in shorting stocks, when a short bias arises, we employ puts rather than naked shorts. This approach mitigates risk by utilizing put options, providing downside protection and managing potential losses effectively.

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