Heard Capital

Name

Heard Capital

Legal name

Heard Capital LLC

Website

https://heardcapital.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Heard Capital is a Chicago-based, SEC-registered investment firm managing approximately $2 billion in assets for institutional investors through a concentrated long-only equity strategy and a credit opportunity strategy targeting middle-market businesses.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL)

akta.pro secondary industry

SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• Long-only equity strategy
• Institutional asset management
• Credit opportunity strategy
• Concentrated public equity
• Fundamental equity research

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management Fees (AUM-based): As a long-only investment firm, Heard Capital generates revenue primarily through management fees charged on assets under management. The firm manages approximately $2 billion in assets (as of January 1, 2025) on behalf of institutional investors including endowments, foundations, pensions, and family offices.
2. Performance / Incentive Fees: The firm likely charges performance fees tied to investment returns, which is standard for concentrated long-only equity strategies. Specific fee structures are not publicly disclosed.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Heard Capital is a Chicago-based SEC-registered investment adviser that manages approximately $2 billion in assets through concentrated long-only public equity and credit opportunity strategies. The firm serves institutional investors such as endowments, foundations, pensions, and family offices by applying proprietary debate-driven idea generation, unit-based analysis, and integrated risk management to build a portfolio of 15-20 high-conviction long positions with an average holding period of five years or more.

Product overview

Heard Capital offers two distinct investment strategies: the High Conviction Long-Only Strategy, which is a multi-year fundamental equity investment approach focused on 15-20 concentrated positions across financials, industrials, technology, telecommunications and media sectors, and the Credit Opportunity Strategy, which targets middle-market businesses in similar sectors that are misunderstood or considered complex. Both strategies employ debate-driven analysis and integrated risk management processes. The firm manages approximately $2 billion in assets on behalf of endowments, foundations, pensions and family offices.

Differentiator

Problem solved

Functional benefit

Products and services

• High Conviction Long-Only Strategy A multi-year, fundamental and concentrated public equity investment approach targeting high-conviction opportunities in the financials, industrials, technology, telecommunications and media (TMT) sectors. The strategy typically holds 15-20 long positions with an average holding period of five years or more, and is offered to institutional investors including endowments, foundations, pensions, and family offices.
• Credit Opportunity Strategy A strategy seeking to provide capital to and partner with middle-market businesses in TMT, financial and industrial sectors that are misunderstood or viewed as being overly complex. The strategy employs debate-driven analysis to identify select opportunities with attractive risk-adjusted returns, and is offered to institutional investors.

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Maverick Capital: Dallas-based concentrated fundamental equity manager serving institutional LPs with long-duration, high-conviction positioning — comparable in strategy structure and institutional client mix to Heard Capital.
• Lone Pine Capital: Concentrated, fundamental long-only institutional equity manager using a private-equity-style research process — closely aligned with Heard Capital's unit-based, debate-driven analytical approach.
• Southeastern Asset Management: Memphis-based long-only institutional manager running concentrated public equity mandates with multi-year holds — closely mirrors Heard Capital's 15–20 name, 5+ year average-hold strategy for institutional LPs.
• Appaloosa Management: Concentrated, fundamental institutional manager with long-duration equity and credit strategies — matches Heard Capital's combination of a flagship long-only equity strategy plus a credit opportunity strategy.
• Eminence Capital: Concentrated long-only institutional equity manager focused on high-conviction fundamental positions — comparable in strategy, portfolio concentration, and institutional LP base to Heard Capital.
• Baupost Group: Boston-based long-only institutional value manager known for concentrated, multi-asset portfolios and high-conviction positioning — directly comparable to Heard Capital's concentrated, long-duration institutional equity approach.
• Greenlight Capital: Concentrated fundamental equity manager with long-duration positions and a small investment team serving institutional clients — closely mirrors Heard Capital's high-conviction, long-only institutional model.
• Pershing Square Capital Management: Concentrated, public-equity-focused institutional manager with a small number of high-conviction positions and long holding periods — directly comparable business model and LP base to Heard Capital.
• Third Point: Concentrated, fundamental institutional equity manager with long-duration high-conviction positioning across financials, industrials, and TMT — overlaps materially with Heard Capital's process and sector coverage.
• ValueAct Capital: San Francisco-based, concentrated long-only activist manager serving large institutional clients with a small number of high-conviction positions — same fundamental, long-duration institutional equity model as Heard Capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/heard_capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Heard Capital