Hillberg Capital Management

Hrach Kaprielian, founder and managing partner, leads all investment decisions at Hillberg Capital Management. He established the office in 2016 following the sale of his family's jewelry business, Hillberg & Berk, and maintains direct involvement in sourcing, underwriting, and portfolio oversight. The firm does not disclose an investment committee structure, suggesting a founder-led decision-making model.

Hillberg's capital is entirely proprietary, stemming from the 2015 sale of Hillberg & Berk, the Canadian jewelry brand founded by the Kaprielian family. The firm manages a single pool of family assets from its New York base and accepts no outside investor capital.

Hillberg invests with no fixed exit horizon, a structural feature of its single-family-office mandate. Unlike private equity funds that typically hold investments 4–7 years before distributing returns to limited partners, Hillberg can retain control positions indefinitely to compound value over full business cycles.

Hillberg executes direct equity investments into lower-middle-market companies and real estate properties; it does not publicly disclose a fund-of-funds allocation or commitments to external private equity vehicles. The firm structures transactions as direct equity, consistent with the founder's preference for operational control and concentrated positions.

Hillberg maintains a sector-agnostic mandate centered on consumer goods, specialty finance, industrial services, and commercial real estate. The firm targets lower-middle-market companies with established cash flows and tangible assets, avoiding venture-stage technology and businesses requiring heavy R&D spend.

Hillberg & Berk, the Canadian jewelry brand founded by the Kaprielian family, was sold in 2015. The liquidity event generated the capital base that Hrach Kaprielian used to launch Hillberg Capital Management as the family's dedicated investment office in 2016.

Hillberg Capital Management does not publicly disclose an affiliated philanthropic foundation or donor-advised fund program separate from investment operations.