Carnot Capital

What Carnot Capital does

Carnot Capital AG is a privately held Swiss boutique asset manager founded in 2007 by Rolf Helbling and Andres Gujan, headquartered in Bäch SZ, Switzerland. The firm operates an impact-investing franchise focused on listed global equities that contribute to energy and resource efficiency, organized around three Article 9 (or equivalent) products: the Carnot Efficient Energy Fund (European quality equities, launched 2007), the Carnot Efficient Resources Fund (global equities for circular economy, MSCI AAA ESG, launched 2015), and the Helvetia 1291 Fund (Swiss KAG-domiciled quality equities, launched 2022). Combined AUM exceeds CHF 250 million.

The investment process is built on a proprietary three-pillar framework — ESG Values, Impact Values, and Carnot Quality — combined with a Carnot Quality Approach that screens for high return on capital employed, solid balance sheets, and valuation attractiveness across four thematic sectors (Fire/Energy, Water, Earth, Air). Performance is reported through an Interactive Impact Heatmap tying portfolio holdings to UN Sustainable Development Goals 7, 8, 9, 11, and 13. The core operational team is six to ten professionals covering portfolio management, impact analysis, marketing, compliance, and risk; FINMA authorization was received in 2013.

Revenue is generated almost entirely through recurring management fees (0.90%-1.20% depending on share class and fund) on AUM, plus a 10% performance fee above a 5% hurdle and high-water mark on the Carnot Efficient Energy Fund only. Distribution is hybrid: direct sales to institutional clients (pension funds, family offices) in Switzerland and internationally, plus a network of Swiss intermediary partners (Alvier Asset Management, Bonhote impact platform, Alternative Bank Schweiz, SSI Wealth Management, Thalmann Verling) and Luxembourg UCITS registration for cross-border reach. The firm supplements distribution with content marketing (Carnot Talks, annual Impact Reports), conference participation (Beyond Sustainability Forum), and an in-house newsletter community.

Name

Carnot Capital

Legal name

Carnot Capital AG

Website

https://carnotcapital.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

Carnot Capital AG is a Swiss boutique asset manager founded in 2007 that runs three listed-equity impact funds (energy, resources, and Swiss quality) for institutional and private investors, applying a proprietary three-pillar ESG-impact-quality framework to global resource-efficiency themes.

Ownership category

akta.pro rank

Product category

Impact Asset Management

NAICS

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

SIC

Investment Advice (6282)

akta.pro primary industry

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

akta.pro secondary industry

Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)

Keywords

• Impact asset management
• Equity fund management
• Sustainable investing
• Energy transition funds
• Resource efficiency investing

Headquarters

HQ city

Schweiz

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Investment Management Fees: Carnot Capital generates revenue through management fees charged on assets under management across its three funds. Fee rates are differentiated by investor class: Class C/Private investors pay 1.20% (Carnot Efficient Energy, Carnot Efficient Resources) and 1.00% (Helvetia 1291); Class D/Institutional investors pay 0.90% (Carnot Efficient Energy, Carnot Efficient Resources) and 1.00% (Helvetia 1291). Additionally, the Carnot Efficient Energy Fund charges a 10% performance fee above a 5% hurdle rate and high-water mark.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Carnot Capital AG is a Swiss impact asset manager that manages three publicly offered equity funds (Carnot Efficient Energy Fund, Carnot Efficient Resources Fund, and Helvetia 1291 Fund) investing in listed companies whose products and technologies contribute to energy efficiency, resource efficiency, and the circular economy. The firm applies a proprietary three-pillar impact analysis framework combined with a quality-based stock selection methodology to deliver a "Double Bottom Line" of financial returns and measurable positive environmental and social impact aligned to UN Sustainable Development Goals.

Product overview

Carnot Capital is a Swiss Impact Asset Manager offering three equity funds focused on energy and resource efficiency. The product suite consists of the Carnot Efficient Energy Fund (European equities, Article 9 SFDR), Carnot Efficient Resources Fund (global equities, MSCI ESG Rating AAA), and Helvetia 1291 Fund (Swiss equities). All funds follow the Carnot Quality approach emphasizing established technologies, attractive markets, crisis-proof cash flows, and strong balance sheets with high ROCE. The investment strategy pursues a 'Double Bottom Line' combining financial returns with positive social and environmental impact aligned to UN Sustainable Development Goals 7, 8, 9, 11, and 13.

Differentiator

Problem solved

Functional benefit

Brands

• Carnot Efficient Energy Fund: European quality stocks with positive contribution to energy transition, investing in companies with energy-saving products and technologies
• Carnot Efficient Resources Fund
• Helvetia 1291 Fund

Products and services

• Carnot Efficient Energy Fund European equity impact fund that invests in publicly traded European companies with energy-saving products and technologies, making a significant contribution to combating climate change. SFDR Article 9 compliant fund targeting sectors in IT/Software, Building Technology, Industry, and Transport.
• Carnot Efficient Resources Fund Global equity impact fund investing in listed companies offering resource-efficient products and technologies for the circular economy. MSCI ESG Rating AAA, targets the four-element sectors: Fire (Energy), Water, Earth, and Air.
• Helvetia 1291 Fund Swiss equity fund investing in shares of Swiss companies using systematic bottom-up stock selection. Favors established companies with solid balance sheets and high return on capital employed (ROCE). Invests in quality Swiss stocks including Nestlé, Novartis, Roche, UBS, and Zurich Insurance.

Quantifiable outcome

• Over 6% annualized return since November 2007 (Carnot Efficient Energy Fund)
• +7 more outcomes

Named customers3 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

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Finanz und Wirtschaft (Beyond Sustainability Forum)coreGTM or Marketing Partner · 1 January 2024Carnot Capital serves as Co-Partner at the annual Finanz und Wirtschaft Beyond Sustainability Forum — one of Switzerland's leading specialist events on sustainable investing held at the Gottlieb Duttweiler Institut in Rüschlikon. The firm actively contributes to panel discussions on sustainable investing topics, with Portfolio Manager Andres Gujan participating in 2025 and 2026 forums. The partnership provides visibility among senior investment decision-makers, portfolio managers, ESG specialists, and advisors from banks, asset managers, family offices, and pension funds.
• Alvier Asset ManagementminorChannel Partner/ Reseller/ DistributorAlvier Asset Management distributes Carnot Capital funds through its platform to end clients in Switzerland.
• Bonhote (Impact Platform)minorChannel Partner/ Reseller/ DistributorBonhote, a Swiss private bank, distributes Carnot Capital funds through its dedicated impact investing platform to private clients seeking sustainable investment options.
• Alternative Bank SchweizminorChannel Partner/ Reseller/ DistributorAlternative Bank Schweiz, a Swiss bank specializing in sustainable banking, distributes Carnot Capital funds as part of its impact-focused investment offerings.
• SSI Wealth ManagementminorChannel Partner/ Reseller/ DistributorSSI Wealth Management distributes Carnot Capital funds to its private wealth clients seeking sustainable investment strategies.
• Thalmann VerlingminorChannel Partner/ Reseller/ DistributorThalmann Verling distributes Carnot Capital funds to its Swiss client base as part of sustainable investment solutions.

Scale indicators6 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Mirova: French impact asset manager (Natixis affiliate) with equity and fixed income strategies focused on sustainability and energy transition. Comparable as a European boutique with strong impact measurement framework serving institutional clients.
• Sycomore Asset Management: French independent asset manager specializing in responsible investment with rigorous impact and ESG analysis frameworks. Comparable as an independent European boutique with proprietary impact methodology, multi-fund product suite, and institutional distribution focus.
• RobecoSAM (Robeco): Pioneer in sustainability investing (SAM founded 1995), now part of Robeco, with strong Swiss roots and global impact equity strategies. Most directly comparable peer in terms of heritage, impact focus, and Swiss institutional client base.
• Triodos Investment Management: European impact asset manager with multi-decade track record in listed and private impact strategies. Comparable as a focused impact boutique serving values-driven institutional and private investors across Europe.

Broad incumbents

• Pictet Asset Management: Swiss-based global asset manager with significant thematic and sustainable strategies including Pictet Clean Energy and Quest for a Better World. Comparable as a Swiss-headquartered manager offering sustainability-themed equity funds to institutional and private clients across Europe.
• Union Bancaire Privée (UBP): Swiss private bank with dedicated impact and sustainable investment strategies. Comparable as a Swiss-headquartered manager offering thematic and impact equity strategies to private wealth and institutional clients.
• Lombard Odier Investment Managers: Swiss private bank with a dedicated Climate Transition investment strategy. Comparable as a Swiss-headquartered private bank offering thematic sustainability strategies to private and institutional clients, with broader product suite than Carnot.
• J. Safra Sarasin Sustainable Asset Management: Swiss private bank with dedicated sustainability investment division offering thematic and ESG equity strategies. Comparable as a Swiss-headquartered manager serving private and institutional clients with sustainability-themed products.
• Wellington Management (Sustainable funds): Global asset manager with dedicated Sustainable Investment team offering impact and ESG strategies globally. Comparable in impact measurement discipline and institutional client focus, though with materially larger scale and broader asset class coverage.
• Vontobel Asset Management: Swiss asset manager with thematic and sustainable equity strategies, including clean energy exposure. Comparable as a Swiss-headquartered manager where CEO Andres Gujan previously worked; broader product suite with both impact and traditional strategies.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Carnot Capital