# NORCAP INVESTMENT MANAGEMENT

NORCAP INVESTMENT MANAGEMENT is an Asset Manager based in Austin, Canada.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Austin, Canada
- **Region:** North America
- **Address:** Toronto, ON, Canada
- **Assets under management:** Undisclosed
- **Website:** norcapinvestments.com
- **LinkedIn:** https://www.linkedin.com/company/norcap-investment-management

## Regulatory record

- **CRD number:** 132975
- **SEC file number:** 801-64155
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/132975

## About

NORCAP INVESTMENT MANAGEMENT, L.P. is an SEC-registered investment adviser in AUSTIN, TX, registered since 2005. The firm manages approximately $351 million in assets. It has 8 employees and 6 investment advisers.

## Sectors

- Real Estate
- Private Credit

## Questions

### What does NORCAP INVESTMENT MANAGEMENT actually invest in?

NORCAP focuses on originating private real estate loans, predominantly in Ontario. Its portfolio consists of directly underwritten, asset-backed mortgages — bridges, construction loans, and term debt secured by residential and commercial property. The firm does not invest in public equities, bonds, or third-party funds, limiting its deployment to Canadian hard-asset credit.

### Who runs NORCAP and how are investment decisions made?

NORCAP does not publicly identify its principals or investment committee members. The firm operates with an opaque governance structure, and no biographical or professional-background information on its leadership is available through its website, regulatory filings, or public record. All underwriting and origination is described as an in-house, vertically integrated function.

### How does NORCAP source its lending opportunities?

NORCAP sources loans through a combination of developer relationships, mortgage broker networks, and direct proprietary channels in the Greater Toronto Area and other Ontario markets. It does not lend through bank referrals or government programs, relying instead on repeat borrowers and origination relationships built within the non-bank private lending ecosystem.

### Does NORCAP report its assets under management or fund performance?

No. NORCAP does not publicly disclose AUM, fund returns, or portfolio composition. The firm operates in Canada's exempt-market system and has chosen a non-reporting posture, meaning no third-party data vendor or regulatory database captures its deployment scale or historical performance.

### What type of investor typically allocates to NORCAP?

NORCAP targets private and institutional investors seeking absolute-return exposure to Canadian real estate credit that is uncorrelated with public equities and bonds. Because the firm does not disclose its limited-partner base, no specific allocator types can be confirmed, though the strategy is structurally suited to family offices, high-net-worth individuals, and smaller institutions comfortable with Ontario-specific property risk.

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- [Headwater Investment Consulting](https://altss.com/profile/headwater-investment-consultinginc)

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Last updated: 2026-06-03T20:00:00.000Z

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