Debt investments backed by diversified pools of collateral in the form of hard assets, contracts, leases, or cash flows.
Asset-level, ringfenced financing allows for non-recourse funding of specific company projects that can be supported by their cash flow.
Falling between common equity and debt, structured equity investments offer the benefits of traditional equity, typically at a lower cost of capital due to additional structuring and risk mitigation.

Investment themes

Distributed Infrastructure

Investments in distributed clean infrastructure assets that have moved beyond binary development risks but are not yet a fit for institutional infrastructure capital due to size, scale, or complexity.

Read Our EV Charging Infrastructure Report

Hardware-as-a-Service

Asset-oriented businesses with leases or contracts with customers that require investment to scale, but can potentially benefit from financing capital expenditures off balance sheet.

Read Our HaaS Report

We underwrite assets in the form of cash flows, contracts, or infrastructure to ringfence risk and create value for investors, and in return, we offer companies a competitive cost of capital.
We underwrite a return of invested capital in a downside scenario, placing emphasis on cash flow visibility, collateral, and creative structuring to manage risk.
We like opportunities that balance downside risk with potential upside, and use creative structuring to support risk-adjusted growth.
We invest in businesses as assets are deployed and as such, we take limited fundamental technology risk.
We prioritize investments that have various viable strategies for successful exit, ensuring liquidity and return on investment.
We determine if a potential investment would benefit from our sector experience and value-added resources to propel growth.
We investigate the potential investment’s capacity to drive significant, positive outcomes over time.