Hillberg Capital Management

Hillberg Capital Management

Hillberg Capital Management formed in 2016 when Hrach Kaprielian established the New York-based single-family office to manage liquidity generated by the 2015 sale of Hillberg & Berk, the Canadian jewelry brand his family built. The firm operates from a single location and reflects the founder's direct investment style — concentrated, hands-on, and sector-agnostic within its core competencies. The firm pursues a flexible mandate spanning private equity buyouts, growth equity, real estate, and occasional public-market positions. In private markets, Hillberg focuses on established lower-middle-market businesses where it can acquire control or meaningful minority stakes, often holding indefinitely without a fixed exit horizon. The real estate allocation targets income-producing commercial and multifamily properties in North American gateway cities. The firm has disclosed positions in consumer goods, specialty finance, and industrial service businesses, structuring transactions as direct equity investments without syndication or fund-formation pressure. Hillberg manages an estimated $100 million to $500 million in total assets, deploying capital from a permanent balance sheet rather than a fund structure. This allows the office to underwrite illiquid holding periods and complex transactions that time-constrained institutional capital often avoids. The firm's professional count remains undisclosed; operational evidence suggests a lean team supporting Kaprielian's direct involvement in sourcing, underwriting, and post-close oversight. The structural differentiator is mandate permanence. Hillberg operates as true patient capital — no LP redemption risk, no fundraising cycle, no forced exits. This mirrors the classic single-family-office advantage: the ability to say yes to an eight-year turnaround when a private equity fund would be distributing by year five. The office's concentration in control-oriented equity deals, rather than a diversified fund-of-funds allocation, reflects the founder's operating conviction and personal risk tolerance.