Square Circle

Adam Heppner, the founder and managing partner, leads all investment decisions. Heppner was previously co-head of structured finance at Goldman Sachs, where he spent over two decades building and managing complex asset-backed and private credit transactions. The firm operates with a lean team, centralizing investment committee authority in Heppner.

The firm pursues a private credit and special-situations strategy focused on asset-heavy, cash-flowing sectors. Target areas include real estate credit, infrastructure debt, aviation leasing, and renewable-energy project finance. The strategy emphasizes bespoke, bilateral loans where sourcing complexity reduces competition from broadly syndicated lenders.

The firm raised its initial capital from a network of family offices and institutional LPs who had previously backed Heppner-led transactions during his Goldman Sachs tenure. Square Circle does not publicly disclose its total AUM or the identities of its limited partners. The vehicle is structured as a single commingled drawdown fund rather than a platform of separate funds.

The firm invests primarily in North America and select Western European markets. Confirmed deal activity includes aviation leasing facilities with European transport lessors and renewable-energy project finance involving North American developers. The strategy does not currently extend to emerging or frontier markets.