Insights
Points of view, working memos, and event notes on hydroclimatic risk — the capital, technology, and customers reshaping how industry and society adapt.
FramingHow we frame climate adaptation opportunities
Climate Adaptation Technology sits in three connected layers — visibility, decision support, and physical execution. Each plays a critical role, but they differ meaningfully in scalability, defensibility, and attractiveness from a venture standpoint.
2026 · 3 min readRead
PortfolioWhy we invested in Bluesonde
Our second investment went to Bluesonde — a US-based buoy company building what we believe could become a foundational tool of global water-risk intelligence: scalable, real-time water-quality monitoring across oceans, freshwater, ports, and aquaculture.
2026 · 2 min readRead
PortfolioWhy we invested in AquaMetrics
Our third investment is in AquaMetrics — a rugged, radar-based sensor delivering continuous, high-accuracy freshwater and marine level monitoring for owners who can no longer rely on infrequent manual readings.
2026 · 2 min readRead
PerspectivesWhy we are so bullish on the linear asset sector
Roads, railways, and pipelines face the largest and most complex hydroclimatic risks of any asset class. That same exposure is exactly why we're bullish.
2026 · 3 min readRead
PerspectivesForward-thinking banks are betting on climate adaptation — here's why
Climate has moved out of the ESG column and onto the balance sheet. For banks, adaptation is no longer activism — it's prudent underwriting and a major infrastructure financing opportunity.
2026 · 3 min readRead
Coastal & ArcticOSM26 and Oi26: Where ocean science meets coastal urgency
Notes from two UK events — AGU's Ocean Sciences Meeting in Glasgow and Oceanology International in London — on the technology rewiring how ports, harbors, and coastal assets see and act on hydroclimatic risk.
Mar 2026 · 3 min readRead
FramingYou can't invest in hydroclimatic risk without understanding the science behind it
The five scientific realms that define our investment universe — hydrology, atmospheric science, cryosphere, geohazards, and coastal oceanography.
2026 · 4 min readRead
Power generationVolatility Is the Asset: Hydropower, Snowpack & the Adaptation Tech Stack
Headlines frame a record-low Rockies snowpack as a scarcity story. For investors, the more accurate frame is volatility — a widening distribution that, unlike scarcity, can be priced.
Nov 2025 · 3 min readRead
PortfolioWhy we invested in Sereno
Hydroclimatic volatility has become a defining economic risk — yet traditional insurance was never built for the speed or frequency of this new reality. That is what drew us to Sereno.
Nov 2025 · 1 min readRead
Coastal & ArcticCold Rush: The Arctic's Hydroclimatic Crisis Is Adaptation's Biggest Untapped Opportunity
The Arctic is warming nearly four times faster than the global average. Permafrost that took thousands of years to form is thawing in decades — and the world is not watching it nearly closely enough.
Mar 2025 · 6 min readRead
FramingSame Word. Completely Different World.
From the outside, it all looks like water. That is precisely where the confusion begins. Hydroclimatic risk is not a subset of the water industry — it is a distinct investment category.
Mar 2025 · 5 min readRead
Perspectives'Water' is the risk, but this is not the 'water industry'
Framing the opportunity: the 'water industry' is an important investment opportunity, but not one we — or many PE groups — are prioritizing.
2026 · 2 min readRead
PerspectivesHydroclimatic Risk emerges as a key Private Equity theme
Lower middle market M&A: some PE firms are looking beyond decarb and the traditional water sector — quietly investing in solutions that address hydroclimatic risk, even if they don't yet call it that.
2026 · 2 min readRead
PerspectivesWhy our portfolio is weighted heavier on 'too-much-water' risk
Follow the spending. Scarcity and drought are massive headaches for industry and society and warrant more investment — but we will (mostly) let others pursue these bets.
2026 · 2 min readRead
PerspectivesDemocratization of solutions is core to our thesis
Policy and advocacy matter; but we live in 2026, and the democratization of Industry 4.0 solutions enables more of humanity to adapt to hydroclimatic risks.
2026 · 2 min readRead
PerspectivesWhy we are so bullish on companies who sell data-producing tools
The foundation of AI: for AI solutions to realize their potential, training data is critical. We back founders with better, cheaper, faster ways to generate data of high spatiotemporal resolution.
2026 · 2 min readRead
PerspectivesWhy our thesis had to take us beyond 'water is life'
Seeing water with new eyes. If water is the protagonist, then hydroclimatic risk is the antagonist — disrupting our story and bringing humanity to its knees.
2026 · 2 min readRead
Where we'll be next.
We host a small number of private founder dinners and operator roundtables each year, and we show up where the work is being done. A teaser of where you can find us in 2026 — one event from each of our verticals. See our 2026 calendar or get in touch.