# NZS Capital LLC

NZS Capital LLC is an Asset Manager based in Denver, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Denver, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2011
- **Assets under management:** Undisclosed
- **Website:** nzscapital.com

## Regulatory record

- **CRD number:** 305093
- **SEC file number:** 801-119089
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/305093

## About

NZS Capital, LLC invests in adaptable companies that maximize non-zero-sum outcomes. | NZS Capital, LLC is a Denver, Colorado based investment company focused on adaptable, innovative businesses that work toward maximizing non-zero-sum (NZS, or win-win) outcomes. Our investing process is defined in the whitepaper Complexity Investing and its appendix Non-zero Outcomes in the Information Age. We partner with institutions and other investors to craft portfolios that balance Resilience with Optionality.

## Sectors

- Infrastructure
- Energy Transition & Renewables
- ClimateTech
- Industrial Tech
- Real Estate
- Private Credit

## People

- Zachary R. Karabell — CEO and Chief Investment Officer
- Alex Borschow — Managing Partner

## Questions

### 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).

### 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).

## Related profiles

- [Faithward Capital](https://altss.com/profile/faithward-capital)
- [Semper Wealth Management](https://altss.com/profile/semper-wealth-management-llc)

---

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

Canonical page: https://altss.com/profile/nzs-capital-llc

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology