Capricorn Investment Group

What Capricorn Investment Group does

Capricorn Investment Group, LLC is a Palo Alto- and New York-based SEC-registered investment adviser founded in 2000 that operates as a sustainable investment platform serving families, foundations, and institutional investors. As of 12/31/2025, the firm manages $19 billion in assets under management, deploying capital across public equities, fixed income, private equity, and real assets through four primary product vehicles: an Outsourced Chief Investment Officer (OCIO) platform for bespoke impact-aligned mandates; the Sustainable Investors Fund (SIF), a private equity partnership taking ownership and early-stage stakes in impact-native asset managers; and the Technology Impact Funds (TIF/TIGF), early- and growth-stage venture vehicles focused on climate and deep tech.

The firm's investment approach centers on impact-aligned portfolio construction across four thematic areas — climate change mitigation, healthcare, economic opportunity, and responsible stewardship — supported by a proprietary Carbon Risk Assessment Framework that measures portfolio-attributable GHG emissions and climate-risk-adjusted returns. Underlying capabilities include multi-asset class portfolio construction, GP-stakes investing (over $1 billion committed since 2006), and a curated venture pipeline anchored by long-standing co-investment relationships with Breakthrough Energy Ventures, Temasek, and other climate-focused capital providers.

The firm's business model is fee-based: OCIO services generate recurring advisory fees on managed assets, the SIF earns management and performance fees as a private equity partnership, and the TIF/TIGF vehicles collect traditional venture fund management and carried interest. Capricorn reaches clients primarily through direct enterprise sales, supplemented by thought-leadership content, impact reports, industry events, and earned media, with a lean 45-person team that has been actively expanded through 2025 senior hires in client advisory and compliance.

Name

Capricorn Investment Group

Legal name

Capricorn Investment Group, LLC

Website

http://capricornllc.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Capricorn Investment Group is a Palo Alto-based SEC-registered investment adviser managing $19 billion in impact-aligned assets across OCIO, GP-stakes (Sustainable Investors Fund), and climate deep-tech venture (Technology Impact Funds) for families, foundations, and institutional investors.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industries

Endowment / OCIO-Style Multi-Manager Platforms (FSANAGAG), SDG / Thematic Sustainable Investment Funds (FSANAJAN), Fund of Funds & Multi-Manager Mutual Funds (FSAAAEAL), Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA)

Keywords

• Sustainable investing
• Impact investing
• Outsourced CIO services
• Venture capital funds
• Asset management

Headquarters

HQ city

Palo Alto

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. OCIO Services: Comprehensive Outsourced Chief Investment Officer services customized to clients' unique needs, providing portfolio management and strategic investment advisory.
2. Technology Impact Funds: Early and growth-stage venture strategies targeting transformative deep tech companies in climate solutions, including transportation, power, metals, and other sectors. Generates returns through equity investments in portfolio companies.
3. Sustainable Investors Fund: Private equity partnership creating value through ownership and early-stage investment in public and private asset managers incorporating sustainability as a key driver of investment returns.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Capricorn Investment Group is a sustainable investment platform that delivers Outsourced Chief Investment Officer (OCIO) services and impact-aligned asset management across public equities, fixed income, private equity, and real assets. The firm manages dedicated funds including the Sustainable Investors Fund (SIF), Technology Impact Funds (TIF), and Technology Impact Growth Funds (TIGF), serving families, foundations, and institutional investors with customized portfolios that integrate environmental and social objectives.

Product overview

Capricorn Investment Group is a sustainable investment platform that operates as both a full-service OCIO provider and an impact-focused asset manager. The company offers its OCIO Solution for families, foundations, and institutional investors seeking customized, impact-aligned investment management. Through its Sustainable Investors Fund (SIF), it invests in impact-native asset managers, while its Technology Impact Funds (TIF) and Technology Impact Growth Funds (TIGF) provide venture capital to early and growth-stage deep tech companies addressing climate change. The TIF/TIGF strategy has a 20+ year track record of investing in transformative companies including Tesla, SpaceX, and QuantumScape.

Differentiator

Problem solved

Functional benefit

Brands

• Technology Impact Fund (TIF): Early-stage venture strategy aiming to accelerate innovation in deep tech, investing in transformative companies reshaping industries like transportation, power, metals, and beyond.
• Technology Impact Growth Fund (TIGF)
• Sustainable Investors Fund (SIF)
• OCIO Solution

Products and services

• Outsourced Chief Investment Officer (OCIO) Solution Comprehensive Outsourced Chief Investment Officer services customized to clients' unique needs, providing end-to-end portfolio management and strategic investment advisory for families, foundations, and institutional investors across multiple asset classes.
• Sustainable Investors Fund (SIF) Private equity partnership that creates value through ownership and early-stage investment in public and private asset managers who incorporate sustainability as a key driver of investment returns. SIF portfolio firms grew their AUM collectively reaching $21.2B by end of 2024 (6.8x growth).
• Technology Impact Funds (TIF) Early-stage venture strategy aiming to accelerate innovation in deep tech, investing in transformative companies reshaping industries like transportation, power, metals, and beyond. Targets climate solutions through deep technology investments.
• Technology Impact Growth Funds (TIGF) Growth-stage venture strategy continuing Capricorn's deep tech legacy investing, focused on scaling transformative companies in transportation, power, metals, and related sectors addressing climate change.

Quantifiable outcome

• SIF portfolio firms grew AUM by 6.8x reaching $21.2B by end of 2024
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core, minor and flagship.

• NorselabcoreStrategic or Co-development Partner · 4 January 2022Took 20% stake in Norselab's European impact investment platform through Sustainable Investors Fund. Partnership expands Capricorn's presence into Nordic and European venture space.
• International Solar AllianceminorStrategic or Co-development Partner · 10 November 2021Capricorn serves on ISA advisory committee to achieve goal of mobilizing $1 trillion solar investment by 2030, alongside institutional investors including Africa50, CDPQ Global, IFC, and Temasek.
• Skoll FoundationflagshipStrategic or Co-development Partner · 22 July 2021Strategic partnership with Skoll Foundation for endowment investment management aligned with mission focus on climate and economic inclusion. Joint investments in Apis & Heritage Capital Partners Legacy Fund I and Zeal Capital Partners Fund I to close racial wealth gap and spur economic mobility.
• Breakthrough Energy VenturescoreStrategic or Co-development PartnerFrequent co-investment partner in climate technology companies including Heron Power, Electra, and other clean energy ventures. Both firms share focus on breakthrough technologies for decarbonization.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Cambridge Associates: Largest dedicated OCIO and investment advisory firm serving endowments, foundations, and family offices globally. Closest comparable in business model and client base to Capricorn's OCIO platform, though Cambridge operates at much greater scale and is not impact-mandated.
• Generation Investment Management: Sustainable-focused investment manager founded on long-only equity principles with a strong impact lens. Comparable to Capricorn in mission-driven investing philosophy, though Generation focuses on public markets rather than OCIO or venture.
• Caprock: Multi-family office and OCIO provider with an explicit impact and sustainable investing practice. Directly relevant peer — Capricorn's two newest partners (Berryman and Flores) joined from Caprock in 2025 to lead impact investing and client advisory.
• Brown Advisory: Independent investment advisory firm offering OCIO, endowment and foundation advisory, and a dedicated sustainable investing practice. Comparable OCIO client base and impact-aligned product suite to Capricorn.
• Trillium Asset Management: Pioneer in sustainable and impact investing managing public equities and fixed income for institutional and private clients. Overlaps with Capricorn on impact mandate and institutional client service, though focused on public markets.
• Ethic: Technology-enabled impact investing platform serving financial advisors, families, and institutions. Directly comparable on sustainable mandate; Capricorn's new CCO joined from Ethic, illustrating the close overlap in talent pool and market positioning.
• Commonfund: OCIO and investment management firm serving endowments, foundations, and pension plans with multi-asset class portfolios. Comparable institutional OCIO model, though broader in mandate than Capricorn's impact-aligned focus.
• Wafra Investment Advisory Group: Multi-strategy investment advisor and OCIO provider for institutional and high-net-worth clients with sustainable investment offerings. Comparable OCIO model and institutional client orientation; Capricorn's new CCO previously worked at Wafra.

Emerging players

• Karner Blue Capital: Impact-focused OCIO firm for families and foundations, with a specific focus on deploying capital toward social and environmental outcomes. Closely aligned mission and OCIO delivery model, though at smaller scale than Capricorn.

Broad incumbents

• Rockefeller Capital Management: Large, diversified wealth and investment management firm with a dedicated OCIO and sustainable investing practice serving ultra-high-net-worth and family office clients. Overlaps with Capricorn on OCIO mandate but operates across a broader wealth services platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/capricorn-investment-group
• Facebookfacebook.com/Capricorn-Investment-Group-254868407867375

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments130 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capricorn Investment Group