# North Run Capital

North Run Capital is an Asset Manager based in Boston, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Boston, United States
- **Region:** North America
- **Address:** Boston, MA, United States
- **Founded:** 2022
- **Assets under management:** Undisclosed
- **Website:** www.northruncapital.com
- **LinkedIn:** linkedin.com/company/north-run-capital

## Regulatory record

- **CRD number:** 157922
- **SEC file number:** 802-124967
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/157922

## About

North Run Capital, LP is a Boston-based investment firm with more than two decades of investing experience. Its approach is grounded in fundamental research, thoughtful structuring, and alignment with long-term value creation. The firm provides patient capital and active partnership for small and micro-cap public companies through concentrated, multi-year positions, typically via convertible preferred securities.

## Sectors

- small and micro-cap public companies

## People

- Thomas B. Ellis — Portfolio Manager
- Patrick J. Burke — Analyst

## Questions

### What is North Run Capital's core investment strategy?

The firm pursues a concentrated, value-oriented strategy focused on small- and mid-cap public equities. It is particularly known for its event-driven approach and active participation in PIPE (Private Investment in Public Equity) transactions. The team looks for mispriced companies where a specific catalyst—such as a restructuring, new product cycle, or management change—is expected to surface value.

### Who manages the portfolio at North Run Capital?

Thomas B. Ellis serves as the Portfolio Manager and is the central decision-maker for the firm's investments. He is supported by a lean team that includes analyst Patrick J. Burke, among others. The concentrated portfolio reflects Ellis's deep involvement in sourcing, research, and ongoing monitoring of positions.

### How does North Run Capital source its deal flow, particularly for PIPE transactions?

Deal flow is primarily sourced through the firm's established network of relationships with investment banks, placement agents, and corporate management teams. Given its long tenure in the small-cap space and its reputation for providing growth capital, North Run is often approached directly by companies seeking a reliable institutional partner for private placements. The firm's generalist mandate also allows it to look broadly across sectors for mispriced opportunities.

### What is the operational history and current structure of North Run Capital?

North Run Capital was originally organized around a flagship limited partnership that was discontinued in 2009. The firm continued to operate as an SEC-registered investment adviser, managing capital through separately managed accounts or other private structures. This transition to a leaner operating model reflects a focus on investment performance over asset gathering, typical of small, concentrated hedge fund managers.

## Related profiles

- [North River Capital](https://altss.com/profile/north-river-capital)
- [NorthSands Capital](https://altss.com/profile/northsands-capital)

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Last updated: 2026-08-11T15:07:34.613Z

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