Fitzgerald Asset Management, LLC

What Fitzgerald Asset Management, LLC does

Fitzgerald Asset Management, LLC (FAM) is a privately held Registered Investment Advisor founded in 2008 by William Fitzgerald and headquartered in Chicago, Illinois. The firm operates two core investment strategies, Eco-Muni™ and Eco-Equity™, which apply a proprietary screening methodology called the Thickness Framework to identify investments that finance or operate sustainable infrastructure. Eco-Muni (inception July 2020) invests in investment-grade tax-exempt municipal bonds financing resilient infrastructure owned by state and local governments, while Eco-Equity (inception October 2023) invests in publicly listed equities of companies whose products, services, or supply chains support the energy transition or climate resiliency, currently comprising 43 holdings with market-weighted capitalization of $216 billion as of December 31, 2025.

The underlying technology is the Thickness Framework itself: a four-criteria screen (Scalable, Repeatable, Material, Measurable) layered with two scoring processes — Thick Preservative Infrastructure (natural capital preservation across Energy, Water, Atmosphere, Habitat) and Thick Adaptive Infrastructure (climate resiliency under the ARUP City Resiliency Index framework). The methodology was developed in collaboration with Dr. Robert Vos of the University of Southern California and is formally trademarked. FAM generates revenue through negotiated asset management fees on the Eco-Muni and Eco-Equity strategies, with fees charged bilaterally to institutional and individual investors through direct engagement; no fees, AUM, or revenue figures are publicly disclosed.

FAM is led by three principals — William Fitzgerald (CEO), John Nelson (CTO, formerly CEO of Affiliated Engineers), and J. Thomas Futrell (Portfolio Manager, formerly Managing Director at Nuveen and SVP at First Trust) — collectively bringing 110+ years of infrastructure investing experience. The firm was briefly acquired by Ziegler Capital Management in 2022 before re-registering as an independent RIA in 2023. Distribution is entirely U.S.-domestic and direct; marketing relies on content (YouTube, case studies, academic presentations), academic partnerships (UW-Madison, Beloit, Booth, Quinlan), and relationship-based outreach rather than third-party platforms.

Name

Fitzgerald Asset Management, LLC

Legal name

Fitzgerald Asset Management, LLC

Website

https://fitzgeraldasset.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Fitzgerald Asset Management is a Chicago-based Registered Investment Advisor operating two strategies — Eco-Muni (sustainable-infrastructure municipal bonds) and Eco-Equity (publicly traded sustainable-infrastructure equities) — screened via its proprietary Thickness Framework for institutional and individual investors.

Ownership category

akta.pro rank

Product category

Sustainable Infrastructure Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

ESG/Sustainable Investment Advisory (FSAEAAAJ)

akta.pro secondary industries

Sustainable/ESG Equity (Active) (FSAAAIAM), Advisory Portfolio Management (Non-Discretionary) (FSAAABAD), Employer Retirement Plan Advisory (401(k)/Pension) (FSAEABAE)

Keywords

• Sustainable infrastructure investing
• Registered investment advisor
• Municipal bond management
• ESG equity strategies
• Asset management services

Headquarters

HQ city

Chicago, Illinois

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

Revenue model

1. Asset Management Fees: The firm operates as a Registered Investment Advisor (RIA) generating revenue through management fees charged on assets under management in its Eco-Muni and Eco-Equity strategies. Eco-Muni strategy inception July 2020; Eco-Equity strategy inception October 2023.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Fitzgerald Asset Management is a Chicago-based Registered Investment Advisor that manages two proprietary sustainable-infrastructure investment strategies — Eco-Muni™ (investment-grade tax-exempt municipal bonds financing resilient infrastructure) and Eco-Equity™ (publicly traded equity securities of companies supporting energy transition and climate resiliency). Both strategies are screened using the firm's proprietary Thickness framework, which evaluates investments on Scalable, Repeatable, Material, and Measurable criteria.

Product overview

Fitzgerald Asset Management offers two core investment strategies: Eco-Muni™ Strategy (municipal bonds financing sustainable infrastructure) and Eco-Equity™ Strategy (publicly traded equity securities in companies advancing energy transition and climate resilience). The company also previously operated the Geo Investors Renewable Infrastructure Fund (private fund, completed 2015) and Eco-DBOOM advisory services (completed).

Differentiator

Problem solved

Functional benefit

Brands

• Eco-Muni™: Investment strategy that directly finances resilient infrastructure through investment grade tax-exempt municipal bonds, focusing on state and local governments' sustainable infrastructure projects to address climate and resource scarcity challenges.
• Eco-Equity™

Products and services

• Eco-Muni™ Strategy A municipal bond investment strategy that directly finances resilient infrastructure owned and operated by local governments throughout the United States. Uses an E-First screening process to select bonds that preserve natural capital or improve adaptability to extreme weather events. Intended for institutional and individual investors seeking federal tax-exempt income with sustainable infrastructure exposure.
• Eco-Equity™ Strategy An equity investment strategy investing in publicly listed securities of companies that provide products, services, or technologies supporting the energy transition, addressing natural capital scarcity, or climate resiliency. Uses an E-First screening process to identify companies with Thick Sustainable Infrastructure attributes. Targeted at institutional and individual investors seeking equity market exposure to sustainable infrastructure themes.

Quantifiable outcome

• Eco-Equity strategy gross return of 25.63% since inception (October 1, 2023) vs 22.36% for CRSP US Total Market TR Index
• +2 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core, supporting and historical.

• University of Wisconsin-MadisoncoreStrategic or Co-development PartnerStrategic relationship anchored by John Nelson's Adjunct Faculty appointment and various service roles. Provides FAM with deep knowledge on sustainable infrastructure and finance through multiple programs: Energy Analysis and Policy (EAP) capstone projects, Nelson Institute for Environmental Studies (Emeritus Advisory Board), Water Resources Management Program, Civil and Environmental Engineering course development, Business Sustainability Leadership Forum, and Wisconsin Foundation and Alumni Association (Investment Committee).
• Beloit CollegecoreStrategic or Co-development PartnerWilliam Fitzgerald (Class of 1986) maintains long-time support through guest speaking, internships, and partnerships with: Center for Entrepreneurship (CELEB) - business incubator engagement; Belmark Associates - student-run market research and consulting; CareerWorks program - internship placements for business and economics students.
• Booth School at the University of ChicagosupportingStrategic or Co-development PartnerCollaboration with the Rustandy Center for Social Sector Innovation at Booth School to leverage expertise in social sector innovation for sustainable infrastructure investments.
• Quinlan School of Business at Loyola University of ChicagosupportingStrategic or Co-development PartnerPartnership utilizing Quinlan's knowledge of finance and sustainability management to support FAM's mission of investing in environmentally sound infrastructure.
• Affiliated Engineers Incorporated (AEI)supportingStrategic or Co-development PartnerJohn Nelson served as CEO of AEI, a multidisciplinary engineering firm specializing in sustainable, energy-efficient buildings and systems. AEI collaborates with architects, building owners, and stakeholders on sustainable infrastructure projects, informing FAM's technical assessment capabilities.
• Nuveen InvestmentshistoricalOthersWilliam Fitzgerald previously served as Managing Director and Chief Investment Officer at Nuveen Asset Management. Nuveen became one of the largest investors in infrastructure projects through tax-free municipal bond funds. Historical relationship informing current investment approach.
• Geo Investors / Global Infrastructure Asset ManagementhistoricalOthersGeo Investors Renewable Infrastructure Fund I, LP was managed by FAM principals and invested in renewable energy projects (2010-2016). Global Infrastructure Asset Management (GIAM) founded 2011, Global Infrastructure Advisors (GIA) founded 2015. Historical vehicle for private fund investments including Ford Motor Company Detroit Technical Center Decarbonization Plan.

Scale indicators4 records

Recent moves14 records

Expansion highlights5 records

Broad incumbents

• Nuveen (TIAA): Large-scale municipal bond and ESG asset manager where founders of FAM previously led infrastructure and fixed-income portfolios. Directly comparable product overlap in municipal bonds and ESG equity strategies, but operates at massive scale across many asset classes beyond FAM's niche.
• ClearBridge Investments: Active equity manager with dedicated sustainability strategies and infrastructure-related portfolios. Comparable to FAM's Eco-Equity strategy as a large-cap equity investor integrating ESG screens and infrastructure themes, though operating at substantially greater scale.
• First Trust Advisors: ETF and mutual fund sponsor where Tom Futrell previously managed $2.5B in equity portfolios. Comparable as a thematic/active equity manager with infrastructure and ESG-adjacent products, though First Trust is far larger and broader in product scope.

Direct peers

• Calvert Research and Management: Long-established ESG-focused investment manager offering mutual funds, SMAs, and ETFs applying proprietary ESG screening to equities and fixed income. Directly comparable to FAM as an active ESG manager serving institutional and individual investors with research-driven screening methodologies.
• Pax World Funds / Impax Funds: Pioneer ESG mutual fund family offering sustainable equity and fixed-income strategies for institutional and retail investors. Comparable to FAM's two-strategy (municipal + equity) structure with thematic ESG screening, though at significantly greater scale.
• Boston Common Asset Management: ESG-focused investment manager offering global equity and fixed-income strategies applying sustainability screens for institutional and individual clients. Closely comparable to FAM in size, mandate type, and emphasis on rigorous sustainability criteria.
• Domini Impact Investments: Specialist ESG mutual fund manager offering impact equity and fixed-income strategies applying proprietary standards screens. Comparable to FAM as a boutique ESG manager built around a differentiated screening philosophy and serving values-driven investors.
• Trillium Asset Management: Boutique ESG investment manager applying values-based screens to public equities and fixed income for institutional and individual clients. Comparable to FAM in size, philosophy (thematic ESG screens), and client mix, though without FAM's infrastructure-specific focus.
• Impax Asset Management: Specialist asset manager focused on the transition to a more sustainable economy, investing in listed equities across renewable energy, energy efficiency, and resource scarcity themes. Closely comparable to FAM's Eco-Equity strategy given thematic sustainability infrastructure focus and active screening.

Emerging players

• Lightstone Capital Partners: Sustainable infrastructure and clean energy investment manager focused on renewable power, storage, and grid assets. Comparable to FAM's historical GIAM private infrastructure fund vehicle, though Lightstone focuses on private infrastructure direct deals rather than public-market securities.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@fitzgeraldassetmanagement
• LinkedInlinkedin.com/company/fitzgerald-asset-management-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Fitzgerald Asset Management, LLC