Milkwood Capital has built a stake in the winding-down Triple Point Energy Transition (TENT ) as it makes a second attempt at obtaining an investment company to run.

The Windsor-based activist investor has established a 14.9% position in the £85m trust since it started buying shares in late August, stock exchange filings show, in a move similar to its failed attempt to prevent the wind-down of Downing Strategic Micro-Cap (DSM ) earlier this year.

TENT, which declared it would begin realising its portfolio of energy efficiency assets and return capital to investors frustrated with the 45% share price discount in December, announced its first special dividend this month.

The board chaired by John Roberts will pay out £25m, or 29% of net assets, at 25p per share on 20 September, funded by the disposals of several assets, having already repaid and cancelled the revolving credit facility in April.

TENT said it was on track to sell its last two remaining assets by the end of the company’s financial year in March and intended to return the realised funds to shareholders in a timely manner.

Milkwood, which is managed by Rhys Summerton (pictured), is yet to comment publicly on its proposals for the infrastructure fund, but it could mirror its strategy for Downing Strategic, which involved buying a 28% stake and voting against wind-down at the annual general meeting.

When that failed, it then called a general meeting to oust the chair, block the special dividends and take over management of the fund, which was not backed by its fellow shareholders.

Deutsche Numis analyst Colette Ord noted that TENT was distributing capital to investors via special dividends rather than the more customary tender offer or redemption, in a similar move to Downing Strategic’s board as it thwarted Milkwood.