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NZS Capital LLC
Zachary Karabell, a former economist and author, co-founded NZS Capital in 2011 alongside an investment team drawn from asset management and...
NZS Capital LLC
Zachary Karabell, a former economist and author, co-founded NZS Capital in 2011 alongside an investment team drawn from asset management and infrastructure. The firm is headquartered in San Francisco with a stated investment philosophy that rejects zero-sum thinking (the 'NZS' name), emphasizing long-term compounding through multiple return streams. The firm invests across infrastructure, energy transition, real estate, and private credit — both in direct equity positions and through structured debt. Geographically, NZS focuses primarily on North America with selective exposure to Western Europe. The firm has sought co-investment opportunities alongside operating partners in sectors such as renewable energy generation, transmission, and logistics-oriented real estate. NZS Capital runs a combined public-equity and private-asset platform, though total deployment numbers, AUM, and team size are not publicly disclosed. Karabell also serves as president of the investment firm Trident Capital and has written on economic cycles. The firm maintains a lean structure but does not disclose professionals count or additional office locations beyond its San Francisco headquarters. What sets NZS apart is its structural cross-asset mandate — one that intentionally blurs the line between public and private markets, infrastructure and credit. Karabell’s public visibility as an economist and author is rare for a private-asset manager, and the "no zero-sum" framework shapes both portfolio construction and partnership approach.
General information
Firm type
Asset Manager
Year founded
2011
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Zachary R. Karabell
CEO and Chief Investment Officer
Alex Borschow
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at NZS Capital?
Zachary Karabell serves as CEO and Chief Investment Officer, overseeing the firm's portfolio across public and private assets. Alex Borschow is Managing Partner. Together they lead a team that spans infrastructure, credit, and equities (per public record).
How does NZS Capital source proprietary deal flow?
NZS targets infrastructure and energy transition opportunities through relationships with operating partners and developers rather than through a large proprietary sourcing team. The firm positions itself as a flexible capital provider for long-duration assets (per the firm's stated approach).
Is NZS Capital structured as a family office or an asset manager?
NZS Capital operates as an institutional asset manager, not a family office. It manages capital for external investors through pooled vehicles and separate accounts, though its founding capital came from the principals' own wealth.
What investment stages does NZS Capital typically target?
NZS focuses on later-stage infrastructure and energy transition assets — operating projects, construction-stage renewable energy, and long-hold real assets. It also provides private credit to infrastructure sponsors. The firm avoids early-stage venture or growth-equity technology (per sector focus).
Which sectors does NZS Capital explicitly avoid?
NZS does not focus on early-stage technology, venture capital, or pure financial-services lending. It concentrates on real-asset-heavy sectors: infrastructure, energy transition, credit secured by hard assets, and real estate.
What is the 'no zero-sum' philosophy at NZS Capital?
The 'NZS' name stands for 'no zero-sum,' a phrase coined by co-founder Zachary Karabell to describe a portfolio strategy that avoids binary outcomes. The firm structures multi-stream investments — blending equity, debt, and inflation-hedged assets — to compound across cycles rather than take directional market bets (per the firm's public communications).
Does NZS Capital use external providers for co-investments?
NZS Capital co-invests alongside operating partners and developers in infrastructure and energy projects, often as a lead or anchor investor. It does not act as a fund-of-funds or rely on external managers for deal sourcing (per sector focus and public record).
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