As hybrid capital moves into focus, we believe the key question is not where you sit in the capital structure, but what you are lending against. This letter outlines our Credit strategy’s focus on real assets, capital solutions, and cash flow–driven value in a shifting market environment.

As AI scales into the physical economy, this month’s update explores how power, infrastructure, and capital—from real estate to growth credit—are shaping the next phase of the climate economy.

Galvanize Real Estate links compensation to emissions performance, aligning financial incentives with a commitment to reach operational net zero within three years of acquisition.

As artificial intelligence scales beyond software into real-world systems, it increasingly depends on electricity, infrastructure, and execution. This piece explains why the “electrification of intelligence” is emerging as a defining force in capital allocation and long-term economic growth.