S2G’s 2025 Annual Report: Invested at the Seams of Sector Transition

With the release of our 2025 Annual Report, we are reflecting on a year of meaningful progress across our firm and portfolio that reinforced our conviction in the opportunity ahead.

Every generation of investors experiences a handful of inflection points that fundamentally reshape how the real economy works and where capital flows. Globalization, Moore’s Law, population growth, and the end of the gold standard defined the last 40 years. We believe we are entering another period of structural change today — driven not only by the rise of AI, but by shifting geopolitics, the changing cost of capital, an aging population, and a warming planet. 

AI may be a defining technology of this next generation, but its growth depends on the physical economy. Every advance in AI ultimately rests on something tangible: electricity to power data centers, semiconductors that rely in part on critical materials, resilient supply chains, modern manufacturing, and infrastructure capable of supporting an increasingly electrified world.

The future may be digital, but its foundation is profoundly physical.

That belief shaped one of the most important milestones in our firm’s history. In 2025, we became S2G Investments. The change reflected something deeper than a new name. It acknowledged how our firm has evolved from an early-stage venture investor into a multi-strategy investment platform focused on financing the modernization of the physical economy.

We invest where innovation meets infrastructure. Where software meets steel. Where biology meets manufacturing. Where operators solve real-world constraints through better economics. We believe the market is increasingly moving in that direction, too.

For much of the last 15 years, investors focused on businesses that digitized the economy. Increasingly, we believe the next decade will be defined by businesses that rebuild it.

Putting Conviction Into Action

Despite a challenging fundraising and exit environment in 2025, we committed and invested $333 million of capital across our portfolio, completed five exits, added eight companies to our portfolio, and continued our support of 41 portfolio companies with follow-on capital.

We also welcomed new operating partners and team members, facilitated more than 2,000 strategic introductions across our network, and earned BlueMark’s highest Platinum designation for impact management.

Perhaps most importantly, we successfully completed the fundraising for Solutions Fund I in May 2026. This milestone reflected the confidence our limited partners place not only in our investment strategy, but in our team and our long-term vision.

Measuring What Matters

Financial performance and measurable outcomes have never been separate objectives for S2G. Our Theory of Change exists to hold us accountable for what our portfolio companies actually achieve, not only what they aspire to accomplish.

During 2025, our companies helped bring 22.7 million acres under sustainable management, avoided or reduced more than 29,000 metric tons of food waste, and contributed to nearly 2.5 million metric tons of greenhouse gas emissions avoided, reduced, or mitigated.

We view these outcomes as evidence that businesses solving meaningful customer problems are also creating lasting value for society.

Looking Ahead

We remain optimistic, not because we expect the years ahead to be easy, but because periods of structural change have historically created extraordinary opportunities for disciplined investors.

The question is no longer whether the world’s food systems, energy systems, and ocean and industrial infrastructure will evolve.

The question is who will build them. And who will finance them.

We are grateful to the entrepreneurs who trust us as partners, the operators who help our companies grow, our team whose curiosity and discipline improve every investment decision, and our limited partners whose long-term perspective allows us to invest through uncertainty.

Thank you for your partnership and your confidence. The work ahead has never been more important. And we have never been more excited to do it.

Read S2G’s 2025 Annual Report.