Hillcore Group

Edward Kernaghan serves as Chairman and is the key decision-maker for the firm's acquisitions. His family background in capital markets through Kernaghan Securities shapes the Group's permanent-capital, deal-by-deal co-investment approach. Day-to-day execution is handled by a small Toronto-based team, though the firm does not publicly list its full investment committee.

The firm targets succession-driven and corporate divestiture opportunities in the Canadian mid-market, often sourcing through relationships with founder-owners and regional intermediaries. Its long-hold, permanent-capital structure appeals to sellers seeking a stable owner rather than a fund-bound exit timeline. The emphasis on manufacturing, energy, real estate, and senior living creates a broad funnel across traditional Canadian industries.

Hillcore functions as a private equity firm, though its permanent-capital, deal-by-deal co-investment model shares characteristics with family office direct investing. It is not a single-family office; capital comes from a network of institutional and high-net-worth co-investors. The Kernaghan family's influence is central, but the entity operates as a manager of external capital across multiple industry verticals.

Hillcore Group does not invest in third-party private equity funds. All capital is deployed directly into controlling stakes of operating companies, with each acquisition capitalized independently through its limited partner base. The firm has never raised a commingled blind-pool fund.

Hillcore does not promote co-investment opportunities alongside outside general partners. Its model is proprietary — each deal is sourced, structured, and controlled internally, with capital raised exclusively for that specific transaction from its existing LP network. It does not act as a minority co-investor in other firms' led deals.