Mission-Aligned Allocation at Capricorn

William Orum





Episode: 301
March 13, 2023
Mini Series

Episode Description:

Bill Orum is a Partner at Capricorn Investment Group, one of the largest and longest-standing mission-aligned investment organizations. Capricorn oversees $9 billion across three distinct but related investment strategies - an OCIO serving families and foundations, a seeding business that backs impact asset managers, and the Technology Impact Fund, a venture capital fund focused on clean technology and climate solutions.

Bill joined Capricorn twenty years ago in the firm’s infancy with the mission to deliver extraordinary investment results by leveraging market forces to scale solutions to global problems with a focus on the climate.

Our conversation covers the establishment of an investment program to match Capricorn’s mission, universe of available investment opportunities to address climate solutions, and Capricorn’s strategy to implement. We discuss seeding new funds, venture capital, emerging markets, public markets, current opportunities, and the potential for a long-term solution for the world.

Show Notes
6:16 Bill’s background
8:25 Climate focus at Capricorn
14:50 Broad landscape of climate solutions
18:44 High impact levers
21:59 Capricorn’s hybrid approach
26:20 Diligence for new managers
28:26 Backing managers with scale
31:23 Climate solutions in emerging markets
33:19 Social challenges in climate change
37:16 Measuring climate risk
40:59 Economic returns and reducing emissions
43:55 Lessons from investing in climate solutions
45:35 Complications with ESG assets
48:25 Factors affecting fund flows
51:11 Optimism for the future
53:21 Closing questions

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