Capital Dynamics

The firm is predominantly a fund-of-funds manager. Its private equity, private credit, and secondaries programs all operate by committing to external funds and purchasing LP interests. The exception is its clean energy infrastructure division, which makes direct equity investments in large-scale solar and battery storage projects. This creates a hybrid model where one arm of the firm is an active direct owner of physical assets.

The private equity team focuses on North American and European mid-market buyout and growth equity funds. Capital Dynamics typically avoids mega-cap and venture capital commitments, preferring managers targeting $500 million to $3 billion fund sizes where the firm believes informational and access advantages are strongest. Portfolio holdings are not publicly listed, but the mandate has consistently targeted this segment since the 1990s.

Capital Dynamics is an independent, employee-owned asset manager, not a family office. It does not manage a single family's wealth. All capital comes from external institutional clients — public pension funds, sovereign wealth funds, insurers, and corporate plans. The firm was founded by Thomas Kubr and senior partners who remain significant shareholders, but the governance and client base are institutional rather than family-oriented.

Each investment vertical has its own investment committee. For private equity fund commitments, decisions are made by a dedicated committee composed of senior partners with experience across multiple cycles. The clean energy direct investment team operates with its own committee, reflecting the different nature of underwriting physical energy assets versus fund commitments. CEO Martin Hahn and Chairman Thomas Kubr sit on the firm's global executive committee, which sets strategic direction.

Almost all capital comes from institutional investors. Minimum commitments are typically structured for large allocators, and the firm does not broadly market to retail or high-net-worth channels. A small number of family offices with institutional-grade investment teams may invest alongside other LPs in specific commingled vehicles, but the firm's primary client base remains public and corporate pension plans, insurers, and sovereign funds.

The clean energy infrastructure business, known as Capital Dynamics Clean Energy, was established in the early 2010s and became one of the largest independent owners of utility-scale solar and battery storage in the United States. The division developed and acquired gigawatts of capacity, including marquee projects like California Flats. In December 2023, a majority stake in the business was sold to a consortium led by APG and the California State Teachers' Retirement System at a valuation of approximately $1.7 billion.

The secondaries team purchases limited partner interests in private equity funds from investors seeking liquidity before the end of a fund's life. It also participates in GP-led restructurings and secondary directs. The program runs as a distinct vertical with its own dedicated capital, separate from the primary fund commitments team, and targets North American and European buyout, growth, and infrastructure fund interests.