OnPar

OnPar was co-founded in 2023 by Tom Klocanas and Charles Cascarilla. Cascarilla is best known as the CEO and co-founder of Paxos, a regulated blockchain infrastructure platform. Klocanas has an investment background and works alongside Cascarilla in managing the firm's research process and portfolio construction.

OnPar trains bespoke large language models specifically for fundamental equity analysis. Rather than using AI as a supplementary screen, the firm positions its LLMs as the primary engine of idea generation, designed to surface dislocations and mispricings that conventional sell-side analysis and consensus models miss.

The firm runs a concentrated portfolio of roughly 10 to 20 high-conviction long and short equity positions. OnPar explicitly rejects the broadly diversified, factor-neutral construction common among institutional hedge funds, choosing instead to accept meaningful active share and tracking error to maximize exposure to its best ideas.

While Charles Cascarilla is the CEO of Paxos and the two entities share a founder, OnPar operates as an independent investment management firm. There is no public indication that OnPar invests in digital assets or blockchain companies; its mandate focuses on fundamentally driven public equity markets.

OnPar operates as an asset management firm pursuing a hedge fund strategy. Publicly available information does not specify the structure of its investor base, its asset-raising history, or whether it currently accepts external institutional capital.