Pana Capital Management / NYC

Growth equity
for the infra-
structure that
doesn't go
down.

US data center load is on track to triple by 2030, consuming an estimated 30–40% of all net-new US power demand. The grid stops at the substation. We start where the grid can't deliver. Pana finances integrated power-and-compute infrastructure across three pillars — data centers, on-site power, and the operational layer — for the buyers who cannot tolerate downtime.

Invest with us → See our thesis →
US Data Center Load / 2030E
134GW
Share of Net-New US Demand
30–40%
Data Center Share / US Power 2030E
12%
Annual Grid Loss / US
$150bn
§ 01 / PROOF

The demand,
the integration,
the discipline.

▸ The Demand

Data centers need 30–40% of all net-new US power through 2030.

US data center load triples by 2030, reaching an estimated 134 GW. Interconnection queues run four to seven years. Grid build-out lags the load curve. The answer is distributed, behind-the-meter, point-of-load generation — financed at scale.

▸ The Integration

One integration thesis. Not four uncoordinated checks.

Pana is the financial architect for integrated power-and-compute infrastructure. Chip-and-cooling co-development at the rack. Behind-the-meter generation matched to load at the campus. Clean-sheet sites engineered as power plants, not buildings.

▸ The Discipline

Deployed. Or FOAK-ready.

Every target either has hardware in the ground today or a credible first-of-a-kind commercial deployment on a defined timeline. Lab-stage anything — fusion, prototype reactors, deck batteries — does not enter the funnel. Project finance discipline at growth equity stage.

◉ Deployed / Q4 2025 Controlled Thermal Resources geothermal site in California desert
§ INTERSTITIAL

Deployed.
Or FOAK-ready.

Pana capital is the bridge that takes proven technology to infrastructure scale. Every target either has hardware in the ground today or a credible first-of-a-kind commercial deployment on a defined timeline. Fuel supply secured. Permitting in motion. Anchor offtake named. Lab-stage anything — fusion, prototype reactors, investor-deck batteries — does not enter the funnel.

§ 02 / THESIS

Resilience is
the new return.

Pana is the financial architect for integrated power-and-compute infrastructure. One integration thesis, not four uncoordinated checks — chip-and-cooling co-development at the rack, behind-the-meter generation matched to load at the campus, and clean-sheet sites engineered as power plants, not buildings. Every target is deployed or FOAK-ready. Every cap table is US-majority.

Power-integrated data center campus
PILLAR I · 50% DATA CENTERS

Where the mission lives.

Infrastructure that doesn't go down. Power-integrated by design, built to hold uptime when the grid blinks. ECL anchors the pillar — operational precedent for hyperscaler-grade compute on behind-the-meter generation. ECL is in active co-development with NVIDIA on a liquid-cooled chip purpose-built for high-density, behind-the-meter compute. Vertiv (NYSE: VRT) is the public-market reference for the build layer.

Anchor: ECL 99.999% uptime N+1 redundancy Build layer: Vertiv (VRT)
Behind-the-meter advanced power generation
PILLAR II · 30% POWER

The power to win starts here.

Energy independence as the moat. On-site generation, behind-the-meter, advanced power. Hedges grid queue, interconnection backlog, and rate volatility. Sage Geosystems anchors the pillar — pressure geothermal baseload for behind-the-meter campuses, with DOD feasibility programs at Fort Bliss (Army) and NAS Corpus Christi (Navy). Bench: ORMAT, Zanskar (DIU at Mountain Home AFB and Fort Irwin), XGS Energy.

Anchor: Sage Geosystems Pressure geothermal DOD feasibility BTM dispatchable
Operational layer software and AI
PILLAR III · 20% SOFTWARE / AI

Knowing when to lean on what.

The operational layer that makes the iron worth more. Dispatch, demand response, predictive maintenance, AI-native workload management. Every platform attaches to physical assets Pana would underwrite in the Data Centers or Power pillars. Not a standalone software fund — iron-attached only. Reference adjacencies include AI-native subsurface discovery (Zanskar, DIU-precedent) and dispatch / DR platforms tied to named industrial customers.

Iron-attached only Dispatch · DR AI-native workload mgmt Predictive maintenance
§ 03 / ANCHORS

The relationships
that hold the thesis up.

Anchors are not portfolio names; they are structural relationships that express the integration thesis in deployed assets. Three of them carry the platform. Handle externally with the framing established below.

ECL — Edge Cloud Link, hyperscaler-grade BTM compute
DATA CENTERS · RACK + CAMPUS ECL

ECL × NVIDIA liquid-cooled chip.

ECL anchors the Data Centers pillar — the operational precedent for hyperscaler-grade compute on behind-the-meter generation. ECL is in active co-development with NVIDIA on a liquid-cooled chip purpose-built for high-density, behind-the-meter compute. Attribution discipline: NVIDIA is ECL's co-development partner — not Pana's direct partner. Pana finances integrators; ECL is the integrator.

Hyperscaler-grade Liquid-cooled chip Behind-the-meter Federal pathway in development
Sage Geosystems pressure geothermal
POWER · CAMPUS SAGE GEOSYSTEMS

Pressure geothermal baseload.

Sage anchors the Power pillar. Pressure geothermal baseload for behind-the-meter campuses, with active DOD feasibility programs at Fort Bliss (Army) and NAS Corpus Christi (Navy). The federal pathway is contracted feasibility — not theoretical. The same architecture serves commercial hyperscaler offtake and federal installation generation. Dual-use by construction.

Pressure geothermal Fort Bliss · Army NAS Corpus Christi · Navy Dual-use
New Waters Capital clean-sheet power-and-compute campuses
CLEAN-SHEET SITE · CROSS-PILLAR NEW WATERS

Engineered as power plants, not buildings.

New Waters Capital co-develops and operates clean-sheet power-and-compute campuses with us — the only Pana partner that operates Clean-Sheet at federal scale. Same SPV owns generation and load. Federal site opportunities across Army, Air Force, and Navy installations under EUL (10 U.S.C. § 2667). Pana takes 14% equity in Phase 2; Year 3 decision gate; Pana retains walk-away rights.

14% equity / Phase 2 Year 3 gate EUL · 10 U.S.C. § 2667 Army · Air Force · Navy
Geothermal bench reference operators
POWER PILLAR BENCH GEOTHERMAL

Reference, not portfolio.

The geothermal bench triangulates Sage's category. ORMAT (NYSE: ORA) — 1.8 GW operator; public reference for traditional flash and binary geothermal. Zanskar — AI-native subsurface discovery; DIU contracts at Mountain Home AFB and Fort Irwin. XGS Energy — closed-loop solid-state geothermal; 115 MW CC Power. Selective investment posture; FOAK-ready only.

ORMAT · NYSE: ORA Zanskar · DIU XGS · 115 MW CC Power Selective only
§ 04 / THE GAP

The post-invention,
pre-bankability gap.

Pana underwrites with project finance discipline at growth equity stage. The bar — 99.999% uptime, N+1 redundancy, DSCR ≥ 1.3× — is set before the project lender will look. Public-market PE wants trailing EBITDA. Generalist VC wants software margins. Project debt wants insurance-rated risk. None of them show up at FOAK. Pana does, and the spread is the franchise.

Value-Add to Investments

  • Project finance discipline applied at FOAK — same bar a lender will demand later, embedded from day one
  • Worldwide network across hyperscalers, industrial primes, federal installations — to source and co-create projects
  • Strategies to lower technology adoption costs (LCOE / LCOC) into bankable territory
  • Track record executing large infrastructure financings
  • Experience creating category-leading companies across power and compute
  • Experience driving successful exits — strategics, public markets, and refinance-into-debt at bankability

Value-Add to Investors

  • High-return infrastructure allocation under long-term contracts — current yield from offtake plus equity multiple as the asset bankifies
  • Project finance discipline at growth equity ticket — the spread between FOAK and bankable
  • Stand up new business lines for strategic LPs — hyperscaler, industrial, federal-adjacent
  • Operational transparency end-to-end — uptime, dispatch, and contract performance reported on the same cadence as project debt
  • Co-investment opportunities alongside each position in the fund
A Note on Language
The buyers with the highest bars for uptime aren't waiting for the grid to catch up. They're building their own power. We call that resilience because that is what it is — the ability to stay operational when the queue doesn't move, the fuel is delayed, the weather arrives.
Caroline Abramo, CEO  /  Thesis Note, Q1 2026
§ 04 / UNDERWRITING

The four questions every deal must answer.

We invest growth equity, but we underwrite like a project finance team. Every deal clears these four before it reaches committee.

01

Is the technology bankable?

+
Companies we fund have deployed hardware or a credible FOAK commercial deployment, measurable P50 and P90 generation profiles, and contracts that institutional debt providers will fund on a non-recourse basis. Lab-stage technology does not enter the pipeline.
02

Is the offtake real?

+
We look for PPAs, take-or-pay contracts, and commercial agreements covering enough of project life to support DSCRs of 1.3× or better, with merchant tails sized so that downside scenarios still clear coverage ratios. Ghost LOIs don't count.
03

Does the capital structure hold up?

+
Our fund is organized as an allied capital stack: US-domiciled GP, US and treaty-allied LPs, structured to pass federal review without friction where portfolio touches federal customers or sites. CFIUS alignment is built-in, not retrofit.
04

Is the technology dual-use?

+
The highest-conviction positions have commercial revenue today and optionality into federal deployment tomorrow. Dual-use combines the growth profile of commercial markets with the procurement certainty of federal customers when that pathway matures.
§ 05 / STRUCTURE

The Allied Capital Stack.

A growth equity fund structured to accept capital from a specific LP base — US public pensions, state sovereign/permanent funds, federal capital vehicles, and long-duration endowments and family offices — through a US-domiciled GP. The structure is the procurement advantage.

DFC alignment EXIM alignment DOE LPO alignment CFIUS-clean
US PUBLIC PENSIONS
40%
STATE SWF / PERMANENT
25%
FEDERAL CAPITAL
20%
ENDOWMENTS / FAMILY
15%
NOTE: Indicative allocation targets. Final LP composition determined in close dialogue with founding LPs. Allied-nation capital permitted at the margin only.
§ 06 / FILTERS

The "no" list.

In the interest of saving everyone time, here is what we don't invest in. High-conviction filtering is part of the thesis — we screen out structural mismatches at the top of funnel, not at IC.

  • Lab-stage anything — fusion, prototype reactors, deck batteries
  • Utility-scale generation feeding a transmission node
  • Merchant gas peakers underwritten on spot revenue
  • Battery storage on merchant arbitrage without named offtake
  • Ghost LOIs and pipeline-coded language
  • Residential / consumer-side solar or storage
  • General-purpose AI tooling not attached to iron
  • Adversarial supply chains. Non-aligned cap tables.
§ 07 / LEADERSHIP

Operators who have built
the exact assets we underwrite.

CA
Caroline Abramo
CEO & Founder

Leads Pana's investment strategy and capital formation. Two decades across project finance, institutional capital markets, and resilient infrastructure. Architect of the allied capital stack structure.

MH
Mary Ellen Hennessy-Jones
Chief Operating Officer

Runs Pana's operations, portfolio construction, and LP relations. Deep background in structured infrastructure investing across power, data, and dual-use sectors.

◉ Anchor Relationships
§ 08 / VIEWS & NEWS

Where we write,
where the conversation is going.

Portrait with American flag
◉ Thesis Note 6 MIN / Q1 2026

Resilience Is the New Return

Why the investment language of the last decade — clean, green, sustainable — is being replaced by resilience, uptime, and independence.

Download PDF →
Power lines at dusk
◉ Deep Dive 9 MIN / Q1 2026

The $150 Billion Problem

A walkthrough of the annualized cost of grid instability, stranded power, and supply chain fragility — and which infrastructure investments actually reduce those numbers.

Download PDF →
Geothermal cooling towers in snowy mountains
◉ Portfolio Briefing 7 MIN / Q4 2025

Advanced Geothermal: Permitting-Advantaged Baseload

Why pressure geothermal and EGS are the most interesting baseload category in the Pana thesis — and how they compete with, and complement, SMR deployment.

Download PDF →
High-density behind-the-meter compute
◉ Case Study 7 MIN / Q4 2025

Rack-Tier Integration: Why the Chip Has To Know the Cooling

A walkthrough of the ECL × NVIDIA liquid-cooled chip co-development — and why integration at the rack tier is what makes BTM compute bankable at density.

Download PDF →
Behind-the-meter electricity meters
◉ Research 8 MIN / Q4 2025

Behind-the-Meter: The Only Math That Works

Hyperscalers are waiting 4–7 years in interconnection queues. Industrial primes are paying merchant-tail prices. Here is why on-site generation is no longer an option.

Download PDF →
New York Harbor and Statue of Liberty
◉ Research 5 MIN / Q4 2025

The Allied Capital Stack

What it takes to structure a growth equity fund that can invest in dual-use infrastructure alongside federal capital vehicles — and how fund structure becomes a procurement advantage.

Download PDF →
Figure draped in American flag in wheat field at sunset
§ 09 / PARTNER

Partner
with us.

Fund commitments. Co-investment. Project-level partnership. Platform development. Tell us who you are and what you want to talk about — we read every message.

Fund Commitments→ IR@pana.cap
Co-Investment→ Deals@pana.cap
Project Partnership→ Projects@pana.cap
Founders→ Intros@pana.cap
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§ INTAKE FORM

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