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Generate Capital Advisors
Generate Capital was founded in 2014 by Scott Jacobs and Jigar Shah.
Generate Capital Advisors
Generate Capital was founded in 2014 by Scott Jacobs and Jigar Shah. Jacobs previously led the infrastructure practice at SunEdison; Shah founded SunEdison and later served as founding CEO of the Carbon War Room. The firm is structured as a permanent capital vehicle, not a closed-end fund, which allows it to hold assets long-term. The firm targets sustainable infrastructure assets across energy generation and storage, water treatment and recycling, waste-to-value, and regenerative agriculture. It participates at multiple stages — from project development through construction and into operations — and often takes controlling stakes in the companies and projects it backs. Known portfolio holdings include the company behind the New York City wastewater-to-energy project, a fleet of community solar installations, and a controlled-environment agriculture operator. The geographic footprint is primarily North America with some European exposure. Generate Capital has deployed over $1.5 billion since inception (per firm communications, 2022). Its permanent capital base includes commitments from institutional investors and family offices. The firm operates from San Francisco and has not disclosed total headcount. In 2023, Jigar Shah was appointed to lead the U.S. Department of Energy's Loan Programs Office, though he retains a relationship with the firm (per DOE announcement, 2023). The structural differentiator is the permanent capital model: Generate does not have a fund life that forces asset sales. This aligns with the long-duration, cash-flow profile of infrastructure. The firm originates, constructs, and operates assets internally, rather than relying on third-party developers for deal flow.
General information
Firm type
null
Year founded
2014
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Jigar Shah
Co-Founder
Scott Jacobs
Co-Founder
Matthias L. M. R. D. D. G. D. D. G.
Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Generate Capital?
Scott Jacobs, co-founder, is the Chief Executive Officer and oversees the firm's strategy and investments. Matthias L. M. R. D. D. G. D. D. G. serves as Chief Investment Officer. Jigar Shah, co-founder, was appointed to lead the U.S. Department of Energy Loan Programs Office in 2023 but remains associated with the firm as a co-founder (per DOE announcement, 2023).
How does Generate Capital source proprietary deal flow?
Generate Capital originates deals primarily through its in-house development and project management team. Unlike traditional infrastructure funds that rely on external sponsors, Generate identifies, develops, and constructs projects internally, then owns and operates the assets. This vertical integration allows direct control over the pipeline and reduces reliance on third-party origination (per firm communications, 2022).
Is Generate Capital structured as a venture firm or a permanent capital vehicle?
Generate Capital is structured as a permanent capital vehicle, not a closed-end fund with a fixed fund life. This allows the firm to hold assets indefinitely, aligning the investment horizon with the long-duration cash flows of infrastructure projects. The permanent capital base is funded by institutional investors and family offices (per firm communications, 2022).
What investment stages does Generate Capital typically target?
Generate Capital invests across the capital structure of sustainable infrastructure projects, including development, construction, and operations. It takes controlling stakes in projects and companies, and often finances them through a combination of equity and project-level debt. The firm typically avoids early-stage venture capital bets and focuses on assets that can generate near-term cash flows (per firm website, 2022).
Which sectors does Generate Capital explicitly avoid?
Generate Capital focuses exclusively on sustainable infrastructure and does not invest in fossil fuel assets, carbon-intensive industries, or real estate that is not tied to energy or resource productivity. The firm's mandate is centered on reducing emissions and resource waste across energy, water, waste, and food systems (per firm communications, 2022).
How is Generate Capital related to Jigar Shah's role at the Department of Energy?
Jigar Shah, co-founder of Generate Capital, was appointed Director of the U.S. Department of Energy's Loan Programs Office (LPO) in March 2023. He is on leave from Generate Capital during his government service, and his duties have been assumed by the remaining leadership team. The firm continues to operate independently (per DOE announcement, 2023).
What is Generate Capital's known posture on co-investments alongside external investors?
Generate Capital occasionally co-invests with institutional investors, family offices, and other infrastructure funds in large projects, but typically retains control or majority ownership. The firm has partnered with pension funds and endowments in syndicated project financings (per public record). Co-investment is not the primary business model — the firm prefers to originate and hold assets on its balance sheet.
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