climate investing

Head of private climate investing Greg Wasserman joins host Thomas Mucha to discuss his latest research on climate venture capital, including highlighting climate technology in the private market, the impact of today's geopolitical and policy environments, and much more.

Key topics:

2:35 – The evolution of climate venture capital

6:45 – Private climate’s growing opportunity set

9:07 – What technologies are maturing versus mature?

10:25 – Leading-edge climate innovations

12:10 – Collaborating with industry and climate experts

15:25 – Climate change disrupting capital markets

17:45 – The US Inflation Reduction Act

20:15 – The intersection of climate and national security

23:30 – What’s driving climate entrepreneurs?

This episode is part of our Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

On today’s MCJ Capital Series, we have two guests: Mark Berryman, Managing Director of Impact Investments, and Nick Flores, Managing Director of Impact Investing and Client Advisor for Caprock. 

Caprock is a multifamily office that provides customized, comprehensive and strategic financial solutions for a select number of families and foundations. They advise over $8 billion in assets of which over $2 billion has been allocated to impact investments. Caprock is a founding B corporation, which certifies that they meet the highest standards of verified social and environmental performance, public transparency and legal accountability to balance profit and purpose. 

In this episode, we cover: 

• [2:05] An overview of Caprock
• [3:07] The roles and collaboration between the client advisory and investment research teams at Caprock
• [5:38] Caprock's approach to impact, due diligence and monitoring
• [8:48] The firm's emphasis on privates
• [18:21] Client demand for deeper and more niche impact investment opportunities
• [25:19] How Caprock thinks about return profiles
• [30:51] Criteria for manager and fund selection
• [34:13] Tracking specialists vs generalists
• [38:23] Nick and Mark's concerns and what excites them in the climate space
• [41:35] Caprock's interest in deep tech
• [45:00] Thoughts on first of its kind (FOAK)
• [47:31] Evolution of LP base and barriers holding it back
• [51:31] Continuous learning and knowledge sharing as a key aspect of Caprock's approach to impact investing

Resources mentioned: 

• Caprock's Impact Investment Case Study

Correction: In this episode, Jason mistakenly refers to Caprock as having over $8 billion in assets under management. Caprock advises over $8 billion in assets. 

Get connected: 
Jason Jacobs X / LinkedIn
Mark Berryman LinkedIn
Nick Flores LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Oct 12, 2023 (Published on Nov 1, 2023) 

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

David Helgason is a partner at Transition. Transition is a venture firm that partners with Seed and Series A founders to accelerate the climate transition. They've come together as founders, investors, operators, engineers, and scientists from across the world with a single mission: building an abundant and resilient society that can thrive within our finite planet.

Prior to starting Transition, David was Co-founder of Unity Technologies, and served as the CEO until 2014. He's still on their board of directors. With his background in the gaming industry, David took interest in green gaming, before stretching that interest into mitigating and adapting to climate change and the transition to a low-carbon economy. We have a great discussion in this episode about David's journey, the work that he's doing at Transition, how he got started in climate, what types of companies and projects are most interesting to him and his team, and how he sees transition evolving and playing out for all of us.

In this episode, we cover: 

• [02:43]: Introduction to Transition
• [05:07]: David's background in the video game industry
• [07:01]: His journey into climate tech investments, starting with angel investments
• [10:47]: His decision to focus on climate, and the choice of venture for climate impact
• [14:07]: Challenges faced by generalist venture firms when investing in climate tech
• [17:03]: Transition's approach to impact measurement using the Planetary Boundaries framework
• [19:08]: Risk assessment and capital intensity in Transition's investment process
• [23:10]: Exploration of the future of climate tech and the potential for every company to be a climate company
• [26:54]: The role of incumbents and collaboration in the energy transition
• [28:50]: The challenges and opportunities of working with oil majors
• [31:59]: The role of individuals in the transition
• [33:15]: Advice for those interested in working on climate tech problems.
• Resource Mentioned: Planetary boundaries - Stockholm Resilience Centre

Get connected: 

• David Helgason LinkedIn
• Jason Jacobs X / LinkedIn
• MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Sep 28, 2023 (aired on Oct 11, 2023) 

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

• ESG Investing: How the Securities and Exchange Commission defines ESG in investing
• The National Association of Attorneys General Has a Unique Opportunity to Demystify ESG Investing: Kathleen Morris’ blog post on the relationship state AGs have with ESG factors
• State Impact Center website: Explore more resources and information on the work of state AGs in the environmental, climate, and energy space
• TX AG Ken Paxton Press Release on Volkswagen and Audi: Press release from the TX AG’s office announcing a settlement with the company for violating state environmental laws
• MD AG Brian Frosh Press Release on Volkswagen: Press release from the former MD AG’s office announcing a settlement with the company for violating state environmental laws
• MD AG Brian Frosh Press Release on JUUL: Press release from the former MD AG’s office announcing a settlement with the company for marketing their products to directly to children
• 2023 STATEHOUSE REPORT: Right-Wing Attacks on the Freedom to Invest Responsibly Falter in Legislatures: A report identifying legislation by states to limit the use of ESG factors in decision making
• Brian Frosh and Nancy Kopp Op-Ed: A closer look at the financial harms to cities and states caused by passing anti-ESG legislation
• ESG Part I: An Examination of Environmental, Social, and Governance Practices with Attorneys General: Full video of the committee hearing on ESG in investing
• Florida Anti-ESG Law: Check out this reporting on Florida’s anti-ESG law
• Climate Change in the American Mind: A collection of surveys and studies by the Yale Program on Climate Change and Communication that examine how and what people think about climate change

This week, Michael’s guest is Carine Smith Ihenacho, Chief Governance and Compliance Officer at Norges Bank Investment Group. NBIM operate the world’s largest sovereign wealth fund, created to ensure responsible and long-term management of revenue from Norway’s vast oil and gas resources. The fund is the largest single owner in the world’s stock markets, and since her appointment in 2020, Carine has been outspoken in calling for robust emissions targets and climate risk reporting among its portfolio companies.

Links and Related Episodes

Read Michael's write-up of the episode, arguing NBIM's investment strategy locks the world into its current climate trajectory: https://www.linkedin.com/posts/mliebreich_climate-climatechange-netzero-activity-7111416212349227008-BDrC?utm_source=share&utm_medium=member_desktop

Read NBIM’s 2025 Climate Action Plan: 2025 Climate action plan | Norges Bank Investment Management (nbim.no)

Explore NBIM's Annual Report 2022: https://www.nbim.no/en/publications/reports/2022/annual-report-2022/

You can read NBIM's investment mandate for the Government Pension Fund Global here: https://www.regjeringen.no/contentassets/9d68c55c272c41e99f0bf45d24397d8c/2023.02.27_gfpg_management_mandate.pdf 

Read the statement made by NBIM's CEO Nicolai Tangen at the hearing of the Standing Committee on Finance and Economic Affairs of the Storting (Norwegian parliament) in April 2023: https://www.norges-bank.no/en/news-events/news-publications/Speeches/2023/2023-04-18-tangen/

The Guardian: World’s biggest investment fund warns directors to tackle climate crisis or face sack: https://www.theguardian.com/business/2023/feb/03/worlds-biggest-investment-fund-warns-directors-to-tackle-climate-crisis-or-face-sack

FT: Norway’s $1.4tn oil fund to step up ESG proposals to US companies: https://www.ft.com/content/62e3c629-44cf-43f7-9682-a056f9b5c634

Watch Former Norwegian PM Jens Stoltenberg on “Avoiding the Oil Curse”: https://www.youtube.com/watch?v=8f6geiVdwpk

Guest Bio

Carine was appointed Chief Governance and Compliance Officer at Norges Bank Investment Management in 2020. She joined the company in August 2017 as Global Head of Ownership Strategies and was promoted to Chief Corporate Governance Officer in January 2018. Carine is responsible for ownership and responsible investment activities, control and operational risk, compliance and legal services.

Prior to joining Norges Bank Investment Management, Carine was Vice President Legal and Chief Compliance Officer in Statoil ASA. She has more than 20 years’ experience as a lawyer, working in both financials and the oil and gas industry, as well as in law firms. She also has extensive board experience.

Carine holds a law degree from the University of Oslo, a Master of Law from Harvard Law School and a Master of Economics from the Norwegian School of Economics (NHH).

This episode is part of our Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Fabian Heilemann is the founder and CEO of AENU. Fabian is a long-time entrepreneur, and after several successful exits, he became very concerned about climate. He started with his personal carbon footprint and then evolved to looking at what he could do internally when he was a traditional, financially-oriented venture capitalist. He looked at the footprints of the portfolio companies of that firm and then ultimately came to realize that he wanted to build a new kind of investment firm that puts impact front and center without being concessionary in any way from a return standpoint.

Jason and Fabian have a great discussion about his journey to starting AENU, some of the core principles the firm stands for and how they go about it, where they are on that journey, how they got going, and where Fabian sees AENU going in the future. And of course how that fits into his thoughts on the broader transition and what we can do collectively to accelerate progress. 

In this episode, we cover: 

• [4:21] An overview of AENU 
• [5:59] Fabian's decision to work on climate 
• [12:58] His firm's early structure and evolution 
• [19:26] AENU's initial vision and its current strategy 
• [28:50] The relationship between new technologies, sustainability, and their impact on established industries, corporations, and policymakers
• [39:10] Fabian's experience trying to start a climate sleeve in traditional VC 
• [50:07] AENU's check size, portfolio construction, and the firm's scope 
• [54:23] Fabian's thoughts on the need for collaboration

Get connected: 

• Fabian Heilemann X / LinkedIn 
• Jason Jacobs X / LinkedIn
• MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Sept 6, 2023 (Published on Sept 20, 2023)

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

John Tough is Managing Partner at Energize Capital, a leading climate software investor. Energize partners with best-in-class innovators to accelerate the sustainability transition, and they have both an early-stage traditional venture vehicle as well as a growth vehicle.

In this episode, Jason and John delve into the firm's origins and John's motivations for co-founding it. They explore his early career at Kleiner Green Growth and his pivotal role as employee number three at Choose Energy. The discussion also covers Energize's approach, LP composition, evolution, and the alignment between LPs and the venture and growth vehicles.

They then examine the shifting macro environment's impact on LP investments in climate tech, company criteria, check sizes, leadership roles, diligence procedures, thesis-driven aspects, and the comprehensive post-company support offered by Energize.

In this episode, we cover: 

• [02:34]: The origin story of Energize Capital (formally Energize Ventures)
• [07:26]: John's insights from being both a VC and an entrepreneur
• [09:01]: His decision to anchor in the Midwest
• [12:35]: Launching an early-stage venture firm
• [15:30]: The pitch to GMs
• [17:34]: Impact and thesis-driven vs. opportunistic approaches
• [19:53]: Traditional venture vs. growth strategies
• [22:31]: Energize Capital's current thesis 
• [25:15]: Value for founders working with Energize 
• [27:28]: LP base evolution
• [30:43]: Tailored corporate engagement strategy
• [31:59]: John's answer to "why software only?"
• [35:55]: Current climate tech observations the role of international deal flow
• [40:28]: Current (late 2023) LP sentiment amidst market uncertainty
• [44:39]: Rise of dedicated institution-based climate capital pools
• [46:38]: Energize Capital’s evaluation criteria  
• [50:42]: Controllable and uncontrollable factors in this space
• [52:59]: Who John and Energize want to hear from

Get connected: 

• Jason Jacobs X / LinkedIn
• John Tough X / LinkedIn
• MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Aug 16, 2023 (aired on Sep 13, 2023) 

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

In this episode, Chad Reed speaks with Calvert Impact's President and CEO, Jennifer "Jenn" Pryce, and Beth Bafford, Calvert Impact's Vice President of Syndications and Strategy. Calvert Impact is a global nonprofit investment firm that helps investors and financial professionals invest in solutions that people and the planet need. During its 28-year history, Calvert Impact has mobilized approximately $5 billion to build and grow local community and green finance organizations.

Jenn and Beth discuss Calvert Impact’s history, evolution, and core mission. They also delve into Calvert Impact's unique nonprofit model, financial self-sufficiency, and structure. Chad, Jenn, and Beth explore the impact investing space overall and highlight the distinctions from ESG investing. Finally, Jenn and Beth share stories about what drew them into the impact investing field before closing with a discussion around Calvert Impact's work spearheading the Climate United coalition, which is participating in the EPA's National Clean Investment Fund $14 billion grant competition announced earlier this summer.

Links: 

• Jennifer Pryce Bio
• Jennifer Pryce LinkedIn
• Beth Bafford Bio
• Beth Bafford LinkedIn
• Calvert Impact LinkedIn
• Website: Calvert Impact
• Calvert Impact 2022 Impact Report
• Website: Climate United
• Climate United Press Release (June 21, 2023): Leading sustainable energy and community finance organizations join forces to pursue National Clean Investment Fund mandate

Episode recorded August 15, 2023 

Email your feedback to Chad, Gil, and Hilary at climatepositive@hasi.com or tweet them to @ClimatePosiPod.

Email your feedback to Chad, Gil, and Hilary at climatepositive@hasi.com or tweet them to @ClimatePosiPod. 

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Jonah Goldman was a longtime managing director at Bill Gates' firm, Breakthrough Energy. Breakthrough Energy is dedicated to helping humanity avoid a climate disaster through investment vehicles, philanthropic programs, policy advocacy, and other activities. They're committed to scaling the technologies that we need to reach net-zero emissions by 2050. Jonah helped establish the firm in 2015 and served as primary architect for all of the programs and funds. 

Currently, Jonah serves as the founder and Principal at North Cascades Strategies where he works with clients and partners to creatively commercialize critical climate technologies.  He also serves as a Senior Advisor for Public Affairs at Generate Capital and a Senior Advisor at the Boston Consulting Group. 

We have a great discussion in this episode about the origin of Breakthrough, how Jonah found himself doing this climate work to begin with, how Breakthrough is set up, the different areas in which they operate, how they've evolved over time, and how that fits into the broader problem of climate change and the broader solution set. We then cover the nature of the problem of climate change, the best ways to address it, and some of the biggest opportunities and challenges with accelerating the transition.

In this episode, we cover: 

• [03:28]: Jonah's background
• [04:50]: The focus on traditional climate solutions at the 2015 Paris COP
• [06:56]: Breakthrough Energy’s inception as a bridge between public research and private capital
• [08:34]: Bill Gates' commitment to real capital and the challenge to the public sector
• [09:49]: Factors that contributed to people saying "yes" to Breakthrough Energy
• [11:56]: Bill Gates' leadership and the global commitment to addressing climate change
• [13:12]: Differences between Breakthrough Energy One and traditional venture capital
• [14:12]: Need for purpose-built investment vehicles for climate technologies
• [16:04]: The firm's goal of creating a commercial environment for hard technologies
• [17:56]: Distinguishing climate-focused investments from general investments
• [19:19]: Integrating climate considerations into all sectors
• [22:10]: Perfecting purpose-built vehicles for climate investments
• [23:52]: Aligning financial incentives and solving challenges to drive investments
• [30:08] The need for existing players willing to take new models
• [36:52] Government’s role in the clean energy transition
• [41:24] Need for a multifaceted approach to solving climate
• [45:15] BEV's focus on investing in hard tech
• [47:41] Jonah's thoughts on company climate commitments
• [52:34] His feelings about carbon markets
• [55:55] The role of behavior change
• [1:00:17] Jonah's current projects and who he wants to hear from

Get connected: 
Jonah Goldman X / LinkedIn
Jason Jacobs X / LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Aug 4, 2023 (aired on Aug 30, 2023) 

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

This episode is part of our Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Ben Kortlang is a partner at G2 Venture Partners, or G2VP. Ben, alongside his partners, Brook Porter, David Mount, and Daniel Oros founded G2 Venture Partners in 2016 while working together as senior partners at Kleiner Perkins Green Growth Fund. 

Ben and Jason have a great discussion in this episode about Ben's path to venture capital and his path to climate investing, his thoughts on the Cleantech 1.0 wave and some of the lessons learned, the formation story of the firm, their investment approach, how that's evolved over time and what they look for when they make investments. They also discuss the broader investment landscape and the clean energy transition overall, some of the blockers and some changes that Ben thinks could unlock faster progress. 

In this episode, we cover: 

• [02:13]: G2 Venture Partners’ origin story and overview
• [04:10]: Ben's initial interest in alternative energy
• [06:11]: Takeaways from his experience at VC firm Kleiner Perkens
• [14:51]: G2VP’s 2016 spinout during the darkest hour of the "cleantech winter" 
• [18:13]: Key lessons from cleantech investing
• [20:25]: Examples from Tesla's 20-year journey to success 
• [22:30]: Cleantech's hardware challenge, software vs. hardware dynamics
• [24:34]: The need for resilience after Cleantech 1.0 skepticism
• [26:54]: G2VP's fundraising process and "inflection point investing" strategy
• [30:13]: Their fund structure and expansion across verticals
• [33:27]: LP composition changes and other differences between Fund 1 and Fund 2
• [35:22]: Geography, capital intensity, and regulatory risk considerations
• [39:32]: Balance between thesis-driven and opportunistic investments
• [40:48]: How the firm and their LPs approach impact 
• [46:23]: Importance of deep research to identifying winners in B2B contexts
• [50:32]: Ben's thoughts on valuing companies and confidence in exits
• [53:43]: Addressing the "capital gap" for first-of-a-kind projects
• [55:38]: Climate's potential integration across sectors, similar to mobile tech
• [57:08]: "Additionality" in climate investing
• [59:24]: Ben's take on institutional capital's hesitance to invest in climate
• [01:03:10]: His take on whether we'll solve the climate crisis and how the world has to change  
• [01:06:31]: Ben's messages to CIOs of university endowments, founders of successful companies, and independently wealthy people

Get connected: 
Ben Kortlang LinkedIn
Jason Jacobs Twitter / LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Jul 25, 2023 (published on Aug 16, 2023) 

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

This week's guest on Cleaning Up is entrepreneur, author and philanthropist Jim Mellon. Jim is Executive Director at Agronomics, one of the world’s leading investors in cellular agriculture, or lab-grown meat. Bypassing traditional agricultural methods with precision fermentation could have huge implications for CO2 emissions and the climate, and in 2020 Jim wrote Moo’s Law as a guide for fellow investors into what he calls the "new agrarian revolution."

Jim and Michael discuss the latest developments in cellular agriculture - from pet food to leather goods and restaurant-grade sushi - and how far we are from finding lab-grown products on our supermarket shelves. 

Links and Related Episodes

Watch Episode 110 with Lord Adair Turner: https://www.cleaningup.live/ep110-adair-turner-lord-of-the-net-zero-transition/

Discover Agronomics and their portfolio companies here: https://agronomics.im/

Read more about Moo’s Law here: https://mooslawbook.com/

Discover Jim’s children’s book, Juno’s Ark, here: https://junosark.com/

Jim spoke to Bloomberg’s In The City podcast in April about Britain’s economic health: https://www.bloomberg.com/news/articles/2023-04-06/podcast-burnbrae-s-jim-mellon-sees-a-bright-future-for-britain-and-the-city?in_source=embedded-checkout-banner#xj4y7vzkg

Guest Bio

Jim worked in Asia and the United States at two fund management companies, GT and Thornton, before establishing his own business in 1991. This business continues today, but Jim no longer works as a fund manager and is instead focused on biotech, clean food and property, with other business interests managed by his family office, the Burnbrae Group. Jim has a special interest in health resilience and longevity science, and is the co-founder of Juvenescence, a company investing in the development of therapies for ageing and the diseases of ageing. Jim also co-founded Agronomics Limited in 2011, an investment company focused on opportunities within the nascent industry of environmentally-friendly and cruelty-free modern foods.

Jim holds a degree in Politics, Philosophy and Economics from Oriel College, Oxford, where he is an honorary fellow and supports the Mellon Scholarship in Ageing and Cell Senescence. 

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores various capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Irena Spazzapan is Managing Partner at Systemiq Capital, the climate-tech VC spin-off from the world's largest pure-play climate advisory firm, Systemiq. Irena built the current team and led most investments in Fund I, including companies like Charm Industrial and Brimstone. And in 2022, she led the spin-out of Systemiq Capital from Systemiq with the launch of Fund II, which continues to back early-stage companies across the UK, EU, and North America. 

In this episode, Irena and Jason have a great discussion about the origin story of Systemiq Capital, their approach to climate investing, and how they evolved over time. We also cover a bevy of related topics, including what's been happening in the macro, some of the bottlenecks that are holding up progress, what we can do to accelerate progress and, of course,  where Systemiq Capital and early-stage climate tech innovation generally fit in. Enjoy the show! 

In this episode, we cover: 

• [2:17] An overview of Systemiq Capital 
• [3:17] The fund's origin story spun out of McKinsey 
• [5:17] Irena's background and professional journey 
• [7:26] The impetus for Systemiq's investing efforts
• [10:49] The fund's investing matrix and their rationale for it
• [14:42] The role of family offices in Systemiq's pilot fund 
• [16:43] Systemiq's goals for its pilot fund 
• [18:36] Systemiq's views on impact vs returns 
• [21:21] Why are LPs mostly climate folks? 
• [24:36] The working relationships and collaboration between Systemiq and Systemiq Capital
• [27:27] How learnings from Systemiq's Fund I informed Fund II
• [31:27] The importance of timing and impact on returns 
• [33:38] Irena's thoughts on regulation and upcoming directives 
• [35:45] Risks Systemiq is comfortable taking vs. non-starters 
• [37:13] FOAK projects and Irena's views on how they should be funded 
• [40:06] Differences between real assets experts vs. Silicon Valley founders 
• [44:19] Differences between climate tech innovation in Europe vs. the US 
• [47:05] Challenges of getting financially-driven institutional capital allocators to invest in climate
• [52:32] Systemiq's current deployment status and returns 
• [54:05] Types of capital Systemiq doesn't take and Irena's thoughts on the topic generally
• [59:21] How Systemiq measures and tracks success
• [01:01:16] Irena's theory of change

Get connected: 
Jason Jacobs Twitter / LinkedIn
Irena Spazzapan LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on July 11, 2023 (Published on July 26, 2023) 

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Vikram Raju is Managing Director, Head of the 1GT Platform and Head of Climate Investing for the private credit and equity division of Morgan Stanley Investment Management.

Morgan Stanley, of course, is a big player in the investing world, and seeing that they are entering climate tech and doing so at the growth equity stage is intriguing. Jason and Vikram cover a lot in this episode, including Morgan Stanley's journey to standing up this 1GT Platform and also Vikram's journey to doing the work that he does. We also discussed the energy transition generally, barriers holding it back, and changes that could unlock faster progress. 

In this episode, we cover: 

• Morgan Stanley and Vikram's role within the firm
• Morgan Stanley's 1GT strategy for private capital in the climate space
• Vikram's personal journey and professional background that lead him to his current role in climate investing
• Morgan Stanley's focus on CO2 emissions and how it came about
• How the firm assesses carbon reductions and the transparency of its methodology
• Where impact assessment kicks in during the deal process
• Sources of capital for Morgan Stanley's 1GT strategy
• Some of the areas that Vikram spends most of his time on, including mobility, energy, circular economy and food and agriculture
• Some of Morgan Stanley's investments to date
• Opportunities for Morgan Stanley to provide crucial capital to promising climate tech companies during a challenging investment landscape
• Vikram's thoughts on the gap between venture capital and project finance
• His skepticism toward the regulatory landscape
• The importance of working with incumbents while also disrupting the system to make progress
• Vikram's perspective on fossil fuels and the role of asset owners and big banks in helping steward the clean energy transition
• Who Vikram wants to hear from
• ESG and the politicization of the word

Get connected: 
Jason Jacobs Twitter / LinkedIn
Vikrum Raju LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on June 28, 2023 (Published on July 19, 2023) 

Disclaimer from Morgan Stanley: This a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The views and opinions and/or analysis expressed are those of the author or the investment team as of the date of preparation of this material and are subject to change at any time without notice due to market or economic conditions and may not necessarily come to pass. Forecasts and/or estimates provided herein are subject to change and may not actually come to pass. Information regarding expected market returns and market outlooks is based on the research, analysis and opinions of the authors or the investment team.

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

This episode is part of our Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Sebastian Heitmann is a partner at Extantia Capital. 

Extantia Capital is a platform to invest in breakthrough technology solutions that address the climate crisis via mitigation and adaptation. The 300 million euro platform includes Extantia Flagship, which backs scalable deep decarbonization companies; Extantia Allstars, which partners with mission aligned climate tech, venture capital fund managers; and Extantia Ignite, a sustainability hub, advancing knowledge and competence in climate innovation and ESG practices.

In this episode, we cover: 

• [02:02]: An overview of the Extantia platform and its investment strategies
• [03:03]: What Extantia looks for when evaluating opportunities
• [05:14]: Sebastian's background and the origin of Extantia
• [08:32]: The changing market and political environment that created opportunities for Extantia
• [12:19]: The unique skillsets and expertise within the Extantia partnership
• [16:10]: The evolution of Extantia, starting with a pilot fund
• [18:06]: Extantia's extension projected impact calculation (EPIC) methodology for measuring impact
• [19:43]: The current fund structure and status of fundraising for Extantia's Flagship fund
• [20:18]: Extantia's focus on B2B tech solutions that address the "energy trilemma"
• [22:25]: Investment opportunities in the hydrogen economy and breakthrough cooling tech
• [25:29]: How Extantia thinks about returns and why Sebastian doesn't like the term "impact fund"
• [27:44]: The kinds of LPs the firm targets, including pension funds, insurance companies, sovereign wealth funds, and corporates
• [31:14]: The need for successful exits in the climate tech space
• [33:00]: How current energy models underestimate the impact of innovation
• [38:56]: Alignment between the US and Europe in climate tech innovation and investment
• [43:43]: The types of clean energy tech Sebastian is most excited about
• [45:54]: Advice for people seeking a career transition into the climate sector
• [47:24]: Who Sebastian wants to hear from

Resources mentioned:

• Speed & Scale: An Action Plan for Solving Our Climate Crisis Now (John Doerr)
• How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need (Bill Gates)

Get connected: 
Jason Jacobs Twitter / LinkedIn
Sebastian Heitmann LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on June 20, 2023 (published July 12, 2023) 

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Rob Day is Partner and Co-founder at Spring Lane Capital. 

Spring Lane Capital provides hybrid project capital with equity for small-scale systems and projects across food, water, energy, transportation, and waste markets. They also bring experienced tools and capabilities to help developers and entrepreneurs succeed with their project deployments. 

Rob has been around the block in climate tech even before it got its name, and he’s learned a lot of useful lessons. Not to mention, Spring Lane has an innovative approach that plays in the capital gap, that so many people talk about between early-stage venture capital and project finance. 

In this episode, we cover: 

• [2:36] An overview of Spring Lane Capital and the firm's origin story 
• [4:49] The large gap between venture capital and project finance
• [8:05] Spring Lane Capital's broad approach to different areas of climate 
• [10:52] Capitalizing early-stage companies, scaling, and the role of equity and debt
• [13:42] Advice for entrepreneurs thinking about different types of capital at various stages of a company's lifecycle 
• [16:06] Triggers for founders to understand when equity is optimal vs debt (Rob's Atlas Organics example)
• [22:22] How terms vary with Spring Lane Capital's deals vs more traditional lenders 
• [24:43] Where first-of-a-kind (FOAK) projects fit in 
• [30:41] Spring Lane Capital's fund two and its institutional investors
• [33:19] Skillsets required to be successful in Spring Lane's capital allocation
• [38:23] Success milestones and Spring Lane's role
• [40:46] Changing macroeconomics and their impact on Spring Lane's corner of the industry 
• [43:48] Spring Lane's process, key steps, diligence, etc. 
• [50:17] Issues with financing FOAK projects and Spring Lane's plans to address them

Get connected: 
Jason Jacobs Twitter / LinkedIn
Rob Day Twitter / LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Jun 14, 2023 (aired on July 5, 2023) 

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Sandy Guitar is the managing director of HX Venture Fund. 

HX Venture Fund is a fund investing in venture capital funds and they are seeking to transform Houston into a world-leading hub for innovation by bringing together key players in the ecosystem, linking investors to startups and startups to capital. 

In this episode, Jason and Sandy discuss Sandy’s background and the origin story of HX Venture Fund. They delve into the fund's inspirations from various regions, highlighting the key factors contributing to its success elsewhere and the rationale behind applying their model to Houston. They also talk about the current standing of the firm, their investment criteria, and notable examples of their investments. Looking ahead, Sandy provides insights into the future direction of HX Venture Fund and her aspirations for Houston's future.

In this episode, we cover: 

• [3:03] An overview of HX Venture Fund 
• [5:00] The firm's origin story 
• [10:17] Sandy's background in venture capital 
• [15:03] HX Venture Fund's portfolio split 
• [15:47] Key learnings from the firm's first fund
• [18:52] Early VC focus on strategy compared to returns 
• [20:20] How HX sources deals 
• [21:28] The firm's energy transition investments 
• [23:39] Venture Houston event on September 7, 2023
• [25:20] Houston's role in the energy transition and major players in the city 
• [31:10] Criteria for evaluating funds in energy transition vs other categories 
• [33:41] Traditional vs non-traditional portfolio construction and HX's position on the two 
• [34:51] Generalists vs specialists in the energy transition category 
• [36:34] Importance of impact tracking 
• [39:12] How strategic LPs engage with HX Venture Fund and its portfolio companies 
• [46:45] Sandy's thoughts on growth vehicles 
• [51:13] Advice for emerging funds working with fund of funds vs directly with strategics 
• [56:55] What success looks like for HX Venture Fund and measuring it beyond financial returns 
• [59:43] How HX Venture Fund sets itself apart 
• [01:03:29] Who Sandy wants to hear from and where HX needs help

Get connected: 
Jason Jacobs
Sandy Guitar / HX Venture Fund
MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on May 18, 2023.

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

This episode is part of our new Capital Series hosted by MCJ partner, Jason Jacobs. This series will explore a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we'll take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Rick Zullo is co-founder and general partner at Equal Ventures, a firm that is purpose-built to deploy technology across society and industry. And as they say on their website, they back the non-obvious founders before it's obvious. There are a few categories where they spend most of their time in: retail, insurance, supply chain, care, and climate. 

Rick and Jason have a great discussion in this episode about the origin story of the firm, what makes them different, their strategy, their approach, what it was like to raise Fund I, where they're at today, what criteria they use when they make their investments, what their process is, and how their firm fits into the broader investment landscape in climate and beyond. 

In this episode, we cover: 

• [00:00]: Intro
• [02:46]: Overview of Equal Ventures
• [04:23]: What sectors and stages Equal invests in
• [06:09]: Origins of Equal Ventures
• [08:35]: Rick's thoughts on the "conviction gap"
• [11:02]: Three big questions he asks for every opportunity
• [17:40]: Overview of Equal's Fund I
• [18:13]: Rick's thoughts on reserves
• [24:16]: Equal Venture's differentiators
• [28:07]: Their views on disciplined pricing and founder alignment
• [32:33]: Domain expertise, portfolio balancing, and power law dynamics
• [39:52]: Bandwidth constraints and scaling
• [44:44]: How the climate playbook differs from other sectors
• [51:01]: What Rick's most excited about in climate
• [54:13]: Who Rick wants to hear from

Get connected: 
Jason Jacobs
Rick Zullo
MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Apr 20, 2023

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Ever wondered how we could tackle the global plastic waste crisis, especially with the increase in takeout packaging during the pandemic? Today, we're thrilled to have James Wilson, founder, and CEO of ReUser, join us to share his innovative solution that focuses on reusable containers for dining institutions. James opens up about his journey in discovering the issue of takeout packaging waste and how it led him to create ReUser.

In our conversation, we explore the challenges associated with sustainable packaging, recycling, and user experience. James emphasizes the importance of understanding human behavior in creating a successful reusable container program, and how ReUser leverages technology to incentivize students to return their containers. We discuss the financial and environmental benefits of reusable containers, highlighting the potential for cost savings and reduced emissions.

As we wrap up, James shares insights into the billion-dollar market opportunity, ReUser's partnerships with reusable container companies, and their goal of becoming the operating system for reuse. We delve into the powerful role that gamification and customer loyalty play in promoting sustainable behavior, and how ReUser aims to expand its reach to other sectors such as hospitals and corporate campuses. Join us for this insightful conversation about an innovative solution to a pressing environmental challenge.

📺 👀 Prefer to watch: subscribe on YouTube.

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Want to be part of the community and engage further? Check out the Slack Channel. https://tinyurl.com/mwkn8zk5

-----
Links:
Connect with James: https://www.linkedin.com/in/james-wilson-3a832b88/
Check out reUser: https://www.reuser.app/
Check out our Sponsor, NextWave Partners: https://www.next-wavepartners.com/
Join the Slack Channel:  https://cleantechies.slack.com/join/shared_invite/zt-pd2drz6d-N~9nURU5JlyMXv2ZiO5bAQ#/shared-invite/email
Follow CleanTechies on LinkedIn: https://www.linkedin.com/company/clean-techies/
HMU

We are proud to continue working with NextWave as our official show sponsor for this podcast. NextWave and all of its staff are highly motivated to advance the ClimateTech revolution and are constantly innovating ways that they can help affect that transition. From experts in the talent space to ESG experts, NextWave is taking on Climate and Social responsibility head-on and helping companies build great cultures that not only make the world a better place but also increase workplace satisfaction. Reach out to NextWave Partners today to learn more about how we might partner with you today. https://www.next-wavepartners.com/ / info@next-wavepartners.com

This episode is part of our new Capital Series hosted by MCJ partner, Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress.

Mohammad Barkeshli is the Vice President of Full Consequence Investing at Hall Capital Partners. Hall Capital Partners has a singular focus on building and managing large investment portfolios. Their clients include families, endowments, and foundations with over $40 billion under management. 

Mohammad focuses on the firm's impact investing efforts which they’ve coined Full Consequence Investing or FCI. He's responsible for research, identification, due diligence, and ongoing monitoring of investments across asset classes. 

Jason and Mohammad have a great discussion in this episode about Hall Capital's strategic  approach, where it fits in the climate tech and capital stack, the criteria they use when making investment decisions, what they're hearing from their clients now, and how that's evolved.

In this episode, we cover: 

• [3:00] The benefits of increasing transparency across the capital stack and why Mohammad agreed to come on the show
• [4:35] An overview of Hall Capital
• [6:48] The firm’s approach known as Full Consequence Investing (FCI)
• [8:25] The average asset class for its clients
• [11:38] Hall Capital’s different investment vehicles
• [16:26] How the firm’s investing teams are divided across asset classes
• [21:00] Mohammad’s background
• [22:25] Where FCI fits into Hall Capital’s story and brand
• [28:06] FCI as a key diligence effort for the firm’s investment strategy
• [29:38] What falls within FCI and how Hall Capital evaluates opportunities across categories
• [34:00] The role of ESG across industries and investments
• [36:00] Hall Capital’s process for working with clients who are interested in building a portfolio that’s geared toward climate solutions
• [42:46] Balancing investments for profit, impact, and the public good
• [46:23] Limitations and challenges with time horizons
• [47:57] How Mohammad thinks about team and track record
• [52:55] Concessionary impact investments
• [1:00:57] Hall Capital’s involvement with philanthropic capital
• [1:04:36] Areas Mohammad would like to improve for his clients and their investments
• [1:06:51] Who Hall Capital would like to hear from and how people can help

Get connected: 
Jason Jacobs
Mohammad Barkeshli / Hall Capital
MCJ Podcast / Collective

*You can also reach us via email at info@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on April 5, 2023.

Get connected with MCJ: 

• Jason Jacobs X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / YouTube

*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

According to a 2022 poll from the Associated Press, although 93% of Americans acknowledge that human activity impacts climate, nearly half of Americans (47%) feel that their actions don’t have an impact on climate change. And yet, we know – it is the collective momentum of tiny particles of snow that drive an avalanche.

In our upcoming episode, Climate Now sits down with James Regulinski, co-founder of Carbon Collective, to discuss the role of investing - even among individual, “retail” investors - in determining the pace at which clean energy technologies can replace our global dependence on fossil fuels. We will discuss why investing in your retirement and investing in clean energy technologies can be well-aligned endeavors, why most environmental, social and governance (ESG) investment portfolios aren’t having the impact they should, and why even small investments can make a big difference in accelerating the path to decarbonization.

Carbon Collective Disclaimer regarding the use of MSCI data to develop ESG funds:

The claims Carbon Collectively repeatedly makes are: 

• MSCI explicitly states that their data should not be used to determine how good or ethical a company is, just as supplemental data to understand its exposure to risk from ESG-related issues. This means the use of the data as a measure of how ethical your portfolio is, is not supported by the data provider, even when it is sold as such. 
• MSCI (and other data providers) use data that is self-reported by the companies. This data is not standardized or verified by MSCI or anyone. The result is data that is noisy/inconsistent. When used to build funds, the fund design is inconsistent with scientific reports of the actions we need to take to address the E of ESG. For example, the IPCC report states that if we want to stay below 2 deg warming (which is already disastrously high), we can not invest any new money in fossil fuel exploration or reserve development. However, funds using MSCI data routinely have oil and gas companies. This is not MSCI's "fault," but it is an artifact of using that data. 
• When you use single-factor scores to judge a company, unrelated factors can "balance" each other out. So a high S score can balance a low E score. This can also lead to the inclusion of companies that are inconsistent with models of how we solve climate change. 

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Contact us at contact@climatenow.com

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