Intercap Equity

Intercap Equity

Intercap Equity was founded in 2017 by Jason Chapnik, a Toronto-based operator and investor who built the firm as an alternative merchant bank. The structure deviates from a standard private equity fund: Intercap uses its own permanent capital base rather than drawing down on a blind pool from limited partners. The firm originates and syndicates transactions, often pairing proprietary principal commitments with institutional co-investors on a deal-by-deal basis. The firm’s investment strategy crosses multiple asset classes including late-stage venture capital, growth equity, private credit, and select real estate opportunities. Intercap concentrates on North American opportunities and has been particularly active in the Canadian technology ecosystem. Confirmed portfolio positions include public and private investments in companies such as Thinkific, a Vancouver-based course-creation platform backed by Rhino Ventures, and Simply Group, a consumer finance and energy-efficiency financing vehicle. In the real asset space, the firm evaluates income-generating properties in secondary Canadian markets, sourcing off-market transactions through Chapnik’s network. The firm operates from its Toronto headquarters without additional offices publicly listed. Intercap’s capital-raising advisory practice creates a pipeline of deal flow that its principal arm can evaluate before market processes begin, a structural advantage that shortens sourcing timelines. In recent years, the firm has pursued a series of acquisitions through Simply Group, including the purchase of a home comfort rental portfolio from Enercare Inc. for roughly C$100 million in early 2023. The firm has not disclosed aggregate assets under management or total capital deployed. The dual advisory-principal model is Intercap’s structural differentiator. The advisory side gives the firm early visibility into growing companies seeking financing, while the principal side can write cheques without the time constraints or mandate restrictions of a traditional fund vehicle. That permanent-capital structure also means Intercap faces no formal fundraising cycle, an operational signature that separates it from the vast majority of Canadian alternatives platforms.