Investment Strategy
Growth Equity: Decarbonisation-Focused Global Investments
Strategy Overview
Thames Capital's Growth Equity strategy focuses on decarbonisation-themed investments in scalable global businesses with strong management teams and sustainable competitive advantages. We target companies at inflection points where strategic capital, operational expertise, and market access can accelerate growth and value creation.
Our investment thesis is grounded in the structural shift toward decarbonisation and sustainability across global markets. We seek businesses that are well-positioned to benefit from this transition, with strong unit economics, clear paths to profitability, and experienced management teams committed to sustainable growth.
Investment Thesis
Our growth equity strategy is built on several core convictions:
Decarbonisation Megatrend
Global decarbonisation represents a multi-decade structural shift with significant capital deployment requirements. We focus on businesses positioned to benefit from this transition across energy, transportation, industrial processes, and enabling technologies.
Scalable Business Models
We target businesses with proven business models, strong unit economics, and clear paths to scale. We focus on companies with recurring revenue, high gross margins, and capital-efficient growth profiles.
Management Excellence
We invest behind experienced management teams with deep industry expertise, track records of execution, and alignment with long-term value creation. Strong leadership is essential to navigating growth and market challenges.
Competitive Advantages
We focus on businesses with sustainable competitive advantages, whether through proprietary technology, market position, customer relationships, or operational capabilities that create defensibility and pricing power.
Investment Themes
We focus on several key decarbonisation themes:
Clean Energy & Power
Renewable energy generation, energy storage, grid infrastructure, and enabling technologies for the energy transition.
Sustainable Transportation
Electric vehicles, charging infrastructure, sustainable aviation fuels, and mobility solutions for decarbonised transport.
Industrial Decarbonisation
Process efficiency, alternative materials, carbon capture, and industrial technologies supporting emissions reduction.
Enabling Technologies
Software, analytics, and digital solutions that accelerate decarbonisation across industries and value chains.
Circular Economy
Recycling, waste management, and circular business models that reduce resource consumption and emissions.
Sustainable Agriculture & Food
Agricultural technology, alternative proteins, and food systems supporting sustainable production and consumption.
Value Creation Approach
We take an active approach to value creation across our growth equity portfolio:
- 1
Strategic Growth
We work with management to develop and execute growth strategies, including market expansion, product development, and strategic partnerships.
- 2
Operational Excellence
We support management in driving operational improvements, efficiency gains, and scalability across the business.
- 3
Capital Efficiency
We focus on capital-efficient growth, optimizing spend allocation and ensuring disciplined capital deployment across the business.
- 4
Market Access
We leverage our network and relationships to provide market access, customer introductions, and strategic partnership opportunities.
Investment Criteria
Our Decarbonisation Fund seeks to exit companies in a 3-5 year period returning an annualised return of 20%. We therefore target companies that meet the following investment criteria:
Interested in Our Growth Equity Strategy?
We welcome conversations with potential investors and co-investors interested in growth equity opportunities.
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