22NW, LP

What 22NW, LP does

22NW, LP is a Seattle-based microcap investment firm founded in 2015 by Aron English. The firm operates as a limited partnership from its headquarters at 590 1st Ave S., Unit C1, and runs a deliberately constrained strategy designed to capture structural mispricings and elevated performance dispersion in the US microcap equity market. 22NW takes concentrated long-term ownership positions (typically 10% or more) in undervalued microcap securities and engages in active shareholder stewardship, formalized through cooperation agreements with portfolio company boards. As of early 2026, the firm is the largest shareholder of DIRTT Environmental Solutions (~15%) and holds a 10% stake in L.B. Foster Company, with cooperation agreements in place at Stoneridge (board appointment for the founder effective March 16, 2026) and Culp (board appointment for 22NW Fund's General Counsel in late 2025).

The firm's core offering is a single specialist investment fund, "22NW Investment Fund," with the entirety of the company's product surface devoted to its US microcap value strategy. There is no technology platform, software product, or AI-driven tooling disclosed; the investment process is human-led, supported by a team of eight professionals — the founder, five research analysts, and two operations specialists. The competitive basis of the firm rests on the founder's 18 years of microcap investing experience, prior tenure as Director of Research at RBF Capital LLC (2008-2013), and membership in the Drakes Landing lineage of small cap managers.

22NW generates returns through capital appreciation on concentrated portfolio positions, and to the extent the firm manages third-party capital it would also derive management and performance fees. No revenue, AUM, fee schedule, or LP composition is publicly disclosed, consistent with the firm's private, founder-controlled status. The firm does not utilize traditional marketing or distribution channels; deal and engagement flow is sourced through direct shareholder engagement, activism, and cooperation agreements with portfolio companies.

Name

22NW, LP

Legal name

22NW, LP

Website

https://22nw.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

22NW, LP is a Seattle-based microcap investment firm founded in 2015 that makes concentrated long-term investments in undervalued US microcap securities, employing shareholder activism and cooperation agreements to secure board representation at portfolio companies.

Ownership category

akta.pro rank

Product category

Microcap Investment Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Small-/Mid-Cap Equity Long/Short (FSAHAAAG)

akta.pro secondary industry

Fundamental/Discretionary Equity Long/Short (FSAHAAAA)

Keywords

• Microcap value investing
• Active ownership
• Shareholder activism
• Long-term investment
• Small cap equities

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D

Revenue model

1. Investment Management Returns: 22NW generates returns through long-term investments in undervalued US microcap securities. Revenue is derived from capital appreciation and investment returns from portfolio companies where the fund holds significant stakes (typically 10%+ ownership positions).

Go-to-market motion1 record

Core offering

22NW, LP operates a single specialist microcap investment fund that makes long-term investments in undervalued US microcap securities. The firm runs a constrained strategy designed to capture structural mispricings and elevated performance dispersion in the microcap space, taking significant ownership positions (typically 10%+) and engaging in active ownership through cooperation agreements and board representation at portfolio companies.

Product overview

22NW, LP operates as a single unified investment fund focused on US microcap equities. The firm employs a constrained value strategy targeting undervalued securities to capture structural mispricings. The investment fund represents the entirety of the company's product offering.

Differentiator

Problem solved

Functional benefit

Products and services

• 22NW Investment Fund

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Stoneridge, Inc.coreStrategic or Co-development Partner · 26 February 202622NW, LP entered into a cooperation agreement with Stoneridge, Inc., resulting in the appointment of founder Aron R. English to Stoneridge's Board of Directors effective March 16, 2026. English will also be nominated for election at the 2026 Annual Shareholders Meeting in May.
• Culp, Inc.coreStrategic or Co-development Partner · 6 June 202522NW Fund entered into a Cooperation Agreement with Culp, Inc. on June 6, 2025, which obligated Culp to elect Mark Wilson (General Counsel of 22NW Fund) to its board of directors to fill a vacancy created by Alexander B. Jones's resignation on December 11, 2025.

Scale indicators2 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• ValueAct Capital: Activist equity long/short fund that takes significant minority ownership positions and engages with management/boards to drive value creation. Highly comparable to 22NW's activist, engaged-investor approach in small/mid-cap names.
• Legion Partners Asset Management: Small-cap-focused activist investment manager that engages in shareholder activism and board nominations. Comparable to 22NW's small-cap, underfollowed-name, cooperation-agreement approach.
• Bulldog Investors: Activist investment firm that pursues undervalued, often closed-end fund and small-cap opportunities with significant ownership positions. Comparable to 22NW's niche, high-conviction, value-driven approach.
• Starboard Value: Activist investment firm focused on small-to-mid-cap public companies, typically taking meaningful ownership stakes and pursuing board representation. Closely mirrors 22NW's cooperation-agreement-driven strategy.
• Engaged Capital: Small-to-mid-cap activist fund that engages in board contests, proxy fights, and cooperation agreements with portfolio companies. Directly comparable to 22NW's small-cap, concentrated-ownership, activist model.
• Red Oak Partners: Small-cap-focused value/activist fund that seeks to identify undervalued small-cap companies and engage with management. Directly comparable to 22NW's microcap value-plus-engagement strategy.
• Anson Funds: Event-driven and activist investment manager focused on small and mid-cap companies, often using cooperation agreements and board representation. Comparable to 22NW's small-cap activist approach.
• H Partners Management: Activist fund that takes significant stakes in consumer-facing small/mid-cap companies and engages in board-level activism. Comparable to 22NW in fund structure, concentration, and activist engagement.

Emerging players

• JCP Investment Management: Small/mid-cap value-oriented investment firm with activist tendencies. Comparable to 22NW in targeting undervalued small-cap public companies with value-driven theses.
• RBF Capital LLC: Specialist small/microcap investment firm where founder Aron English previously served as Director of Research. Directly comparable given the firm's pedigree lineage and shared microcap focus.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 22NW, LP