Building a $1B Growth-Stage Fund for Food, Energy, and Ocean Systems

Today, S2G Investments announced the close of a $1 billion growth equity Fund designed to back companies improving the efficiency and resilience of food & agriculture, energy, and ocean systems. We believe that efficiency in core global systems is becoming one of the most underappreciated drivers of investment returns. In many cases, improving these systems is not just an environmental outcome, but the most direct path to better margins, lower costs, and greater durability. 

We raised this Fund in one of the most difficult fundraising environments in over a decade. That matters, not because of the milestone itself, but because of what it signals. Investors are increasingly prioritizing businesses that deliver measurable economic advantage, not those dependent on subsidies or green premiums. 

We believe some of the most attractive investment opportunities are in growth-stage businesses that deliver economic superiority through improved efficiency, margins, and resilience in industries fundamental to the global economy. Companies that depended on green premiums or subsidies are being forced to confront that reality. What remains are businesses with genuine commercial advantage, and those are the companies this Fund is built to back.

The events of the last 18 months have only further validated this thesis from our standpoint. They have not created new risks so much as revealed structural vulnerabilities that were always there. The instability around the Strait of Hormuz illustrates what happens when global systems are built around single points of failure. Roughly 20% of global petroleum and a significant share of LNG exports flow through one corridor. When that corridor came under pressure, the shock quickly spread to freight rates, energy prices, and food input costs. Another case in point: since 2025, retaliatory tariffs have raised pesticide costs by over 20% and farm equipment costs by 16%, pressures falling hardest on small and mid-sized farms with limited liquidity to absorb them. 

Our continued dependence on these fragile input systems is a self-imposed drag on the global economy. We believe the answers already exist and are being pulled into the market faster than many expected. 

Energy security, food security, and supply chain resilience are now boardroom mandates and top policy priorities across major economies. The companies we back that improve agricultural input efficiency, reduce energy dependence on single-source supply chains, and modernize maritime infrastructure are meeting urgent market demand from customers who now have organizational imperatives to find these solutions. That is a different market than the one that existed three or 10 years ago, and these solutions are purpose-built around a core problem set that will only grow more acute over time. 

Between early-stage venture and infrastructure-scale capital lies a financing gap where many commercially proven businesses in our sectors have historically struggled to find the right partner. This growth Fund is designed to meet these companies at the right moment. We write checks in the range of $25 million to $100 million, targeting businesses that have cleared the proof-of-concept stage and are ready to accelerate through M&A, distribution expansion, or scaling into new geographies. 

We have already deployed $300 million across 10 investments as of final close, and the Fund portfolio already reflects the breadth of this opportunity. Examples include:

• Urbint: AI-enabled software helping energy utilities manage field risk; the company was recently acquired by Itron, marking the Fund’s first exit.
   
• ANA, Inc.: Developer of the EBOSS™ hybrid generator system, which integrates battery storage to optimize load delivery, extend equipment life, and cut operational expenses by 50% to 80%.
   
• Exacto: Agricultural input specialist improving herbicide performance by up to 90% and reducing customer water bills by 30% across 130M U.S. acres annually.
   
• Echandia: A leading maritime battery supplier with 100+ vessels delivered or on order; currently anchoring the nation’s first high-speed zero-emission ferry network via San Francisco Bay Ferry’s REEF program.

Each of these businesses is built to earn its customers’ business on the strength of what it delivers. The resilience and efficiency outcomes follow from that commercial performance.

To our S2G team: this close is a direct reflection of your work, discipline, and commitment to building the right culture. We have a lot of work in front of us and I am thrilled to be alongside you. 

To our LPs: We are grateful for your trust and energized by the shared vision that brought us here. This is a partnership built on aligned purpose, and we intend to honor it with results.

Over a decade of conviction and leadership in our sectors has shaped our firm and this new Fund. The structural forces reshaping our sectors are not slowing down. We intend to play a central role in helping critical solutions scale.