Halvren Capital — Founded 2025 — Vancouver, BC
We buy what we’d be embarrassed to sell.
Patient capital for businesses built to last decades. We are not traders who occasionally hold. We are owners who occasionally sell — and only then, reluctantly.
Our Philosophy
Five things we actually believe
Not aspirations. Not values off a slide deck. These are the convictions that determine where capital goes and, more importantly, where it does not.
The price of admission to real returns is the discomfort of looking wrong for years.
The consensus is always priced. Edge lives in the time horizons others have abandoned, the industries others have embarrassed themselves in, and the businesses too boring to make a conference panel. We are comfortable being boring.
We don’t predict cycles. We position for the aftermath of other people’s predictions.
Markets are not machines; they are crowds. Crowds panic, extrapolate, and eventually correct. Our job is not to forecast when — it is to know what survives regardless of when. Quality businesses at reasonable prices have a remarkable tendency to win the waiting game.
Risk is not volatility. Risk is the permanent impairment of capital. We are paid to know the difference.
A stock that falls 40% and recovers is not a loss. A business whose competitive position quietly erodes over four years while the price stays flat — that is a loss. We spend more time on the latter than the former, because the latter does not announce itself.
Technology doesn’t disrupt industries. It reveals which operators were never actually good at them.
Every technology wave exposes the incumbents who were protected by friction, not by quality. We look for the rare businesses on the right side of that revelation — builders who treat software as a weapon rather than a cost centre, and who would be terrifying competitors in any era.
Humility is not a virtue here. It is the actual edge.
The graveyard of capital is crowded with people who were right about the thesis and wrong about the timing, the management, or the price. We try to know what we don’t know before we deploy a dollar. This is harder than it sounds. We are still working on it.
Investment Thesis
Three places where patient capital wins.
Compounders
Businesses that get stronger while you sleep.
We seek businesses with durable pricing power, high returns on incremental capital, and management teams that think in decades. Not turnarounds. Not cyclicals. Not commodities with a story. We want the businesses where time is unambiguously on our side — where doing nothing is a legitimate strategy because the underlying engine is genuinely exceptional.
This means we say no to most things. An average business at a cheap price will outperform a mediocre business at a great price only briefly. The moat matters more than the multiple at horizons beyond five years. We plan to be here in fifteen.
Real Assets
Hard things in the right locations.
Real estate and infrastructure in supply-constrained geographies remain one of the few honest stores of long-term value. We focus on Metro Vancouver, where land supply is structurally limited, demand is structurally supported, and the development process is so painful that it creates genuine barriers for undercapitalized competitors.
Technology & AI
Picks and shovels for the next twenty years.
The last infrastructure cycle created the modern internet. The current one — AI, energy, compute — is rewriting the cost structure of nearly every industry. We focus on businesses that provide the foundational layer rather than the applications layer, where winner-take-most dynamics are most durable.
We are not in the business of predicting what the world will look like. We are in the business of finding the businesses that will be indispensable regardless of what it looks like.
— Halvren Capital Founding Memo, 2025
The Founding Memo
On patience, capital, and the long game.
There is a certain kind of investor who treats uncertainty as the enemy. They build models to defeat it, buy protection against it, and measure their competence by how seldom it appears in their portfolio. We are not that investor.
Uncertainty is the job. The question is never whether uncertainty exists — it always does — but whether the price you paid reflects it honestly. Our edge is not superior information. It is superior patience. We are willing to hold through the quarters where being right feels identical to being wrong.
We also believe in being honest about what we don’t know. We don’t know which AI model wins. We don’t know when Canadian real estate corrects or by how much. We don’t know which of today’s platform businesses will look like railroads in thirty years — essential, regulated, and only mildly profitable. What we believe is that the businesses we own will still be operating, still compounding, and still relevant when those answers become obvious.
That, we think, is enough.
Read the full founding memo →
Amirali Karimi — Vancouver, BC
Principal
One desk. One principal.
Halvren is a single-principal shop. The research you read and the capital it informs come from the same desk — no committee, no house view to defend, no quarterly scoreboard to satisfy.
My own background is in financial services and corporate lending, with an economics degree from Simon Fraser. Long before any of that, my family was building manufacturing businesses and developing real estate in British Columbia — thirty-plus years in, and still at it. The work here draws on both sides of that: how durable businesses actually get built, and how capital eventually learns to price them.
We publish data-driven research on energy, materials, and infrastructure in North America, with a particular focus on Canadian operators. The work exists to sharpen our own capital allocation. Where it is useful to others, we make it available.
Most of what we study never becomes a position. Most of what becomes a position is held for a long time. The writing reflects that pace.
Halvren manages proprietary capital only. We are not currently accepting outside investors.
Join the patient few.
Irregular memos on capital allocation, markets, and the long game. Written when we have something worth saying — which is less often than you’d think, and more honest than most.
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