National Grid Partners

Pradeep Tagare leads investments as Head of Investments, with President Steve Smith overseeing the broader strategic direction of the group. The team includes Vice Presidents Brett Chandler and Gerard Kelly, who execute on sourcing, diligence, and portfolio support. The group operates with a dedicated investment committee within the National Grid corporate structure.

The firm sources through several proprietary channels: direct relationships with more than 150 utilities in its NextGrid Alliance, deep ties to the National Grid business units across the UK and northeastern US, and limited partner commitments in specialist venture funds such as IQ Capital and Jerusalem Venture Partners. This utility-alliance model gives the group a wide funnel for startups targeting energy infrastructure and industrial AI.

It operates as a corporate venture capital arm, not a family office or a traditional independent venture firm. National Grid Partners invests off the balance sheet of National Grid plc, the FTSE 100-listed utility, and targets both financial returns and strategic alignment with the parent company’s grid-modernization and decarbonization goals.

It executes both. The firm makes direct equity investments in startups from seed to growth stage and also commits as a limited partner to external venture funds. Known LP commitments include Energy Impact Partners, IQ Capital (a Cambridge-based deep-tech fund), and Jerusalem Venture Partners.

The firm does not publish a formal exclusion list, but its concentrated mandate around energy, industrial IT, and critical infrastructure gives it a specific investment envelope. No investments appear in consumer internet, pure software-as-a-service, therapeutics, or other sectors unrelated to physical infrastructure, utility operations, or enterprise climate solutions.

The NextGrid Alliance is a network of over 150 global utilities that National Grid Partners has assembled to facilitate business development and scaling for its portfolio companies. It serves as a proprietary commercialization channel, allowing startups to pilot and deploy products within real utility environments across multiple geographies.

The portfolio is concentrated in North America, the United Kingdom, and Israel. US-headquartered companies span California, Massachusetts, New York, Texas, Ohio, and New Jersey. UK-based investments include Risilience, Sensat, and Luminance, while Israeli exposure comes through direct deals and its LP position in Jerusalem Venture Partners.