North Sky Capital, LLC is a Delaware limited liability company and is an investment
adviser that registered with the SEC on January 14, 2005. North Sky Capital was founded
in 2000 as the private equity fund of funds team within Piper Jaffray (now known as
Piper Sandler). The entire business was spun out in 2010 and became fully independent.
North Sky Capital is 100% independently owned and managed by its members.
Scott Barrington and Daniel Zouber invested growth capital in North Sky Capital, LLC in
2023. There are no changes to the management of North Sky Capital as a result of this
investment. Scott Barrington remains the Managing Member of North Sky Capital. North
Sky Capital is 100% employee owned.
North Sky Capital focuses on private equity by making investments for funds of funds in
professionally managed venture capital, buyout, ESG / impact and infrastructure funds and
direct funds in portfolio companies across the venture capital, buyout, ESG / impact and
infrastructure sectors. North Sky Capital supplies investment management and portfolio
supervisory services to private equity funds of funds and direct funds sponsored by North
Sky Capital. North Sky Capital-sponsored funds of funds and direct funds are referred to
in this brochure as the “North Sky Capital Funds.”
North Sky Capital’s general investment strategy with respect to the North Sky Capital-
sponsored funds of funds is to seek to construct diversified private equity portfolios through
the selection and purchase of limited partnership interests in professionally managed
private equity funds. We acquire fund investments for client portfolios principally through
direct subscriptions to private equity partnerships (and/or other limited liability vehicles)
and/or privately negotiated transactions in the secondary market.
North Sky Capital’s general investment strategy with respect to the North Sky Capital-
sponsored direct funds is to seek to construct diversified private equity portfolios through
the selection and purchase of securities in portfolio companies across the venture capital,
buyout, ESG / impact and infrastructure sectors. We acquire fund investments for direct
fund client portfolios principally through direct (equity or debt) investments in portfolio
companies.
North Sky Capital’s Sustainable Infrastructure Funds invest in a diversified portfolio of
clean energy infrastructure projects and entities related thereto, including the developers of
such projects.
North Sky Capital tailors its advisory services to the specific investment objectives and
restrictions of each North Sky Capital Fund pursuant to the applicable investment
guidelines and restrictions set forth in the relevant confidential private placement
memorandum, limited partnership agreement, investment management agreement and
other governing documents pertaining to such North Sky Capital Fund (collectively, the
“Governing Documents”). Investors and prospective investors in each North Sky Capital
Fund should refer to the Governing Documents of the applicable North Sky Capital Fund
for complete information on the general investment objectives, investment restrictions and
material risks associated with such North Sky Capital Fund.
North Sky Capital manages all assets on a discretionary basis in accordance with the terms
and conditions of each North Sky Capital Fund’s Governing Documents. As of September
30, 2023, the amount of assets North Sky Capital manages on a discretionary basis is
$852,395,109.
THE NORTH SKY CAPITAL FUNDS
The North Sky Capital Funds are pooled investment vehicles typically organized as limited
partnerships. We offer interests in the North Sky Capital Funds to potential investors
(known as “limited partners”) who wish to participate
in private equity by making an
investment in a professionally managed private equity fund of funds and/or direct funds.
North Sky Capital or a related person of North Sky Capital generally acts as the general
partner of each North Sky Capital Fund. In addition, North Sky Capital is retained directly
by the North Sky Capital Fund to act as the North Sky Capital Fund’s discretionary
investment manager. The specific terms and conditions applicable to the North Sky Capital
Fund, as well as the North Sky Capital Fund’s investment focus, investment guidelines,
and investment restrictions, if any, are described in the North Sky Capital Fund’s
Governing Documents. The general investment guidelines and restrictions applicable to
any particular North Sky Capital Fund are negotiated and fixed at the time that the
particular North Sky Capital Fund is formed. In accordance with common industry
practice, the general partner of a North Sky Capital Fund has the authority to enter into and
has entered into “side letters” or side agreements with certain investors in a North Sky
Capital Fund whereby the general partner (an affiliate of North Sky Capital) grants the
applicable investor specific rights, benefits, or privileges not set forth in the Governing
Documents, including economic benefits. Such investor specific rights, benefits or
privileges in certain instances are not made available to all investors generally and can and
have been granted without notice to other investors.
North Sky Capital manages three distinct North Sky Capital Fund families: the North Sky
Capital Fund of Funds (the “North Sky Capital Fund of Funds”); the North Sky Capital
Direct Funds (the “North Sky Capital Direct Funds”); and the North Sky Capital
Sustainable Infrastructure Funds (the “North Sky Capital Sustainable Infrastructure
Funds”). Certain North Sky Funds (e.g. Clean Growth Fund III and North Sky Private
Equity Partners V) use both a fund of funds approach as well as make direct investments.
The North Sky Capital Fund of Funds
The North Sky Capital Fund of Funds consist of venture, buyout and ESG / impact pooled
investment vehicles designed to provide professionally managed participation in
strategically selected venture, buyout, and ESG / impact funds for investors seeking a
diversified portfolio of private equity investments within a particular sector. The North
Sky Capital Fund of Funds seek to build portfolios with a high degree of diversification
within the particular North Sky Capital Fund of Fund’s industry of focus, as well as
geography, stage, vintage year, style and size of portfolio investment, with the goal of
constructing a core diversified private equity portfolio.
The North Sky Capital Direct Funds
The North Sky Capital Direct Funds make direct investments or co-investments in
opportunities sourced from portfolio investment funds of the North Sky Capital Fund of
Funds and are designed for investors that are seeking a portfolio of private equity
investments primarily in ESG / impact and venture portfolio companies.
The North Sky Capital Sustainable Infrastructure Funds
The North Sky Capital Sustainable Infrastructure Funds are organized to accommodate the
requirements of investors seeking a core, diversified, energy infrastructure project portfolio
that makes (i) investments in pooled investment vehicles that make direct or indirect
investments in energy infrastructure projects on a primary or a secondary basis and (ii) co-
investments in opportunities sourced from such pooled investment vehicles; (iii) direct
investments into infrastructure projects and (iv) opportunistic direct or indirect investments
in operating companies through primary or secondary market purchases.