Photo by Amanda Rose/@amandarosephoto
At a moment of heightened geopolitical tension, shifting industrial policy, and recalibrated capital markets, London Climate Action Week brought together investors, policymakers, operators and entrepreneurs to chart what comes next. It was one of the largest gathering of its kind in Europe, and perhaps the most grounded. Across dozens of sessions, attendees underscored the premium put on identifying investable signals through the noise.
Galvanize leaders from across the firm’s Innovation + Expansion, Investor Partnerships, Real Estate and Equities teams were on the ground throughout the week engaging with LPs, partners and the broader ecosystem. What emerged was a growing consensus that this is a moment for capital that’s disciplined, directional, and deployment ready.
Several key themes stood out:
- There’s turbulence ahead and thoughtful capital is in short supply. Constrained liquidity, rate volatility and rising geopolitical friction have made markets choppier. But those dynamics also create mispriced risk and real entry points for capital that’s patient and flexible. In a landscape full of noise, price discipline and clarity of thesis are more valuable than ever.
- The liquidity environment has fundamentally shifted. We’re not in the 2020-2021 era anymore. Capital is expensive and has become selective across assets and sectors. European and UK LPs are focused on duration risk, liquidity timelines and cross-cycle resilience. More broadly, allocators across the spectrum are rebalancing out of privates. This has created an opportunity for high-conviction, disciplined capital to step in, and investors who can remain flexible throughout the volatility are well positioned for this environment.
Chief Strategy Officer David Livingston led a conversation hosted by the London Stock Exchange and Eurasia Group, in which he and COP30 CEO Ana Toni discussed how asset owners and investors are navigating shifting industrial policy and the critical lead-up to COP30 in Brazil. - The energy transition is accelerating and capital markets are recalibrating to that. A more disciplined, durable phase of investing in the energy transition is emerging, one grounded in positive unit economics and risk-adjusted returns that can compete across cycles. Electrification touches cost structure, productivity, energy security, and employment. Investors who understand this dynamic, and who can underwrite the infrastructure and technologies enabling it, will define the next decade of growth.
David moderated a panel at portfolio company Octopus’ Energy Tech Summit, which brought customers into the same room as investors, policymakers, and engineers, to discuss the role of flexibility in today’s energy system.
Despite a complex macro backdrop, the tone in London was clear-eyed and constructive. This will be an era that is less about riding market momentum and more about building exposure to secular shifts that persist beyond the headlines. The transition is accelerating, capital markets are adjusting, and the next wave of durable value will be built by those that can move with both discipline and speed.
