What sectors does Industry Capital focus on?

Industry Capital focuses on Climate Tech, Crypto & Web3, Energy, Fintech, PropTech.

Where is Industry Capital located?

Industry Capital is headquartered in San Francisco, US.

Industry Capital

Private equity

San Francisco · 8 people tracked

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Investment thesis

Industry Capital targets and sponsors long-term, high-ROI real asset-based platforms across the US and EMEA regions. The firm operates as an active, hands-on investor, taking part in the operation of its business verticals rather than acting as a passive backer. It leads with impact principles, aiming to generate transformational returns for both communities and investors. Its platforms emphasize measurable, high-impact outcomes at every investment stage and are positioned for longevity, creating long-term value for their communities and stakeholders. The firm maintains a global presence through corporate offices in Houston, San Francisco, and London.

Invests inClimate Tech Crypto & Web3 Energy Fintech PropTechAfricaAsia-PacificEuropeGlobalLatin AmericaMiddle East & North AfricaSan FranciscoUnited States

Source: firm website, verified Aug 3, 2026.

San Francisco, CA, US

Founded

2003

Tracked investments

Team · 8 people

from the firm's website

Norman Villarina· Founder and Managing Partner· San Francisco, Houston

Founder of Industry Capital and its Managing Partner since 2003, he previously co-founded Industry Ventures and served as GP from 1999 to 2003, and earlier managed private and public equity portfolios at Eos Partners and Cassandra-Chase Partners. He holds a BA from UC Berkeley and an MBA from Columbia.

Doug Wertheimer· Partner· San Francisco

A Partner overseeing operating partnerships and advising on strategic decisions across platforms, he was previously an entrepreneur in media, consumer products and financial services, including roles at Size Technologies and Mark Burnett Productions. He holds an AB from Princeton and a JD from UCLA.

Kingston Wu· CFO and Partner· San Francisco, Houstonin

CFO and COO of Industry Capital since 2007, overseeing firm financials and managing the Proof Positive hospitality platform in California. He previously held accounting roles at the Siegfried Group, Oracle, and KPMG, and holds a BA and MBA from UC Berkeley and is a CPA.

Michael Paranac· Operating Partner· New York Cityin

Operating Partner based in NYC overseeing acquisitions and asset management for ICRP, IC's multifamily platform, and an Investment Committee member. He was previously a Director at A&E Real Estate and VP of investments for Allied Partners, and began his career in derivatives at Morgan Stanley.

Raj Morjaria· Partner· Londonin

An investment partner with 30 years of emerging markets private equity experience, he was a founding partner of Aureos Capital, which spun out of the UK's BII Group. He has operated across LatAM, Africa and Asia and is a CFA Charterholder with a BA in Economics from the University of Essex.

Tong Cui· Partner· Asia

A partner based in Asia focused on private equity and trade financing in emerging markets across EMEA, APAC and LATAM. He founded Bridgeline Group Ltd., a renewable energy investment firm acquired by Industry Capital in 2024, and holds a master's degree from Imperial College London.

Chase Robertson· Principal· Houstonin

Based in Houston, he works on energy platforms in the US and West Africa focused on deal origination and serves as a director of portfolio company VGas LLC. He previously led private equity at family office Robertson Wealth Management and was a senior officer at IBERIABANK Corporation.

Thomas Richards· Director· Houston

A Director working with the executive committee on Industry Capital's energy and power platforms, bringing experience as a project developer and energy finance professional. He previously worked at Denham Capital's Endeavor Energy affiliate developing over 650MW of power assets in Sub-Saharan Africa.

Investments · 1 tracked

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VGas LLC

Energy platform portfolio company of Industry Capital operating in the US and West Africa.

Frequently asked questions

What sectors does Industry Capital focus on?: Industry Capital focuses on Climate Tech, Crypto & Web3, Energy, Fintech, PropTech.
Where is Industry Capital located?: Industry Capital is headquartered in San Francisco, US.

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