How many investments has Denham Capital made?

Denham Capital has 36 tracked investments, including 1 dated in the last 24 months.

What stage does Denham Capital invest at?

Denham Capital invests at the Growth stage.

Where is Denham Capital located?

Denham Capital is headquartered in Jersey City, US.

Denham Capital

Private equity

Jersey City · Growth · 31 people tracked

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Investment thesis

Denham Capital specializes in private equity and credit across sustainable infrastructure, critical metals and minerals, and energy transition-focused companies worldwide. Its equity strategy targets mid-market sustainable infrastructure assets that generate inflation-protected cash flows with measurable positive impact. A direct lending strategy provides credit to investment-grade and below-investment-grade sustainable infrastructure companies and securities globally. Its mining business finances metals and minerals projects critical to decarbonization, energy transition, supply chain security, and technology. The firm partners with entrepreneurs to build infrastructure and resource businesses, guided by values of fairness, economic rationale, flexibility, trust, and socially responsible development.

Invests inCleantech Climate Tech Data & Infrastructure Energy Impact & Social Good Mobility & Transportation New Materials Africa Asia-Pacific Boston Europe Global Jersey City Latin America North America United States

Source: firm website, verified Sep 29, 2026.

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Stage

Growth

Jersey City, US

Instruments

Equity · Debt

AUM

$5.3B

Tracked investments

Team · 31 people

from the firm's website & curated & public directories

Carl Tricoli· Partner

Founder and Partner with over 40 years of resource-related investing experience, leading the firm's mining investments. Previously President of GeosCapital and Managing Director at Koch Industries leading natural resources principal investing.

Stuart Porter· CEO and Partner

Founder, Managing Partner, CEO and CIO of Denham with over 29 years of investment experience. Previously a founding partner of Sowood Capital Management and a portfolio manager at Harvard Management Company focused on energy and commodities.

Jorge Camiña· Partner and Head of Sustainable Infrastructure Credit

Partner leading the Sustainable Infrastructure Credit strategy with over 20 years in infrastructure project finance. Previously Director of Infrastructure Debt at Allianz Global Investors and held senior roles at Santander.

Justin DeAngelis· Partner, Head of Sustainable Infrastructure

Partner and Global Head of Denham Sustainable Infrastructure overseeing equity and credit strategies, with over 25 years of investment and operational experience. Previously a Director at Waypoint Energy and manager at Pace Global Energy and PG&E National Energy Group.

Rob Still· Partner

Chairman of Pangea Exploration supporting Denham's African mining platform, with over four decades of mining experience. Co-founded Rhombus Exploration and was previously a Partner at Ernst & Whinney. Services procured via sub-advisory agreement.

Scott Mackin· Partner· Londonin 𝕏

Partner of Denham and Denham Sustainable Infrastructure with over 30 years of energy experience. Previously CEO of Covanta Energy, President of Ogden Energy, and General Counsel at Ogden Projects.

Justin Machin· Managing Director

Managing Director responsible for origination and execution on the Mining Deal Team, rejoining Denham in 2018. Previously worked at Waterton Global Resource Management and in mining investment banking.

Sarah Lane· Managing Director

Managing Director on the Sustainable Infrastructure team with over 11 years in equity and debt financing for energy companies. Previously invested in battery storage and EV charging at Zouk Capital.

Timothy Radcliff· Managing Director

Managing Director on the Sustainable Infrastructure Equity team with nearly 20 years in financial services. Previously a Managing Director at Solomon Partners and Director at Bank of America Merrill Lynch in power and renewables.

Bill Calcraft· Operating Partner· Sydney, Australia

Senior Advisor based in Sydney providing advisory services to Denham and portfolio companies in Australasia. Previously Managing Director at Allianz Capital Partners building its renewable energy investment business.

Brian Rodio· Associate

Associate with the Sustainable Infrastructure group responsible for financial modeling and execution, joining in 2022. Previously worked in renewable energy structured finance at Cypress Creek Renewables and investment banking at DBD Partners.

Erik Granskog· Operating Partner

Operating Partner advising Denham and portfolio companies in Africa, with 30 years developing and financing energy investments. Previously Founder and CEO of Milele Energy and Africa Leader for GE Capital.

Ethan Kao· Vice President

Vice President with the Sustainable Infrastructure Credit platform responsible for financial analysis and execution. Previously worked at DSD Renewables and New York Green Bank, and began his career as an FX derivatives trader at UBS.

Franklin Goldszer· Vice President

Vice President on the Sustainable Infrastructure Credit team responsible for financial analysis and execution, joining Denham in 2021. Previously in Jefferies' Power, Utilities and Infrastructure investment banking group.

Greg Cook· Operating Partner

Operating Partner advising Denham and portfolio companies on operational and management matters, with nearly four decades of power generation leadership in North America. Previously President and CEO of Greenleaf Power.

Herculus Jacobs· Chief Technical Adviser - Mining

Chief Technical Advisor for Mining responsible for technical due diligence and monitoring, working with Denham since 2016 with 30+ years of experience. Previously held senior roles at UraniumOne, Pangea and Rand Uranium. Services procured via sub-advisory agreement.

Iryna Voronova· Portfolio Manager

Portfolio Manager managing existing investments in the Sustainable Infrastructure Credit team, with over 15 years in banking and structured finance. Previously at Siemens Financial Services and Credit Agricole.

James Greaney· Operating Partner

Operating Partner advising on development, financing, and asset management for projects in North America, Africa and Europe, with over 30 years of global power plant development experience. Previously CEO of Shanahan Engineering Ltd.

Jordan Grossi· Associate

Associate on the Mining team responsible for financial modeling and execution, joining Denham in 2025 with over 6 years in M&A and corporate finance. Previously in Metals & Mining investment banking at Paradigm Capital, Scotiabank and INFOR.

Jumaane Ponder· Operating Partner

Operating Partner providing strategic, commercial, and financial expertise, with 15 years of experience. Previously VP of Finance and Investments at Inspiration Mobility and Senior Director of Strategic Finance at Earthrise Energy.

Matthew Pickering· Associate

Associate with the Sustainable Infrastructure group responsible for financial modeling and execution, joining in 2025. Previously an Investment Banking Associate at PEI Global Partners.

Natalie Friedenreich· Vice President Investor Relations· Jersey City, NJ

Vice President of Investor Relations for Sustainable Infrastructure Equity based in Jersey City. Previously an Investor Relations Associate at Sculptor Capital Management and JLL Partners.

Nicholas Meyer· Vice President

Vice President responsible for financial analysis and execution, joining Denham in 2021. Previously with the Renewable & Asset Finance team at Wells Fargo.

Paul David· Operating Partner

Operating Partner within the Sustainable Infrastructure Credit team with 35 years of infrastructure credit experience. A founding member of Allianz Global Investors' Infrastructure Debt platform, growing the Americas business to over $8 billion AUM.

Rick Drescher· Operating Partner

Operating Partner on the Sustainable Infrastructure Equity team with over 25 years in technology and real estate, including data center site selection. Previously Corporate Managing Director at Savills.

Robert Warburton· Operating Partner

Senior Advisor providing management and operational advisory services with 38 years of experience. Previously SVP of Operations at Waypoint Energy and VP of Operations at InterGen.

Seldi Shembitraku· Associate

Associate responsible for financial modeling and execution, joining Denham in 2024. Previously an Investment Banking Associate on the Metals & Mining team at Canaccord Genuity and analyst at INFOR Financial.

Tony Fiore· Managing Director and Chief Legal Officer

Managing Director and Chief Legal Officer with over 30 years of experience handling all legal matters for Denham and its funds. Previously at Aker Solutions and an attorney at Baker & McKenzie and Hunton Andrews Kurth.

Wallace Varga· Managing Director and Chief Financial Officer

Managing Director and CFO responsible for business operations, financial, tax, and administrative functions. With Denham since inception, previously worked at a global fund administration company and held manager roles at Deloitte and EY.

Ziad Saliba· Vice President

Vice President on the Mining Deal Team responsible for financial analysis and execution, joining Denham in 2022. Previously an Investment Banking Analyst at TD Securities and Desjardins Securities.

Jurgen Hornman· LPAC Member· London, England, United Kingdomin

Jurgen Hornman is Partner and Head of Europe at Shell Ventures, where he also manages the firm's global Power & Heat investment portfolio and serves on the global leadership team. His exits include Sonnen, Greencom, and Noova Energy, and he holds various board, observer, and LP positions at climate technology start-ups, scale-ups, and investment funds across the Power, Data, and Mobility sectors. His background spans venture capital, M&A, strategy, corporate and business development, operations, and restructuring in the climate tech, energy, infrastructure, and real estate sectors.

Founder mafia

4 people who came through Denham Capital went on to found or lead other companies.

Jonathan ScheinerAssociate, Energy Private EquityFounded tokenproof Tulika RajVice President, Power & RenewablesFounded Sungreenh2 Jim RandMining teamFounded Synervoz Communications Erik GranskogOperating PartnerFounded Endeavor Energy

What they invest in

from 15 of 36 portfolio companies

Cleantech ×10Energy ×10Climate Tech ×5New Materials ×5Impact & Social Good ×2Advanced Manufacturing ×1AI & Machine Learning ×1Circular Economy ×1

HQs:United States×4Brazil×3United Kingdom×2Australia×1Canada×1Chile×1

Investments · 36 tracked

founders shown can be your intro path

By year:2024 · 1 2023 · 2 2022 · 1 2021 · 3 2020 · 310 dated

Endeavor Energyendeavor-energy.com in✓ verified

Endeavor Energy develops, finances, builds, and operates power infrastructure projects across African markets, with in-country presence in Ghana and Guinea.

CleantechEnergyImpact & Social Good

Erik Granskog(CEO)in Syed Jaffar(Managing Director)inAdam Carte(CFO)Claire Wilby(Head of Legal)inGreg Cook(Co-Chief Technical Officer: Operations)James Greaney(Co-Chief Technical Officer, Construction and Development)in

Gray Oak Powergrayoakpower.com in✓ verified

Gray Oak Power designs customized power infrastructure solutions for hyperscale and large data centers in the United States, combining gas-fired and renewable generation with battery storage to deliver high-reliability power systems.

AI & Machine LearningCleantechData & InfrastructureEnergy

Emilio Vicens(Founder & CEO)in

Nexif Energynexifenergy.com in✓ verified

Nexif Energy develops, finances, and operates power generation and renewable energy projects across Southeast Asia, South Asia, the Middle East, and Australia.

CleantechEnergyImpact & Social GoodSingapore, SG

Surender Singh(Founder)Matthew Bartley(Co-founder & Managing Director)in

Pembroke Resourcespembrokeresources.com.au in✓ verified

Pembroke Olive Downs operates a metallurgical coal mine in Queensland's Bowen Basin, producing high-quality coking coal and PCI products for steelmakers globally.

EnergyNew MaterialsMoranbah, AU

Co-investorsRaptor Group

Pontal Energypontalenergy.com in✓ verified

Pontal Energy is a Brazilian generator and trader of renewable energy, operating over 400 MW of installed wind and solar capacity across two states with 130 wind turbines.

CleantechClimate TechEnergy

Fernando Mano(CEO)José Raimundo Silva(Diretor de O&M)in

Board Ana Marta Horta Veloso(Board Member (Conselho de Administração))in

Roamchargingroamcharging.com in 𝕏✓ verified

Roam provides EV charging infrastructure across the UK, offering fully funded and client-funded charger installation and maintenance for businesses, along with a driver app for locating and paying for charging sessions.

CleantechClimate TechEnergyMobility & TransportationCrawley, GB

BioTherm Energybiothermenergy.com in

African renewable power developer focused on South African wind and solar projects.

Caminocorpcaminocorp.com in 𝕏

Camino Minerals Corporation is a copper exploration and development company advancing projects from discovery to production, including the Los Chapitos and Costa de Cobre projects in Peru and the Puquios copper mine in Chile.

CleantechNew MaterialsVancouver, CA

Jay Chmelauskas(CEO)

Ceiba Energyceibaenergy.com inJan 2020

Developer and operator of power generation assets in Latin America.

Frvfrv.com in 𝕏

A company operating in renewable energy, specifically solar power generation.

CleantechClimate TechEnergy

Greenleaf Powergreenleaf-power.comJun 2021 · $36M

Greenleaf Power invests in and operates biomass cogeneration plants that recycle waste into renewable energy across North America.

Circular EconomyCleantechClimate TechEnergy

Incoaincoa.com

INCOA Performance Minerals supplies high-purity limestone and industrial minerals to markets requiring specialized, innovative mineral products.

Advanced ManufacturingLogistics & Supply ChainNew Materials

Joachim Roettle(CEO)in

Panionpanion.comPre-Seed · Nov 2020

Co-investorsNordic Makers

Roleshareroleshare.com inSeed · Aug 2022 · $1M

Marketplace pairing professionals to co-share a single full-time role, giving employers flexible talent and workers more balance.

HR TechLondon, GB

Co-investorsForward Venture Capital Techstars Ventures Together Alma Angels Rethink Capital Partners

Santiago Metalssantiagometals.cl

Santiago Metals Limitada is a Chilean mining company focused on developing copper mining businesses in Chile.

New Materials

Serra Verdeserraverde.com in 𝕏

Serraverde is a rare earth elements (REE) provider that produces and supplies essential materials for advanced technologies in sectors including renewable energy, transport, medical devices, and defense.

CleantechDefense TechEnergyNew MaterialsBrazil, BR

Verdeverde.agr.br inOct 2024Defunct

Verde provides digital lending services and loan origination tools to small and medium-sized farmers in Brazil, working through agricultural loan advisors.

FintechSaaSSão Paulo, BR

Lucas Martins(Founder)in Jorge Silveira(Founder)in

Co-investorsY Combinator Harvard Management Company Hi2 Global Venture Fund Investcorp Iporanga Ventures Rhombuz

Virtue Powervirtuepower.com

Virtue Power develops, finances, and operates photovoltaic solar projects for commercial and industrial (C&I) businesses across the United States.

CleantechClimate TechEnergy

Matthew West(President & COO)inJumaane Ponder(Chief Financial Officer)in

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Auctus MineralsCamino Minerals CorporationEVCFotowatio Renewable VentureGlobetrotter VRGNPowerINCOA Performance MineralsNeothemisOMA MindPangea ExplorationRoamSunRay Renewable EnergyThemisTrigenTrinityUpper WilgatViews For ChangeWharton County Power Partners

Portfolio news

latest coverage across their companies

Introducing Gray Oak Power: Customized Firm Power Solutions for US Data Center Developers and Operators

Gray Oak Power · finance.yahoo.com · Jan 15, 2026

Fund performance · per public LP disclosures · 6

as of Jun 2025

Fund	Vintage	Committed	Net IRR	TVPI	DPI
Denham Energy Resources Fund II LPLPs: Florida State Board of Administration	2022	—	17.2%	1.35x	0.31x
Denham Mining FundLPs: Pennsylvania Public School Employees' Retirement System, Maine Public Employees Retirement System, Carnegie Corporation of New York	2018	—	-0.3%	0.99x	0.02x
Denham Mining Fund NRLPs: Maine Public Employees Retirement System	2018	—	15.5%	1.36x	—
Denham Oil & Gas Fund LPLPs: Florida State Board of Administration	2016	—	10.1%	1.46x	0.58x
DCPF VI Oil & Gas Coinvestment Fund LPLPs: Florida State Board of Administration	2013	—	15.9%	1.60x	1.60x
Denham Commodity Partners Fund VI LPLPs: Washington State Investment Board, Florida State Board of Administration, Pennsylvania Public School Employees' Retirement System +4 more	2011	—	-3.1%	0.90x	0.57x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

How many investments has Denham Capital made?: Denham Capital has 36 tracked investments, including 1 dated in the last 24 months.
What stage does Denham Capital invest at?: Denham Capital invests at the Growth stage.
What sectors does Denham Capital focus on?: Denham Capital focuses on Cleantech, Climate Tech, Data & Infrastructure, Energy, Impact & Social Good, Mobility & Transportation, New Materials.
Where is Denham Capital located?: Denham Capital is headquartered in Jersey City, US.

Media · Podcasts & interviews

featuring the team

Scott Mackin, Co-President & Managing Partner, Denham Capital

Engerati · Scott Mackin

Images

Co-investors · 4

Alma Angels

Alma Angels is a UK-based angel investing community and non-profit movement supporting women founders through capital, education, and networks, with a mission to generate $1 trillion in women-led wealth by 2050.

Both backed · 1

Roleshare

$2.6K – $520K

Sequoia Capital

Sequoia Capital is a venture capital firm that partners with founders to build technology companies.

$100K – $50M

Balderton Capital

Balderton Capital is a European venture capital firm that backs technology startups.

$5M – $50M

sequel

Sequel is a digital family office for athletes, artists, and entrepreneurs that invests in founders building companies to advance humanity, offering capital alongside storytelling, network, influence, and expertise.

$100K – $3M

Firms observed investing alongside Denham Capital, from public investor directories. Shared companies are the overlap with Denham Capital's recorded portfolio.

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