Old Market Capital

Old Market Capital

Old Market Capital was founded in 2015 by Jeremy Caprari, who previously spent a decade as an analyst at Putnam Investments covering consumer and financial stocks. The firm launched with a fundamental, value-oriented mandate that has not drifted — Caprari still runs a heavily concentrated long-equity book from Boston, owning whole percentage points of the companies he backs. The strategy draws on the patience and high-conviction posture of a family-run holding company, applied through a public-markets vehicle. The portfolio is anchored in financials and specialty consumer finance, with positions historically including regional banks, credit-card issuers, and mortgage-servicing platforms. Caprari has disclosed stakes in Provident Financial Holdings and Arlington Asset Investment Corp at various points, though the book evolves slowly. The firm does not use leverage aggressively and avoids short selling; the edge comes from bottom-up underwriting of balance-sheet-heavy businesses that sit outside institutional benchmarks. The geographic focus is domestic, with occasional exposure to Canada and Western Europe when structures align. The firm keeps a deliberately small team and does not operate additional offices. Caprari serves as the sole decision-maker on all portfolio allocations. In early 2024, Old Market Capital filed a 13G disclosing a 5.1% activist-style stake in a publicly traded mortgage REIT, signaling a willingness to engage management teams when the thesis demands it. The firm does not manage outside capital beyond its pooled vehicle, which functions largely as a committed-capital structure with limited redemption windows. Structurally, Old Market Capital stands apart from the multi-strategy platforms and quant-driven shops that dominate Boston's asset-management landscape. Caprari runs the book as a permanent-capital vehicle, refusing to size positions around quarterly liquidity demands. The governance model is a throwback: one decision-maker, one strategy, and a track record measured in five-year rolling returns rather than monthly alpha. That posture makes the firm functionally closer to a listed investment trust than to a traditional hedge fund.