My electricity bill just jumped ~ 10%… and I smiled.
Most people see that line go up and get annoyed.
I see it and think:
“Good. The thesis is playing out.”
In the short term, electricity costs are going up while we:
- Overhaul an aging grid
- Plug in a wave of new data centers
- Electrify more and more parts of the economy
On my own house, I:
- Installed solar,
- Took the tax credit, and
- Financed it at sub-4% using a box spread against my portfolio
— effectively hedging my future power costs.
In client portfolios, we’re scaling the same theme through private-market specialists.
A few examples:
- One of the largest electrical testing companies in the U.S. Two months after our entry, a buyer bought a 25% stake at an ~80% premium to our basis.
- Three of the fastest-growing utilities in the country.
- A JV to build natural-gas peaker plants in Pennsylvania to support the data-center surge.
- A platform building 10,000+ miles of pipelines feeding the biggest demand centers.
We're also going to need renewable power sources to meet this surge in demand. Which is why we’ve also allocated to:
- The largest independent renewables developer in North America
- JVs with one of the biggest wind/solar generators globally. The latest portfolio creates enough output to power San Francisco.
Private markets let us express pure-play themes instead of buying an ETF and hoping the underlying mix aligns with the thesis.
A 10% higher power bill is annoying as a consumer.
As an allocator who hedged my own costs and positioned capital for this exact trend, it’s confirmation we’re on the right track.
If you’re a $5M+ investor who wants your portfolio aligned with real-world themes like this — and structured tax-aware — the easiest way to explore it is a brief call.