Overlay Capital

Chadd Evans serves as Managing Partner and Chief Investment Officer, leading the firm's investment strategy across its three verticals. Eric Rubinstein, also a Managing Partner, leads the Energy Finance platform and joined the firm in October 2025 to deepen its capital-markets and underwriting capabilities. The team operates with a collaborative multi-vertical architecture, with dedicated senior leadership for each line of business.

Overlay sources opportunities through deep operational insight in structured energy finance, trusted developer relationships, and an informational edge in fusion and materials science. The firm targets capital-constrained stages — interconnection-deposit bridge loans, early project credit facilities — where traditional institutional capital is scarce. These transactions often originate directly from power-generation developers and technology platforms rather than through competitive auctions.

Overlay Capital is an asset manager, not a family office. It operates as a private investment firm with institutional-style fund vehicles — including OCIP II and the Waste & Materials Fund I — raised from external limited partners. The firm is not publicly known to manage a single family's wealth.

Overlay's model is primarily direct and structured. The firm underwrites project-level credit facilities, provides interconnection-deposit financing, and takes equity stakes in fusion and materials-science platforms. Its dedicated fund vehicles — such as OCIP II and OC Fusion Partners — are direct-investment structures rather than fund-of-funds programs.

In June 2024, the Wells Fargo Innovation Incubator — a program run with the National Renewable Energy Laboratory — announced a partnership with Overlay Capital to accelerate cleantech adoption in the built environment (per the firm, June 2024). The collaboration focuses on connecting early-stage sustainable-building technologies with multinational corporate adopters.