President Theodore Roosevelt joined John Muir on a camping trip in May 1903. Over three nights in the California wilderness, Muir emphasized the importance of preservation and environmental stewardship to the President. The trip had a lasting impact on Roosevelt's legacy in conservation; during his presidency he created 5 national parks, designated 18 national monuments, established 55 national bird sanctuaries and wildlife refuges, and protected 150 national forests. 

Energy infrastructure should not rely on governmental support - projects and companies should deliver value to end-users and investors based on on their intrinsic merits. 

Meeting increasing electricity demand can take many paths and we believe the cheapest and cleanest avenues will be the ones most travelled. Energy sources leveraging (truly) infinite resources will drive costs toward zero.

The environmental awe instilled in the President by John Muir amongst the California redwoods is engrained across our investment themes.

Core, Core-Plus, and Value-add no longer sufficiently summarize the investment categories in infrastructure investing. New generation remains essential to meet increasing electricity demand; however, the next wave of investment must also identify the products, tools, and services that make all sources of power more dependable and cheaper at scale.