Thesis

Venture × Infrastructure

Read the entire thesis:Manifesto

The Opportunity

>$100TN

is required to be spent on infrastructure upgrades over the next 15 years.

End-of-Life
Renewal
Geopolitical
Reshoring
Climate
Change
Rare Earths
Scarcity
Accelerating AI
Buildout
Surging
Power Use
Future Core+ Infra

The next generation of infrastructure will be tech-native. Innovation that is venture-stage today will mature into core+ infrastructure over the next decade.

Recently minted core+ infra
Altnet Fibre
Smart Meters
EV Charging
Data Centres
Modular Build
Electric Fleets
The next wave of core+ infra
Robotics
AI Operations
Water Tech
Energy Abundance
Outer Space
Edge Connectivity
Singular Focus: Next-Generation I2X

We partner with exceptional entrepreneurs building next-generation Infra-to-X “I2X” platforms.

I2X Platform
Infra-to-X
  • The platform is the infrastructure layer: delivers a critical outcome not a product
  • Treated by customers like a utility: the trusted, recurrent supplier of that outcome
  • Holds multi-year contracts and/or assets that lower its cost of capital
B2I product
Technology layer to an infra customer, not the infrastructure layer
Out of scope
B2I supplier
Embedded in customer workflows, with supply/demand risk
Opportunistic
I2X service
Provides an infra-like critical service on multi-year frameworks
Active
I2X asset
Owns infrastructure assets with locked-in cash-flows from blue-chip offtakers
Sweet spot

Your Journey

R&D Phase
 
TRL 6+ Pilot
 
Product-Market Fit
 
Scale-Up
 
Core+ Infra-Ready
Specifically Infra-Ready

Infrastructure is a regulated asset class characterised by high barriers to entry that create a complex yet rewarding path from pilot to infra-ready.

99.999%Uptime
Multiple Stakeholders
Binary
Outcomes
Regulatory Compliance
Predictable
Cash Flows
15–20x+Multiples
Entrepreneurs Choose Us

We combine venture conviction with infrastructure execution expertise. Our wider team has taken every step on the path from pilot to core+ infrastructure platform.

Founder
Engineer
Operator
Policymaker
Financier
Exit Achiever

Our Partnership

Personal Capital

We have so much conviction that we back ourselves with personal capital. Our diligence is supported by infrastructure experts so we do not listen to others in venture capital who say:

“Too non-consensus”
“Too ambitious today”
“Too asset-heavy”
“Timing isn’t great right now”
Partnership People

We are invariably entrepreneur-centric, and prioritise setting the right partnership to contribute meaningful value beyond capital for our portfolio.

“Outstanding infra knowledge, valuable strategic input at board level, and a wide network of partners”
Giles NewtonCo-Founder
Arcform
“The best networked, expert backers in this space doing a fantastic shift helping us, really appreciate it. Very happy”
Calum BrannanCo-Founder
Levels
“Conviction at exactly the moment we needed partners who could see scale”
James JohnstonCo-Founder
Piclo
“Patient capital, deep domain expertise, and a network that genuinely opens doors”
Jaskaran SandhuCo-Founder
XiniX AI

Let’s revolutionise infrastructure