What Overlay Capital does

Overlay Capital is a privately held, multi-vertical alternative investment manager founded in 2022 in Alpharetta, Georgia and operating as a wholly owned subsidiary of Overlay Group, LLC. The firm invests across three thematic verticals — Energy Finance, Fusion & Firm Power, and Waste & Materials — and runs an institutional Asset Management franchise delivering discretionary SMA, sub-advisory, strategic capital and co-investment mandates to RIAs, family offices, foundations and endowments. Its operating subsidiaries include OCIP2 (a $150M targeted energy private credit fund launched February 2026), OCWAM (a $50M target Waste & Materials growth fund launched March 2026), OC Fusion Partners (a dedicated fusion vehicle with up to $15M capacity launched April 2025) and Overlay Build, a digital transformation consulting business for the built environment launched September 2023.

The firm's core competency is a risk-first, probabilistic underwriting framework that combines utility-specific tariff analysis, queue sequencing, deposit erosion mechanics and sponsor capitalization review to originate senior-secured, short-to-medium-duration, over-collateralized facilities against refundable utility-held interconnection deposits and related development-stage credit products (safe harbor, PPA deposit, at-risk interconnection, LNTP). Through January 2026 Overlay had closed 43 interconnection deposit facilities and financed more than 4 GW of energy infrastructure across 7 ISOs and 10 states, with named transactions including a $20M facility to Accelergen Energy, a $19MM facility to Belltown Power, a $10MM facility to GCI, and three Illinois community-solar financings with Sunrise Mountain Partners, Surya Powered and Novel Energy Solutions. Energy-finance interest income, asset management fees, fund management fees (and potentially carry) on dedicated vehicles, Overlay Build consulting fees, and venture/private equity returns constitute the revenue mix.

Overlay is led by Managing Partner & CIO Chadd Evans, Managing Partner & COO Brett Wayman, Managing Partner Eric Rubinstein (Energy Finance, joined October 2025 from Leyline Renewable Capital and Silicon Ranch), Managing Partner Jeff Sheridan, Partner Ashok Reddy, and Managing Partner Julieta Moradei (Overlay Build). The core team numbers approximately 16 individuals across investments, energy finance, operations, business development and compliance, with offices in Alpharetta (HQ) and Denver. Distribution is relationship-driven and partner-led: direct institutional sales for mandates, direct origination by partners for credit facilities, dedicated LP outreach for fund vehicles, and consulting engagements through Overlay Build — supported by a Carta-hosted investor portal, a Wells Fargo IN²/NREL partnership for built-environment adoption pilots, and PR/content-driven thought leadership rather than paid acquisition channels.

Name

Overlay Capital

Legal name

Overlay Capital, LLC

Website

https://overlaycapital.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Overlay Capital is a private, multi-vertical alternative investment manager deploying capital across energy infrastructure private credit, fusion and firm power, and waste and materials, plus institutional asset management and an Overlay Build consulting arm for the built environment.

Ownership category

akta.pro rank

Product category

Alternative Asset Management & Private Investment

NAICS

Other Financial Vehicles (525990), Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (52394)

SIC

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

akta.pro primary industry

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

akta.pro secondary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

Keywords

• Alternative asset management
• Private credit lending
• Interconnection deposit financing
• Venture capital investing
• Infrastructure investment funds

Headquarters

HQ city

Alpharetta

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Discretionary Asset Management Fees: Investment management fees on separately managed accounts for institutional partners (RIAs, family offices, foundations, endowments).
2. Sub-Advisory & Advisory Fees: Fees from sub-advisory mandates to institutional sponsors or registered investment advisors, plus co-investment and structuring engagements alongside anchor investors.
3. Structured Private Credit / Lending Interest: Interest, fees and negotiated exit premiums/buyout fees on senior-secured, over-collateralized development-stage credit facilities (interconnection deposits, safe harbor, PPA deposit, at-risk interconnection, LNTP financings), with short-to-medium duration and high convexity.
4. Fund Management on Dedicated Vehicles: Management fees, and potentially performance fees/carry, on flagship vehicles including OCIP2 ($150M energy private credit), OCWAM ($50M waste & materials), and OC Fusion Partners ($15M fusion).
5. Digital Transformation Consulting (Overlay Build): Consulting fees from Overlay Build's digital transformation services for real estate owners, contractors, developers, and multinational corporates adopting construction tech, prop tech, and climate tech solutions.
6. Venture / Private Equity Investment Returns: Capital appreciation and exit-driven returns from venture and private equity investments across sustainable technology and infrastructure themes (e.g., AMP Robotics, Sortera, Avalanche Energy, Zap Energy, Xcimer, Molg, Crusoe, Buzz Solutions).

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

Overlay Capital is a private investment firm that deploys capital across energy infrastructure, fusion and firm power, and waste and materials, plus a digital transformation consulting arm. It provides structured senior-secured private credit facilities (notably interconnection deposit financing) to middle-market energy developers, thematic venture and growth equity investments through dedicated fund vehicles (OC Fusion Partners, OCIP2, OCWAM), and discretionary and non-discretionary asset management mandates to institutional limited partners.

Product overview

Overlay Capital is a US-based private investment firm structured as a multi-vertical platform with three core investment areas — Energy Finance, Fusion & Firm Power, and Waste & Materials — served by an institutional Asset Management franchise. Asset Management delivers discretionary and non-discretionary mandates to RIAs, family offices, foundations, and endowments. Energy Finance is the operational credit-led vertical, providing senior-secured interconnection deposit and related project finance facilities to lower-middle and middle-market energy developers. Fusion & Firm Power and Waste & Materials are the firm's thematic equity verticals, deploying capital into firm power technologies and next-generation materials/recycling platforms respectively, and each is underpinned by a dedicated investment vehicle: OC Fusion Partners, LLC for fusion, OCIP2 (Overlay Capital Infrastructure Partners II, LP, a $150M private credit fund) for energy infrastructure lending, and OCWAM (Overlay Capital Waste & Materials Fund I, a $50M growth fund) for materials. Overlay Build operates as a separate digital transformation consulting subsidiary that connects construction tech startups with multinational corporate adopters in the built environment.

Differentiator

Problem solved

Functional benefit

Brands

• Overlay Build: Digital transformation consulting arm of Overlay Capital that connects innovative construction tech startups with corporate adopters in the built environment. Launched September 7, 2023, led by Managing Partner Julieta Moradei.
• OC Fusion Partners
• Overlay Capital Infrastructure Partners II (OCIP2)
• Overlay Capital Waste & Materials Fund I (OCWAM)

Products and services

• Asset Management

Quantifiable outcome

• 1.2 GW data center and energy infrastructure development supported via $19MM credit facility to Belltown Power
• +5 more outcomes

Named customers18 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered flagship.

• Wells Fargo Innovation Incubator (IN²)flagshipStrategic or Co-development Partner · 5 June 2024IN² (a $50M Wells Fargo Foundation-funded technology incubator co-administered by the U.S. Department of Energy's National Renewable Energy Laboratory) announced a partnership with Overlay Capital to accelerate cleantech adoption in the built environment as part of IN²' s 10th-anniversary expansion. Overlay Build designs the Adoption Playbook curriculum for corporate adopters and IN² matches technology to corporate needs while providing up to $250,000 in grant funding per adopter.
• National Renewable Energy Laboratory (NREL)flagshipStrategic or Co-development Partner · 5 June 2024Co-administrator of the IN² program with Wells Fargo Foundation; partners with Overlay Capital to digitize and decarbonize the built environment. The collaboration supports real estate developers, builders, and owner-operators in piloting startup technologies via IN²'s inaugural cohort (summer 2024 onward).
• Wells Fargo FoundationflagshipGTM or Marketing Partner · 5 June 2024Funder of the IN² $50M clean technology program; partnership supports Overlay Build's curriculum design and provides grant funding of up to $250,000 per adopter to pilot startup technologies for decarbonization and digitization of the built environment.

Scale indicators16 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• Breakthrough Energy Ventures: Large-scale climate-tech investor (Bill Gates–backed) overlapping with Overlay's fusion, advanced materials, and sustainable infrastructure equity thesis — broader incumbent with much larger AUM.
• Clean Energy Ventures: Climate-tech venture investor with overlap to Overlay's Fusion & Firm Power and Waste & Materials equity theses; comparable early-stage risk profile and multi-platform portfolio construction approach.
• Brookfield Renewable: Largest renewable energy infrastructure platform; broadly comparable on the developer-facing energy finance side though operating at vastly larger scale across solar, storage, and grid assets.
• Energy Impact Partners: Utility and energy-anchored venture and growth investor with comparable thematic coverage in distributed generation, storage, and grid modernization — a broad incumbent peer in Overlay's core sectors.
• Starwood Energy Group: Energy infrastructure private equity firm investing across renewable power generation and transmission; broadly comparable as an infrastructure investor serving developer clients, though at much larger scale and lower technology risk.

Others

• Crusoe Energy: AI/data center infrastructure company that is both an Overlay portfolio company and a thematic peer in the data-center power and firm-power ecosystem; included as adjacent ecosystem participant rather than direct financial competitor.

Direct peers

• Generate Capital: Infrastructure and sustainable resource financier providing structured debt and equity to developers across energy, waste, and built environment — closely aligned to Overlay's multi-vertical real-assets platform and developer customer base.
• Closed Loop Partners: Circular economy and recycling-focused investment platform; overlaps directly with Overlay's Waste & Materials vertical in AI sortation, recycling infrastructure, and materials recovery investments (e.g., AMP, Molg, Sortera adjacency).
• Leyline Renewable Capital: Direct peer in development-stage renewable energy debt; Overlay's Managing Partner Eric Rubinstein was previously CIO/EVP at Leyline, making this the closest peer in product, customer (developers), and structure (structured development-stage credit).

Emerging players

• Prime Coalition: Climate-tech investment platform with comparable thematic focus on frontier technologies including fusion and advanced materials; smaller-scale emerging player in similar early-stage climate capital themes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/82477205

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments14 records

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

Frequently asked questions about Overlay Capital