# Square Circle

Square Circle is an Asset Manager based in Boston, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Boston, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2023
- **Assets under management:** Undisclosed
- **Website:** squarecircle.com

## Regulatory record

- **CRD number:** 312718
- **SEC file number:** 801-126286
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/312718

## About

SQUARE CIRCLE IA LP is an SEC-registered investment adviser in Boston, MA, registered since 2022. The firm manages approximately $449 million in regulatory assets. It has 3 employees and 2 investment advisers.

## Sectors

- Private Credit
- Real Estate
- Energy Transition & Renewables
- Infrastructure

## People

- Adam Heppner — Founder & Managing Partner

## Questions

### Who runs investment decisions at 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.

### What is Square Circle's core investment strategy?

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.

### How is Square Circle capitalized, and who are its backers?

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.

### What is Square Circle's geographic focus?

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.

## Related profiles

- [SpyGlass Pharma](https://altss.com/profile/spyglass-pharma-inc)
- [Square Wave Capital](https://altss.com/profile/square-wave-capital)

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

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