ETCapital

Martin Rigby is the Managing Director and the central investment decision-maker, having founded the firm in 1992. He is supported by Investment Director James Griffiths, who leads low-carbon and green technology investments, and Non-executive Director David Gill. The firm's website does not list an independent investment committee, suggesting Rigby retains principal authority over capital deployment across all eight fund structures.

The firm sources predominantly from the Cambridge, Oxford and London university and research ecosystems. Non-executive Director David Gill has been managing director of St John's Innovation Centre in Cambridge since 2008, giving the firm a physical and relational anchor inside one of the cluster's primary incubators. The Carbon13 venture builder partnership adds a structured deal-creation pipeline for climate-tech spinouts.

ET Capital operates a family of discrete, strategy-specific funds rather than a single pooled vehicle. These include Cambridge Research & Innovation Limited (early-stage, managed since 2004), UK China Enterprise (China scale-ups, launched 2018), Carbon Order (direct air capture, managed since 2018), and Carbon13 SEIS Fund I & II (climate venture builder). Each fund carries its own mandate and LP base.

The firm targets early-stage and growth-stage technology companies, with a concentration on science-based businesses spinning out of research institutions. Its managed fund Cambridge Research & Innovation Limited is explicitly an early-stage vehicle, while the Carbon Engineering investment represents an ability to hold positions through to a late-stage $1.1B industrial acquisition.

ET Capital does not publish a formal exclusion list. However, its fund inventory — spanning oncology biotech, direct air capture, hydrogen, sustainable materials, and EV supply-chain mapping — indicates no exposure to consumer internet, fintech not tied to supply-chain analytics, or traditional fossil-fuel extraction outside carbon-capture technology.

Carbon13 is a Cambridge-based venture builder focused on climate-emergency businesses; ET Capital manages Carbon13 SEIS Fund I & II as tied funds investing in Carbon13's created companies. UK China Enterprise is an early-stage venture fund launched in 2018 in partnership with UK China Enterprise LLP, targeting science-based businesses with China scale-up potential, with ET Capital acting as manager.

The firm does not publicly disclose a co-investment program. Its fund structures — including the Carbon Order pair and the Carbon13 SEIS tied funds — suggest it typically invests proprietary fund capital. The Occidental Petroleum acquisition of Carbon Engineering indicates a willingness to hold positions through to a strategic buyer, but not necessarily to syndicate alongside external private-capital GPs.