North Sky Capital
North Sky Capital is a Minneapolis-based private investment manager founded in 2000 that deploys institutional capital across two flagship strategies — Impact Secondaries and Sustainable Infrastructure — for pension plans, foundations, and family offices seeking market-rate returns alongside measurable environmental and social impact.
- Company typePrivate
- Founded2000
- HeadquartersWayzata, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What North Sky Capital does
North Sky Capital is a Minneapolis-based private investment management firm founded in 2000 (originally as Piper Jaffray Private Capital; independent since 2010) that manages closed-end private funds targeting market-rate returns alongside measurable environmental and social impact. The firm operates two flagship strategies: Impact Secondaries — secondary purchases of limited partnership interests and direct co-investments in private equity funds and companies operating in cleantech/climatech, waste & water, sustainable food & agriculture, and healthy living — and Sustainable Infrastructure — direct greenfield investments in environmental infrastructure, clean power, and grid efficiency projects. North Sky pioneered the world's first impact secondaries fund in 2013 and has deployed more than $1.6 billion across approximately 200 investments through six Clean Growth vintages and four Sustainable Infrastructure vintages.
The firm serves institutional investors — pension plans, foundations, and family offices across the United States and Europe — which commit capital to its closed-end funds. Revenue is generated through management fees and carried interest on these funds, with a separate Qualified Community Development Entity (National Impact Fund) deploying federal New Markets Tax Credit allocations into low-income U.S. communities. North Sky maintains RIA registration under the Investment Advisers Act of 1940 and SFDR compliance for European LPs, and it conducts ESG due diligence using proprietary analytical frameworks (SDG Mapping, ESG Risk Scan, ESG Check). The firm is employee-owned, with Co-CEOs Scott Barrington and Danny Zouber leading a team of 11–50 professionals across offices in Wayzata, MN and Newton, MA, and has been repeatedly recognized on the ImpactAssets IA 50 list, achieving Emeritus Manager status in 2023 and 2026.
North Sky Capital firmographics
Firmographics- Name
- North Sky Capital
- Legal name
- North Sky Capital, LLC
- Website
- https://northskycapital.com
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- North Sky Capital is a Minneapolis-based private investment manager founded in 2000 that deploys institutional capital across two flagship strategies — Impact Secondaries and Sustainable Infrastructure — for pension plans, foundations, and family offices seeking market-rate returns alongside measurable environmental and social impact.
- Ownership category
- akta.pro rank
North Sky Capital industry classification
Industry- Product category
- Impact Investment Management
- NAICS
- Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282), Investors, Nec (6799)
- akta.pro primary industry
- Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)
- akta.pro secondary industries
- Sustainable Infrastructure & Resilient Cities Funds (FSANAJAC), Impact Investment & Development Investment Funds (BPADACAO), Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)
Keywords
Where North Sky Capital is headquartered
LocationHeadquarters
- HQ city
- Wayzata
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
North Sky Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Marketing or Sales, Operations, Others
Revenue model
- Fund Management Fees: North Sky Capital generates revenue through management fees and performance fees (carried interest) from managing its impact investment funds. The firm operates multiple closed-end private fund structures targeting market-rate investment returns while delivering measurable environmental and social impact.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
North Sky Capital product offering
Product offeringCore offering
North Sky Capital is an impact investment management firm that raises and manages closed-end private funds offering two flagship strategies: Impact Secondaries (private equity liquidity solutions in cleantech/climatech, waste & water, sustainable food & agriculture, and healthy living) and Sustainable Infrastructure (direct investments in environmental infrastructure, clean power, and grid efficiency projects). The firm invests on behalf of institutional investors such as pension plans, foundations, and family offices, targeting market-rate returns alongside measurable environmental and social impact.
Product overview
North Sky Capital operates as an impact investment firm with two flagship strategies: Impact Secondaries (private equity secondary fund-of-funds focusing on cleantech, sustainable food, waste/water, and healthcare) and Sustainable Infrastructure (direct infrastructure investments in clean power, environmental infrastructure, and grid efficiency). The Clean Growth Fund series (CG I-VI) represents the impact secondaries strategy, while the Sustainable Infrastructure Fund series (SIF I-IV) and Alliance Funds represent direct infrastructure investments. The National Impact Fund supports Low Income Communities through New Markets Tax Credits. Both strategies target market-rate returns while generating measurable environmental and social impact aligned with UN Sustainable Development Goals.
Differentiator
Problem solved
Functional benefit
Products and services
- Impact Secondaries Private equity secondary investments in cleantech/climatech, waste & water, sustainable food & agriculture, and healthy living sectors, providing liquidity solutions to impact funds and investors.
- Sustainable Infrastructure Direct investments in environmental infrastructure, clean power, and grid efficiency enhancement projects targeting attractive financial returns, demonstrable environmental impact, and high-quality green jobs.
- Clean Growth Fund VI (CG VI) Impact secondaries fund providing diversified portfolio of liquidity solutions for the impact ecosystem, focusing on decarbonization, resource efficiency, and improved access to healthcare and education.
- Sustainable Infrastructure Fund IV (SIF IV) Sustainable infrastructure fund investing in middle market greenfield projects across clean energy, waste, water, and related infrastructure sectors in North America.
- National Impact Fund (NIF) Qualified Community Development Entity managing Low Income Communities investment initiative and New Markets Tax Credits for investments in underserved U.S. communities.
Quantifiable outcome
- 38.8 million metric tons CO2e avoided/mitigated across portfolio companies
- +4 more outcomes
Companies that use North Sky Capital
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
North Sky Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
North Sky Capital partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- SoCal Biomethane LLCcoreSoCal Biomethane LLC is a North Sky funded project holding a long-term biomethane procurement contract with Anew Climate LLC and Southwest Gas. The project at Victor Valley Wastewater Reclamation Authority is the first to supply RNG under California's SB 1440 Biomethane Procurement Program. North Sky invested in this facility in June 2020 through its third sustainable infrastructure fund.
- Anew Climate LLCcoreAnew Climate LLC is the offtake counterparty for the SoCal Biomethane RNG procurement contract. The project conditionally approved by California Public Utilities Commission represents a key decarbonization initiative.
- Project Golden Bear PartnerscoreProject Golden Bear is the wastewater methane-to-RNG facility partnership involving North Sky Capital, Victor Valley Wastewater Reclamation Authority, and Anaergia Services. The project won Environmental Finance 2021 IMPACT Award for Renewable Energy category.
- Novel Energy SolutionscoreNovel Energy Solutions is an experienced community solar developer. North Sky formed a new venture with Novel to support development of 135+ MW of community solar projects focused on Minnesota and Colorado markets. Novel is headquartered in a Qualified Opportunity Zone in St. Paul, Minnesota.
- Anaergia Services LLCcoreAnaergia is the development, technology, and operations partner for the Victor Valley RNG project. Provides Omnivore high solids anaerobic digestion retrofit technology and operates the gas upgrading facility. North Sky and Anaergia partnered with VVWRA for this Public Private Partnership.
- Victor Valley Wastewater Reclamation Authority (VVWRA)coreVVWRA is the municipal partner in the Public Private Partnership. The project at VVWRA's facility in San Bernardino County, California utilizes Anaergia's technology to convert organic waste and sludge into pipeline-quality RNG. Located in an Opportunity Zone.
Scale indicators8 records
Recent moves7 records
Expansion highlights6 records
North Sky Capital competitors and assessment
Company assessmentBroad incumbents
- KKR Global Impact Fund: KKR's Global Impact Fund is a multi-billion-dollar impact private equity strategy investing across climate solutions and sustainable infrastructure — a much larger incumbent entering the same impact PE / climate infrastructure opportunity set that North Sky targets.
- TPG Rise Climate: TPG Rise is a dedicated impact/climate investing platform with multi-billion-dollar funds across growth equity, private equity, and climate solutions, directly competing with North Sky for institutional impact mandates.
- Brookfield Asset Management (Climate Transition): Brookfield manages one of the world's largest infrastructure platforms with significant renewable power and energy transition exposure, competing for institutional sustainable infrastructure capital at vastly greater scale.
- Blackstone Decarbonization Partners: Blackstone's Decarbonization Partners joint venture invests in climate infrastructure and decarbonization assets, directly competing in sustainable infrastructure with the scale advantages of the broader Blackstone platform.
Direct peers
- Generate Capital: Generate Capital is a sustainable infrastructure investment platform that provides project financing and owns/operates distributed energy, waste, and water assets — directly comparable to North Sky's Sustainable Infrastructure strategy in business model and asset focus.
- Equilibrium Capital: Equilibrium Capital is an impact-focused investment manager with sustainable infrastructure and climate solutions strategies, serving similar institutional LPs with comparable middle-market greenfield infrastructure exposure.
- Lime Rock New Energy: Lime Rock New Energy invests in middle-market upstream oil & gas and energy transition opportunities with an impact lens — an adjacent specialist with comparable fund size and institutional LP base to North Sky.
- DBL Partners: DBL Partners is an impact venture and growth equity firm investing in cleantech and sustainable businesses — comparable to North Sky's clean growth / cleantech focus areas within its secondaries strategy.
- Capricorn Investment Group: Capricorn is a mission-aligned investment manager deploying capital across impact PE, infrastructure, and public markets — directly comparable to North Sky's institutional LP base, fund structures, and impact-focused mandate.
- True Green Capital: True Green Capital is a sustainable infrastructure fund manager investing middle-market capital in solar, storage, and related renewable projects — closely comparable to North Sky's Sustainable Infrastructure strategy in asset class and fund size.
Market position
Weaknesses1 record
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
North Sky Capital social profiles
Digital presenceNorth Sky Capital compliance and trust
Trust signalCompliance1 record
North Sky Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
North Sky Capital leadership team
Management profileNumber of profiles
Profiles13 records
North Sky Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
North Sky Capital M&A and investment
M&A and investmentM&A
Investments6 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about North Sky Capital
What does North Sky Capital do?
North Sky Capital is an impact investment management firm that raises and manages closed-end private funds offering two flagship strategies: Impact Secondaries (private equity liquidity solutions in cleantech/climatech, waste & water, sustainable food & agriculture, and healthy living) and Sustainable Infrastructure (direct investments in environmental infrastructure, clean power, and grid efficiency projects). The firm invests on behalf of institutional investors such as pension plans, foundations, and family offices, targeting market-rate returns alongside measurable environmental and social impact.
Is North Sky Capital a public or private company?
North Sky Capital is a private company. It is classified as management employee owned and is currently operating.
When was North Sky Capital founded?
North Sky Capital was founded in 2000. It employs 11 to 50 people.
Where is North Sky Capital based?
North Sky Capital is headquartered in Wayzata, United States, in the North America region.
How does North Sky Capital make money?
One revenue line is on record: fund Management Fees.
Who are North Sky Capital's main competitors?
Broad incumbents on record are KKR Global Impact Fund, TPG Rise Climate, Brookfield Asset Management (Climate Transition) and Blackstone Decarbonization Partners. Direct peers are Generate Capital, Equilibrium Capital, Lime Rock New Energy, DBL Partners, Capricorn Investment Group and True Green Capital.
Does North Sky Capital have an API?
No public API is recorded for North Sky Capital.
What industry is North Sky Capital in?
North Sky Capital's product category is Impact Investment Management. Its primary akta.pro industry code is FSAAALAG, Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure), with a secondary code of FSANAJAC, Sustainable Infrastructure & Resilient Cities Funds. Its NAICS code is 52394 and its SIC code is 6282.