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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"North Sky Capital is capitalizing on the convergence of energy transition, AI infrastructure buildout, and secondary market maturation. Multiple portfolio companies went public in Q2 2026 signaling improved liquidity."
North Sky Capital's Q2 2026 commentary highlights strong momentum across its portfolio driven by multiple secular tailwinds. The firm is capitalizing on a historic infrastructure supercycle with approximately $2.3 trillion in announced investments across data centers, semiconductors, and clean energy through 2035, driven by the CHIPS Act, Inflation Reduction Act, and AI compute demand. Several portfolio companies went public in Q2 including Factorial Energy, ZincFive, and SpaceX, signaling improved liquidity conditions after years of suppressed IPO activity. The manager is particularly bullish on battery technology advancements from Tesla and CATL that could dramatically accelerate EV adoption, and on solar energy with utility-scale generation in Texas surpassing coal for the first time in 2026. The secondary market reached $220 billion in 2025 volume, up 42% year-over-year, with venture capital exits to secondaries exceeding IPO exits for the first time. North Sky's infrastructure team is actively deploying capital into EV charging and energy storage assets positioned to benefit from grid modernization and the duck curve phenomenon in ERCOT. While acknowledging risks including AI valuation concerns, geopolitical tensions, and policy uncertainty, the manager remains optimistic that portfolio companies are well-positioned at the intersection of accelerating technological and regulatory tailwinds.
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