It was created in 2001 to manage assets owned by the Russian businessman Roman Abramovich and his partners.

Its assets under management included major stakes in oil company Sibneft (now Gazprom Neft), Russian Aluminium, Aeroflot, and RusPromAvto, as well as investments in electricity, pulp and paper processing, insurance and banking.

[5] In Russia, the company owns real estate assets worth over 900 million euros, including the Four Winds Plaza, an office and residential building in Moscow, and the Hotel Kristall in the Black Sea resort of Guelendjik.

[6] Millhouse Capital was initially based at Abbey House in Weybridge, a large two storey office building on the edge of the St. George's Hill estate, before moving to Stamford Bridge[7] following Abramovich's acquisition of Chelsea Football Club in 2003.

The London office of Millhouse Capital was closed in August 2008 and its functions rolled into a new firm, MHC (Services) Ltd.[7][8]