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SER Capital Partners
Rahul Advani founded SER Capital Partners in 2018 to invest exclusively in middle-market sustainable energy companies across North America.
SER Capital Partners
SER Capital Partners was formed in 2018 by Rahul Advani, who previously served as a partner at Energy Capital Partners and held investment roles at ArcLight Capital Partners. The firm deploys capital exclusively into North American middle-market companies positioned for the energy transition, a focus Advani shaped through prior leadership roles on deals spanning renewable generation, gas-fired infrastructure, and utility-scale assets. The investment mandate straddles sustainable infrastructure and energy services — covering distributed solar generation, biomass power, transportation electrification, and industrial decarbonization technologies. SER makes control and structured equity investments, typically writing equity checks of $20 million to $75 million per transaction. The firm targets profitable, growing businesses that provide essential services, rather than pre-revenue technology plays. SER closed its initial institutional fund in 2020 and has since built a portfolio of platform companies serving utility, commercial, and industrial customers across the United States and Canada. SER operates from Redwood City, California. Advani leads the investment team alongside a group of senior professionals with backgrounds spanning private equity, project finance, and power markets. The firm has not publicly disclosed its total committed capital or team headcount. SER differs structurally from generalist infrastructure funds by refusing to invest in conventional hydrocarbons — a hard exclusion that screens out the majority of North American energy infrastructure deal flow. This mandate forces a sourcing model built on proprietary relationships with developers, project originators, and corporate carve-out sellers who operate exclusively within the decarbonization space, giving SER a differentiated funnel relative to larger, multi-strategy competitors.
General information
Firm type
Asset Manager
Year founded
2018
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Redwood City
Corporate office
Redwood City, CA, United States
Principals
Rahul Advani
Founder & Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at SER Capital Partners?
Rahul Advani, the firm's founder and managing partner, leads the investment committee. Advani built his career at Energy Capital Partners and ArcLight Capital Partners before launching SER in 2018 to focus on the middle-market energy transition. He is supported by a team of senior investment professionals with backgrounds in power markets, project finance, and private equity.
What investment stages and check sizes does SER target?
SER makes control and structured equity investments in North American middle-market companies generating EBITDA between $5 million and $30 million. The firm typically deploys equity checks of $20 million to $75 million per transaction. It targets profitable businesses rather than early-stage or pre-revenue technology ventures.
Does SER invest in conventional oil and gas infrastructure?
No. SER explicitly excludes conventional hydrocarbons from its mandate — a hard screen that is unusual for an energy-focused infrastructure investor. The firm only invests in businesses that support decarbonization of power generation, industrial processes, and transportation.
How does SER source its deal flow?
SER relies on proprietary origination through relationships with clean energy project developers, corporate sellers divesting decarbonization-focused subsidiaries, and industry intermediaries active in the middle-market energy space. The firm's exclusion of conventional energy assets narrows its competitive set, often making it the only dedicated energy-transition buyer in a process.
Which sectors does SER Capital Partners invest in?
SER targets three broad categories: sustainable power generation, including distributed solar and biomass; transportation electrification infrastructure; and industrial decarbonization services and technologies. Within these, the firm seeks asset-heavy or service-intensive businesses with recurring revenue characteristics and existing customer relationships.
Is SER Capital Partners a family office or an institutional asset manager?
SER is an institutional asset manager that raises capital from limited partners, including pensions, endowments, and other institutional investors. It is not linked to a single-family wealth source. The firm closed its first institutional fund in 2020.
What is SER's geographic investment focus?
SER invests exclusively in North America, with active portfolio exposure spanning the United States and Canada. The firm has not publicly disclosed any investments outside North America and has not indicated plans to expand geographically.
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