Member Spotlight | Liam Dougherty, Greyhill Capital Partners

Company: Liam Dougherty, CIO and Co-Founder, Greyhill Capital Partners
Workhaus Location: 1 Adelaide St East
Connect: Website | LinkedIn

“Our primary business is the owning and management of apartment buildings with a unique focus in Northern Ontario. That’s one thing that’s different between us and others: we focus on a market not a lot of other people know about.”

We recently spoke with Greyhill Co-founder Liam Dougherty, whose journey from analyst to founder and CIO reflects both his professional experience and Northern Ontario heritage. Through Greyhill, Liam brings his own experience to their mission of investing beyond the obvious, finding opportunities for growth that others either overlook or don’t know to look for in the first place.

Greyhill Capital Partners are professional partners in wealth creation, working in two sectors — real estate and venture capital. Liam leads the real estate division of the business. With a unique focus on Northern Ontario’s fast-growing real estate market, their mission is to find the often overlooked opportunities that will provide big returns for investors.  They “bring insight, people, and capital together to create value that’s beyond the obvious.”

“It’s looking at opportunities or markets that are either overlooked or undervalued,” says Liam. “Trying to stay off the beaten path of what’s perceived to be common investing, and finding things that are unique and provide investors with good returns.“

“An ideal client for us would be someone who’s looking to invest in real estate and diversify their investment portfolios,” he says. “Business owners, lawyers, doctors, dentists, are some of our typical investor profiles.”

The Origin Story

“I have a genuine passion for what I do and I’m really interested in all parts of the business.”

After graduating from Laurentian University in Sudbury, ON, Liam began working in real estate private equity for a boutique firm that raised capital for real estate opportunities across North America. Liam worked with the team on the due diligence and analysis required to help make decisions on whether or not to pursue raising capital to invest in those opportunities. This early role gave him firsthand experience with a host of unique and lesser known real estate assets, working with everything from industrial car washes to solar farms.

Ultimately, that experience is what pushed Liam and his co-founders to create Greyhill, empowering them to take control and pursue distinctive real estate opportunities independently.

Founding Greyhill

It was 2015 when Liam and his cofounders met. “We were colleagues at the firm I was with,” he recalled. “My partner was with one of the companies that we had raised money for. He approached me for counsel as he and his wife began considering the acquisition of properties across the GTA.” Thinking back to his Northern Ontario roots, Liam asked if he had ever considered investing up North. The answer was no, but he was willing to look.

After a year’s journey, they bought their first building together with a few friends, and shortly after that they bought two more.

The Journey So Far

“I found it rewarding to build businesses… Building a team and seeing team members elevate through multiple promotions has been pretty rewarding.”

Building Greyhill hasn’t been without challenges. Liam and his team have navigated multiple hurdles, market shifts, and the unexpected complexities of investing in rural markets.

“A year after starting our business, COVID hit and there was a lot of uncertainty,” Liam recalled. “No one knew what was going to happen with the world. That led us to take a step back, see what was happening, and we noticed a lot of growth. Sudbury and North Bay were two of the markets we were operating in. They were two of the most moved-to cities in Canada. As people were able to work from home and in search of affordability, we found a lot of upward movement in these markets. That was when we really started building the business.”

Business remains strong in Northern Ontario. While other parts of the country have seen rents fluctuate, Liam told us that rents up North have remained stable. That’s largely thanks to the area’s strong economy; much of which is driven by the mining and critical mineral sectors. With an ongoing boom in high-wage, physical labor roles to spur population growth, and a resultant high income relative to average rental cost, the region has proven incredibly resilient, opening the doorway to investments in both the public and private sectors.

Northern Ontario: Full of Surprises

Working up North comes with its own fair share of surprises. Liam shared one memorable example that underscores just how different Greyhill’s markets can be.

“We own a couple of mobile home communities,” he explained. “People own the homes, and then they lease their lot from our business. At one of the assets, we now have a beaver trapping budget each year because the beavers dam up the culverts and flood the road. That was not something we expected prior to owning that asset.”

He laughs about it now, noting that it’s a uniquely Northern problem. “Every time I get the invoices to review, I just chuckle and think, why are we paying this?”

Achievements Worth Celebrating

For any challenges they’ve faced though, the team at Greyhill have easily as many, or more, meaningful accomplishments. Today, Greyhill oversees close to $90 million in assets, with just under 600 units in their portfolio. When asked about his proudest achievement over the course of building up the company, Liam reflected on the growth of his team. Between the investment team at Greyhill and their property management who handle things on the ground, there’s close to 20 people now. “Building a large team and seeing analysts elevate through multiple promotions has been pretty rewarding,” he said.

Avoiding Burnout

Running an expanding firm comes with a lot of moving parts—from data analysis to site management, and yes, the occasional beaver-related invoice. Yet Liam says his passion for the work keeps him energized. “I have a genuine passion for what I do and I’m really interested in all parts of the business,” he says. “Not everything is perfect, but I enjoy it.”

That enthusiasm doesn’t go unnoticed by his team. “I’m usually pretty even-keeled,” Liam laughs, “but one of our newest employees told me he’d never seen me so excited. I was talking about a new potential acquisition based on the numbers, and he was laughing. I genuinely enjoy this stuff.”

Still, he emphasizes that balance matters. “It can’t all be work,” he adds. “Social things, doing things with my wife and dog, the gym, and making sure I get enough sleep are important.” We had to agree; when you’re running a business, there’s no overstating the value of healthy habits!

Joining Workhaus

Like many growing companies, Greyhill’s journey eventually led them to look for a home base. For Liam and his team, that place turned out to be Workhaus. 

“We’ve been here about four years now,” Liam recalls. “I can’t remember if it was 2020 or 2021, but definitely during COVID when there were not many people here.”

The space has certainly changed since then, as once-remote companies have come back to the office, but the experience has remained a positive one. “Our location’s been pretty good,” Liam says. “Even though it’s full, it’s relatively quiet, so you’re able to be productive.”

He also notes how helpful it can be to share an office space with others in similar or adjacent industries, making it easy to pick up insights and exchange ideas. “Being able to talk to other members about what they’re seeing is good because they may look at certain things more deeply than I do,” he says. “It’s great to get a different perspective on the industries through day-to-day human interactions.”

“We have a lot of runway to grow with Workhaus,” Liam says, “and we’re very happy with the situation right now.” 

What’s Next For Greyhill

For Greyhill, growth has always been about finding new ways to bring value to investors. Liam shared his excitement about the strong near-term growth ahead for Greyhill. Over the next few months they’re expecting to grow their portfolio by around 200 units, adding more than $20 million in value. And that’s not all.

“We’re setting up a new structure that allows people to invest through registered funds like RRSPs and TFSAs,” he adds. “That’s our next phase of growth, and we’re excited.”

The expansion doesn’t just represent growth in terms of scale, but in accessibility, as they continue to open new pathways for investors to participate in Northern Ontario’s thriving real estate market.

Staying Connected

Anyone interested in learning more about Greyhill or connecting with Liam can visit their website, or connect with Liam directly at liam@greyhillpartners.com.