Third North Capital LP

Third North Capital LP provides discretionary investment management primarily to pooled private funds and a small number of separately managed accounts, serving institutional clients such as endowments and family offices. The firm focuses on trading publicly traded equity and equity‑related instruments and reports roughly $432 million in regulatory assets under management.

The firm’s strategy is heavily oriented toward short selling equities and related instruments and may also include long positions, cash, bonds, CDS, equity swaps and other derivatives, with the use of leverage where appropriate. Research combines proprietary screens, financial statement and industry analysis, and engagement with industry participants, and the firm negotiates mandate‑specific guidelines with Managed Account clients on a case‑by‑case basis.

Compared with many peers, Third North unusually permits borrowing and the use of derivatives within its separately managed accounts as well as in pooled vehicles, rather than restricting those techniques to funds alone. The firm manages a limited number of client vehicles, is operationally dependent on the judgment of a single key investment professional, and treats its pooled vehicles as custodial for regulatory purposes, which can affect liquidity, allocation and operational handling across funds and Managed Accounts.