# Generate Capital

Generate Capital is a Sustainable infrastructure (private equity and credit) based in San Francisco, United States.

## Overview

- **Organization type:** Sustainable infrastructure (private equity and credit)
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2014
- **Assets under management:** Undisclosed ($10B+ cumulative deployment, per the firm, 2024)
- **Website:** generatecapital.com
- **LinkedIn:** https://www.linkedin.com/company/generate-capital

## Regulatory record

- **CRD number:** 318680
- **SEC file number:** 801-128744
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/318680

## About

Generate Capital is an SEC-registered investment adviser in San Francisco, CA, registered since 2023. The firm manages $737 million in regulatory assets. It has 29 employees and 11 investment advisers.

## Sectors

- Energy Transition & Renewables
- Infrastructure
- Mobility & Transportation
- ClimateTech

## People

- Scott Jacobs — Co-Founder & CEO
- Jigar Shah — Co-Founder (former President)

## Questions

### How is Generate Capital structured differently from a typical infrastructure fund?

Generate is an operating company, not a closed-end fund. It raises equity directly onto its corporate balance sheet, which has no defined liquidation date. This permanent-capital structure means it can hold assets indefinitely, refinancing and optimizing for long-term cash yield rather than selling on a fund-mandated timeline. The firm cites this flexibility as its core competitive advantage in winning deals from developers who want a single, long-term capital partner.

### Who runs investment decisions at Generate Capital?

Scott Jacobs, co-founder and CEO, leads overall investment strategy and capital allocation. Following Jigar Shah's departure to the Department of Energy in 2021, Jacobs became the sole chief executive, overseeing both the investment and operations sides of the business. The firm also employs an in-house technical team that evaluates project-level engineering and operational performance before capital is committed.

### Does Generate participate in fund commitments or only direct deals?

Generate invests directly, acquiring or financing individual infrastructure projects and portfolios. It does not operate as a fund-of-funds or make LP commitments to third-party infrastructure managers. Its model is to be the direct owner-operator of the assets it finances, providing development capital, construction financing, and long-term equity from its own balance sheet.

### What investment stages does Generate Capital typically target?

Generate targets mid-stage to operational sustainable infrastructure assets. It provides construction financing and permanent capital for projects that have secured offtake agreements or regulatory approvals but lack access to efficient long-term financing. The firm generally avoids early-stage technology risk, preferring to finance assets that use proven technologies and need scale capital.

### Which sectors does Generate Capital explicitly avoid?

The firm focuses exclusively on sustainable infrastructure and does not invest in fossil-fuel generation, conventional mining, or speculative clean-tech ventures that lack contracted revenue. Its mandate is tightly scoped to assets that produce measurable environmental benefits alongside financial returns, such as renewable power, electrified transport, and waste-to-value systems.

## Related profiles

- [Ava Investors](https://altss.com/profile/ava-investors)

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Last updated: 2026-06-03T20:00:00.000Z

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