We’re back with the third installment in our Missing Middle in Climate Tech series, created in partnership with Spring Lane Capital. If you haven’t yet heard the earlier episodes, head to our website for conversations exploring research from CREO and S2G on the financing gap facing climate tech companies caught between early-stage venture and large-scale project finance. And if you have ideas for future series or want to explore a partnership, we’d love to hear from you—reach out via our site (investedinclimate.com/contact).

In this episode, we’re joined by Jason Scott, Partner and Entrepreneur in Residence at Spring Lane Capital, and Mark Berryman, Partner at Capricorn Investment Group. Capricorn is one of the OGs of sustainable investing, with over two decades of leadership in the space and more than $12 billion in assets under management. This conversation brought together two distinct perspectives: a large, established asset allocator and a nimble firm specializing in project finance and growth-stage venture capital.

Mark, recently named LP of the Year by Impact Capital Managers, offered nuanced insights into the challenges and opportunities of bridging the missing middle. Jason’s decision to bring him into the conversation sparked a rich dialogue on what it will take to close this critical funding gap. Lots to unpack and learn in this one. Enjoy!

On today’s episode, we cover:

• [03:08] Series recap and context on the “Missing Middle" 
• [07:03] Mark’s background & experience in climate investing
• [11:09] Mark’s perspective on the "missing middle" & its evolution
• [14:08] Why mid-sized funds are suited to fill the climate financing gap
• [17:45] Capricorn’s approach to climate portfolios & supporting the ecosystem
• [21:46] What Mark looks for in emerging fund managers
• [25:07] Building a fully climate-aligned portfolio & impact reporting
• [28:45] Where to categorize Spring Lane’s investment approach
• [32:10] The need for more innovative, category-defying climate funds
• [33:33] Macro context: tariffs, market volatility & long-term climate investing trends
• [41:33] Three-to-five year outlook for climate investing & the missing middle
• [44:15] Industry consolidation & future innovations
• [46:34] Closing remarks

Resources Mentioned

• Spring Lane Capital
• Capricorn Investment Group
• The Role of Family Offices with Spring Lane Capital & CREO, Ep #114
• Rethinking Climate Finance with Spring Lane Capital & S2G, Ep #115
• Impact Capital Managers
• International Finance Corporation
• Caprock
• Skoll Foundation
• CREO Syndicate: Understanding the Climate Finance Gap report
• Vision Ridge Partners

Connect with us

• Jason Scott
• Mark Berryman
• Jason Rissman

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• Bluesky

Have feedback or ideas for future episodes, events, or partnerships?

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