We invest in growth-stage companies with developed, differentiated technologies that are entering or generating revenue. We focus on businesses with clear paths to sustainable profits at scale, supported by our team's experience across technology commercialization, finance, government, and regulation.
Critical industries are changing rapidly.
Technology is the key.
Advanced technologies are driving growth across defense, power, manufacturing and heavy industry.
Incumbents are often not the innovators in these markets. The companies developing and commercializing these innovations are small, and the technology requires specialized knowledge to evaluate and to help scale.
We focus on these critical, enabling technologies that create outsized value, rather than large platforms and whole systems. These are growth-stage companies with differentiated and proven technology and significant demand.
Our multi-faceted expertise allows us to both source and assess technologies, determine market economics, and create value for companies and investors.
The Science Is Done. The Company Is Not.
We support proven technologies through the transition from pilot stage to commercial scale: where technical risk is largely retired and business and commercial execution determines outcomes. We are flexible on investment size and structure but only invest in a position of influence, where our capital and involvement materially shape a company's path.
Target companies that have revenue, with established commercial demand and a clear path to scale, but a need for both capital and strategic support to execute successfully.
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 before first revenue, when we feel they have a low risk path to commercialization for proprietary technology with a significant market demand.
Capital is used primarily to achieve critical technical and commercial milestones, advance production readiness, and support market entry.
We invest in technologies that strengthen the defense and national security of the US and our allies.
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 the growing electricity demand and the modernization of power systems.
Examples include technologies enabling new firm power generation, including geothermal, and power transmission and distribution, such as grid stabilization and control technology, instrumentation, and power electronics.
We invest in technologies supporting innovations that enable state-of-the-art heavy industry.
Examples include technologies that drive generational improvements in high power construction and logistics equipment, in extraction of critical minerals and metals, or in the synthesis and processing of bulk industrial commodities.
We invest in technologies enabling next-generation fission and fusion.
Examples include high field magnets, reactor components and subsystems, gyrotrons, specialty materials and fuels, and precision manufacturing for nuclear-qualified parts.
We invest in technologies that let machines perceive their surroundings and act on them without continuous human control.
Examples include perception and sensor fusion, navigation where satellite positioning is unavailable, edge computing and control hardware, actuation and drive systems, and the test and assurance tooling autonomous systems must pass to be fielded.
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.
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.