Our Story
Two decades of disciplined investing, rooted in the values of stewardship and long-term thinking.
Our History
Piedmont Heritage Capital was established in 2004 by Richard Ashford Caldwell, a third-generation North Carolinian whose family’s roots in Piedmont industry stretch back to the early twentieth century. After two decades in institutional finance—first at a major Southeast regional bank and later at a New York-based private equity firm—Richard returned to Charlotte with a clear vision: to build a family office that invested with the patience and purpose he found lacking in the institutional world.
The firm’s first investment was a 96-unit Class B apartment community in Gastonia, North Carolina. That property, still held today, became the foundation of what would grow into a diversified portfolio spanning real estate, private credit, public equities, and natural resources across the Southeast.
Over the past two decades, Piedmont Heritage has grown deliberately. We have never pursued growth for its own sake, choosing instead to deepen our expertise in markets and asset classes we know intimately. Today, the firm manages over $840 million in assets and remains entirely family-controlled.
Investment Philosophy
We have no fund lifecycle constraints, no quarterly redemption windows, and no pressure to deploy capital on arbitrary timelines. This allows us to buy when others must sell and hold when others are forced to exit.
We favor investments backed by real assets—properties, land, contractual cash flows—where we can underwrite value with clarity and conviction, rather than relying on multiple expansion or market sentiment.
We don’t simply allocate—we engage. Whether through hands-on asset management of our real estate or active board participation in our private equity holdings, we believe involved ownership creates value.
Every investment must clear a rigorous underwriting process that stress-tests assumptions across multiple downside scenarios. We would rather miss an opportunity than take imprudent risk with family capital.
Leadership
Founder & Managing Principal
30+ years in institutional finance and private investing. Former SVP at First Union Capital Markets and Principal at Braddock Capital Partners. MBA, Darden School of Business. Serves on the board of the Charlotte Regional Business Alliance.
Principal, Real Estate
Oversees all real estate acquisition, asset management, and disposition activity. Previously Director of Acquisitions at Greystone Multifamily. 15+ years of multifamily and mixed-use experience across the Southeast. MSRE, UNC Charlotte.
Principal, Credit & Equities
Manages the firm’s private credit portfolio and public equity positions. Previously VP at BB&T Capital Markets and analyst at Wellington Management. CFA Charterholder. BS, Wake Forest University.
Our Values
We treat every dollar as family capital, because it is. This fiduciary mindset extends to our partners and the communities where we invest.
Our reputation is our most valuable asset. We conduct business with transparency, honesty, and a handshake that means something.
Compounding works for those who can wait. We resist the temptation of short-term thinking and focus on enduring value creation.
We invest where we live. Our commitment to the Carolinas is personal, and we believe in leaving every asset and community better than we found it.
Connect
We value long-term relationships built on mutual respect and shared vision.
Get in Touch