We invest in growth-stage companies with developed, differentiated technologies that are entering or generating revenue. We focus on businesses with clear paths to scale, supported by our team's experience across technology, finance, government, and regulation.
Critical industries are changing rapidly.
Demand for advanced technologies is growing across defense, power, heavy industry, manufacturing, and other industrial and infrastructure markets.
Many of the companies addressing these needs are built around highly technical products that require specialized knowledge to evaluate and scale.
We focus on the critical, enabling technologies within these supply chains rather than large platforms and end systems.
We invest in growth-stage companies with differentiated technology, proven demand, and identifiable revenue or valuation inflection points.
Our technical, investment, and government expertise enables us to source technologies, assess markets and economics, and create value for companies and investors.
The Science Is Done. The Company Is Not.
We support proven technologies through the pilot-to-scale transition: the stage where technical risk is largely retired and commercial execution determines outcomes. We are flexible on investment size and structure. What we require is a position of influence, where our capital and involvement materially shape a company's path.
For companies generating revenue, with established commercial demand and a clear path to growth, approaching an inflection point where capital and strategic support accelerate scale.
Capital is used primarily to increase production, expand commercial capabilities, and meet growing customer demand in new and existing markets.
Selectively, we invest in companies approaching or entering first revenue, with proprietary technologies nearing commercialization and key development milestones.
Capital is used primarily to achieve critical technical and commercial milestones, advance production readiness, and support market entry.
We invest in technologies that strengthen defense and national security capabilities.
Examples include advanced components and subsystems, sensing and secure communications, energetics and propulsion, specialty materials, and manufacturing capacity for the defense industrial base.
We invest in technologies that improve how critical products and materials are produced.
Examples include advanced materials, industrial automation, specialized equipment, critical minerals, and technologies that improve manufacturing performance and efficiency.
We invest in technologies supporting growing electricity demand and the modernization of power systems.
Examples include power generation, including geothermal; transmission and distribution; power electronics; and technologies serving heavy industry and infrastructure markets.
We invest in technologies enabling next-generation fission and fusion.
Examples include reactor components and subsystems, specialty materials and fuels, high-field magnets and power conversion, instrumentation, and precision manufacturing for nuclear-qualified parts.
Differentiated, IP-protected technologies that have moved beyond the earliest stages of technical development.
Established customer demand, large addressable markets, scalable economics, and a clear path to sustainable cash flow, in products that address critical market needs.
Our team brings experience across technology, finance, government, and regulation, allowing us to evaluate technical performance, commercial potential, regulatory requirements, and market dynamics as part of a single investment process.
John Thain
Chairman and Partner
Former President of Goldman Sachs, CEO of Merrill Lynch and NYSE Euronext.
Phil Cooper
Managing Partner
Multiple-time technology entrepreneur. Founding Partner of the Goldman Sachs Private Equity Group.
Charles Bridge
Partner and Chief Financial Officer
Former CFO at WAVE Equity Partners, MPM Capital, BCV and Brooke Private Equity Advisors.
Wm. Russell Mann, PhD
Partner
Fifteen years in private equity. Former portfolio manager at LOGe Risk Advisors and StratiFi.
Thomas J. Hardin, PhD
Principal, Investments
MIT PhD in materials science. Former Truman Fellow in National Security Science and Engineering at Sandia National Laboratories.
Madeleine Libero
Vice President, Investments
Former analyst at Morgan Stanley, the U.S. State Department Diplomacy Lab, and American University's ESG Fund.
Courtney Koczka
Vice President, Investor Relations and Chief of Staff
Former investor relations associate at VIDA Capital and USAA Real Estate.
Prof. Sir Ian Chapman
Chief Executive, UK Research and Innovation. Former CEO of the UK Atomic Energy Authority.
Prof. Justin Wark
Professor of Physics, University of Oxford. Principal Director of the Oxford Centre for High Energy Density Science.
Chris Mowry
CEO of Type One Energy Group. Formerly led General Fusion and founded mPower.
David Cohen Tanugi, PhD
Senior technology leader and climate-tech founder. Led fusion ventures at MIT Proto Ventures. MIT PhD.
Holger Koehler
Former Managing Director at Accenture and Associate Partner at Monitor Group.
Dan Brouillette
Former U.S. Secretary of Energy.
Bart Gordon
Former U.S. Congressman. Former Chair of the House Committee on Science and Technology.
Sydney McNiff Johnson
Vice Chair of the International and Finance Working Group, U.S. Nuclear Industry Council. Former Principal, Dentons Global Energy.
Unlocking geothermal energy at global scale through millimeter wave drilling technology.
quaise.com
AI-driven monitoring and analytics that optimize industrial cooling for data centers, power plants, and manufacturers.
infinite-cooling.com
Flexible, adaptable, manufacturable transformers modernizing grid infrastructure for utilities, solar developers, and data centers.
expandpower.com
We back experienced leadership teams and work alongside them to increase production, strengthen go-to-market strategies, navigate complex markets, and support long-term growth.