All Aboard has closed its debut fund at $133 million, below its original $300 million target, while adding a UK-based family office to its coalition of investors. The fund brings together family offices and smaller institutions to invest in climate technology and lower barriers to deals that require significant capital. Its strategy covers venture and growth-stage companies focused on decarbonization, energy transition and the circular economy. The fund has also backed capital-intensive companies such as Zanskar and Terra CO2, which fit its focus on technologies moving toward commercial-scale deployment.
Key Overview
- All Aboard closed its debut fund at $133 million.
- The fund was initially targeting $300 million.
- The vehicle pools capital from family offices and smaller institutions.
- Its strategy focuses on climate technology, including decarbonization and energy transition.
- The fund also targets the circular economy.
- All Aboard’s coalition includes more than 13 climate-focused investment firms.
- Coalition members collectively represent more than $60 billion in AUM.
- The fund targets capital-intensive opportunities, including first-of-a-kind commercial deployment.
- Its disclosed portfolio includes Zanskar and Terra CO2.
- A UK-based family office has joined the coalition following the fund’s close.
All Aboard Closes $133M Debut Fund
All Aboard has closed its debut fund at $133 million, below its original $300 million target, while adding a UK-based family office as its newest member.
The coalition pools capital from family offices and smaller institutions to invest in European climate technology, with the aim of lowering barriers for limited partners that may not have the resources to compete for leading climate deals.
The fund’s strategy spans venture and growth-stage companies addressing decarbonization, energy transition and circular economy themes.
Its coalition structure is designed to bring together capital from multiple investment firms and allow members to participate in opportunities that require larger amounts of funding.
A Coalition Model for Climate Investment
All Aboard’s model is designed to address a capital gap faced by climate technology companies as they move toward commercial deployment.
The coalition focuses on opportunities where companies may require significantly more capital than traditional early-stage venture investors can provide, while still presenting risks that can make them less suitable for conventional growth or project-finance investors.
By pooling capital, All Aboard seeks to provide funding for these larger opportunities.
The coalition automatically co-invests once three or more member firms commit to a deal, creating a structure intended to coordinate capital across its participating investment firms.
Fund Closes Below Original Target
The fund’s $133 million close represents less than half of its original $300 million target.
The result provides an indication of the challenges facing climate-focused fundraising, particularly for strategies targeting capital-intensive and longer-duration technologies.
The fund’s coalition includes major climate-focused investment firms such as Breakthrough Energy Ventures, Khosla Ventures, DCVC, Energy Impact Partners, Ara Partners, Clean Energy Ventures, Congruent Ventures, Future Ventures, Gigascale Capital, NGP Energy Capital Management, Obvious Ventures, Prelude Ventures and Spring Lane Capital.
These firms are publicly reported to represent more than $60 billion in combined AUM.
Focus on Commercial-Scale Climate Technology
The fund’s investment strategy focuses on companies moving toward larger-scale deployment.
Its areas of focus include long-duration energy storage, geothermal, nuclear, carbon capture, clean hydrogen and marine decarbonization.
These technologies can require substantial amounts of capital as companies move from development and demonstration toward commercial operations.
The strategy therefore positions All Aboard as a source of co-investment capital, rather than a conventional lead-investor fund.
The coalition does not source or lead its own deals. Instead, it matches capital once a critical mass of its member venture capital firms has already committed to an opportunity.
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Zanskar and Terra CO2 Among Portfolio Companies
All Aboard’s portfolio includes Zanskar and Terra CO2, two companies that reflect the fund’s focus on capital-intensive climate technology.
Zanskar raised a $115 million Series C in January 2026 for geothermal exploration.
Terra CO2 is developing a commercial-scale green cement plant, representing another type of capital-intensive infrastructure opportunity targeted by the coalition.
These investments illustrate the type of companies All Aboard seeks to support as climate technologies move toward commercial-scale deployment.
The portfolio demonstrates the coalition’s focus on technologies that can face challenges securing capital between early-stage venture funding and later-stage infrastructure or project financing.
Fund Overview
| Category | Details |
| Fund Name | All Aboard Fund |
| Fund Size | $133 million |
| Original Target | $300 million |
| Stage | Growth/scale-up and first-of-a-kind commercial deployment |
| Investment Model | Co-investment alongside coalition members |
| Typical Round Size | $100–200 million or more |
| Geography | Global, with disclosed portfolio activity concentrated in the US |
| Focus Areas | Long-duration energy storage, geothermal, nuclear, carbon capture, clean hydrogen and marine decarbonization |
| Coalition | More than 13 climate-focused investment firms |
| Combined AUM | More than $60 billion |
UK Family Office Joins Coalition
The addition of a UK-based family office provides another source of capital for the coalition as it continues to build its investor network.
The new member joins a group that brings together family offices and smaller institutions alongside established climate-focused investment firms.
The structure is intended to give these investors access to climate technology opportunities that could otherwise require greater investment capacity or specialist resources.
Outlook
All Aboard’s $133 million debut fund establishes a coalition-based approach to financing climate technology, particularly companies requiring substantial capital to move toward commercial-scale deployment. While the fund closed below its original $300 million target, its portfolio focus on companies such as Zanskar and Terra CO2 demonstrates the type of capital-intensive climate opportunities the model is designed to support.
The addition of a UK-based family office also indicates that All Aboard continues to expand its investor network. The fund’s future performance will depend on how effectively it deploys its capital, supports follow-on financing and demonstrates that its coalition structure can provide meaningful advantages for climate technology companies moving toward scale.
FAQs
1. How much did All Aboard raise for its debut fund?
All Aboard closed its debut fund at $133 million, below its original $300 million target.
2. What does the All Aboard Fund invest in?
The fund focuses on climate technology, including decarbonization, energy transition, circular economy and capital-intensive technologies such as geothermal, nuclear, carbon capture and clean hydrogen.
3. How does All Aboard’s coalition model work?
All Aboard pools capital from family offices and smaller institutions and co-invests when at least three coalition members commit to a deal.
4. Which companies have All Aboard backed?
Its disclosed portfolio includes Zanskar and Terra CO2, both of which represent capital-intensive climate technology opportunities moving toward commercial-scale deployment.
Sources: VC Fund Announcements & Venture Capital News, Dealroom, Vessel
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