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AIGH Investment Partners
Orin Hirschman runs AIGH Investment Partners, a Baltimore-based micro-cap specialist deploying concentrated capital in tech and life sciences since 1999.
AIGH Investment Partners
Hirschman founded AIGH in 1999, structuring it as a concentrated investment vehicle targeting micro-cap and small-cap companies in technology and life sciences. The firm operates primarily from Baltimore, deploying its own capital alongside limited partners into companies that are often overlooked by larger institutional investors. AIGH's approach is built on deep fundamental research and a willingness to engage actively with portfolio company management teams. The firm's strategy spans public equity stakes, private investments in public equity (PIPEs), and direct private placements across multiple technology sub-sectors. Known investment areas include enterprise software, cybersecurity, medical devices, and industrial technology. Hirschman himself frequently serves on portfolio company boards, a practice that has included directorships at firms like Arotech Corporation and Voyager Learning Company. The geographic focus is primarily North America, with particular attention to companies trading on major US exchanges or operating domestically. AIGH's deployment scale is evidenced by its SEC filings, which historically show concentrated positions in a limited number of names rather than a broad index-like portfolio. The firm's team size and total AUM are not publicly disclosed, but its regulatory filings as an exempt reporting adviser confirm an active, ongoing investment program. The firm has not publicly launched adjacent vehicles or philanthropic structures under the AIGH brand, operating instead as a single investment entity under Hirschman's direction. AIGH's structural differentiator is its micro-cap mandate combined with an active-control posture. While many small-cap funds trade passively, Hirschman routinely negotiates board representation and influences operational strategy at portfolio companies. This blends elements of venture capital, private equity, and activist public-market investing within a single, Baltimore-based vehicle — a rare hybrid model that has persisted for over two decades.
General information
Firm type
Private Equity
Year founded
1999
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Baltimore
Corporate office
Baltimore, MD, United States
Principals
Orin Hirschman
President and Chief Investment Officer
Sector focus
Frequently asked questions
Who makes investment decisions at AIGH Investment Partners?
Orin Hirschman, the firm's founder, serves as President and Chief Investment Officer and is the central decision-maker for portfolio construction and board-level engagement. His investment history includes over two decades of micro-cap and small-cap public and private investments, often taking a direct operational role as a board member at portfolio companies. AIGH's SEC filings reflect a concentrated, conviction-weighted portfolio consistent with a single lead decision-maker.
What kind of companies does AIGH typically target?
AIGH targets micro-cap and small-cap companies, typically those with market capitalizations below $150 million, in technology and life sciences. The firm's investment history includes enterprise software, cybersecurity, medical devices, and industrial technology companies. Hirschman has publicly stated a preference for companies trading at low enterprise-value-to-revenue multiples where management teams are receptive to strategic engagement.
Does AIGH invest only in public markets, or does it do private deals as well?
AIGH does both. The firm is best known for public-market positions, including PIPEs (private investments in public equity), but its mandate extends to direct private placements. Hirschman's board memberships at companies like Arotech Corporation and Voyager Learning Company demonstrate a willingness to hold concentrated, illiquid positions and influence strategy directly, blurring the line between public-market investing and private equity.
How is AIGH structured — is it a hedge fund, private equity firm, or family office?
AIGH is structured as an asset manager with a private equity posture, filing as an exempt reporting adviser with the SEC. It is not a family office; it manages external capital alongside proprietary capital. Its style is unusual in that it applies private equity-style active governance — including board seats and operational influence — to micro-cap public companies, a hybrid approach maintained since its 1999 founding.
What is AIGH's known posture on co-investments?
AIGH does not publicly market co-investment programs to external GPs or allocators. Its investment structure relies on direct, concentrated deployment rather than syndicated deals. The firm's small portfolio size — historically a handful of core positions — suggests limited appetite for club-style co-investing, with Hirschman favoring unilateral control over shared governance.
What geographies does AIGH focus on?
The firm's primary geographic focus is North America, particularly US-based companies trading on major exchanges. While AIGH has occasionally evaluated international opportunities, its historical portfolio and board engagements are concentrated in domestic micro-cap and small-cap companies, consistent with its Baltimore headquarters and Hirschman's US-centric network.
Does AIGH maintain any philanthropic or adjacent investment vehicles?
No publicly disclosed philanthropic foundation, real-asset arm, or adjacent fund vehicle operates under the AIGH brand. The firm appears to function as a single investment entity under Hirschman's leadership, without the multiple fund families or dual-purpose structures common at larger private equity firms.
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