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Overlay Capital

Structured capital for energy, waste, and the infrastructure of modern life.

Founded 2022United States of AmericaServices-only
11-50Employees
2022Founded
01 — Overview

What Overlay Capital does

Overlay Capital is a private investment firm founded in 2022 with a specific thesis: deploy structured capital into energy, waste, and the built environment at the stages where financing is scarce but structural change is already underway. The firm does not chase narratives. It targets inflection points where technology is collapsing cost curves and market pricing has not yet caught up, particularly in late-stage energy development finance where traditional lending has pulled back.

For family offices seeking exposure to real assets and infrastructure at the frontier of energy transition, Overlay offers three distinct access points:

  • Energy Finance: structured lending to solar, battery, and generation developers, including interconnection deposit funding, safe harbor finance, and PPA deposit facilities
  • Fusion and Firm Power: equity investments in fusion reactor platforms including Zap Energy, Avalanche Energy, Xcimer, and Commonwealth Fusion Systems
  • Waste and Materials: capital into technology-enabled material recovery platforms such as Sortera, AMP, and Molg

The firm has financed more than 44 energy projects across 10 states and 7 ISOs, with its energy finance platform scaling to over three gigawatts of generation assets financed by 2025. In 2026, Overlay launched two flagship fund vehicles: OCIP2 for structured infrastructure finance and OC WAM Fund I for waste and materials. The team is headquartered in Alpharetta, Georgia, with a second office in Denver.

Family offices drawn to illiquid, long-duration infrastructure with a climate angle will find Overlay's vertical specialization and proprietary deal access relevant. The firm does not disclose fund minimums, fee structures, or target returns publicly, so prospective investors must engage directly. Given its 2022 founding and still-developing track record, this is a fit for principals willing to back an emerging manager with a differentiated niche rather than an established multi-billion-dollar infrastructure platform.

We invest where structural change is inevitable, but not yet priced.

On Overlay Capital, from a family-office user
02 — Product & capabilities

What it covers

Core tasks
  • Providing structured debt financing to energy generation developers at capital-constrained development stages
  • Deploying equity into fusion and firm power platforms
  • Backing technology-enabled waste recovery and critical materials platforms
  • Financing interconnection deposits, safe harbor assets, PPA deposits, and LNTP transactions
  • Offering family offices access to infrastructure-oriented fund vehicles across energy and materials verticals
Notable features
  • Interconnection deposit funding and bridge financing for energy developers
  • Structured lending across solar, battery, and generation projects
  • Dedicated fusion and firm power fund vehicle (OC Fusion Partners)
  • Infrastructure finance fund (OCIP2)
  • Waste and materials fund (OC WAM Fund I)
  • Multi-vertical investment architecture spanning energy finance, firm power, and materials
  • Proprietary developer ecosystem and deal sourcing network
  • Safe harbor, LNTP, and at-risk interconnection financing products
Assets supported
InfrastructurePrivate CreditPrivate EquityReal AssetsAlternatives
03 — Company

The firm behind it

Founded
2022
Employees
11-50
Ownership
Privately held
Software type
Services-only
Headquarters / markets
United States of America
Offices
Alpharetta, Denver
Key people
CChadd EvansManaging Partner and Chief Investment Officer
EEric RubinsteinManaging Partner, Energy Finance
JJeff SheridanManaging Partner
BBrett WaymanManaging Partner and Chief Operating Officer
AAshok ReddyPartner
EElizabeth Blankenship-SinghDirector, Investments
LLance CulpepperDirector, Business Development
AAshton KilleDirector, Energy Finance
SScott SadlerDirector, Investment Strategies
MMilena StojceskaDirector
JJoseph IngalsbeDirector, Operations and Compliance
AAna Soule SwaglerChief of Staff
04 — Clients & fit

Who it’s for

Built for Single Family Office (SFO), Multi Family Office (MFO), Private Wealth Owners / Principals, Investment Teams.