All Aboard Closes $133M Fund, Adds Macdoch as Investor

All Aboard Fund I has closed at approximately $133 million, raised and managed independently by the All Aboard management team. The fund also announced a new strategic relationship with Macdoch, the family office of Prue and Alasdair MacLeod, which has become a significant investor in the fund and joined All Aboard Investment Management Company, the fund's investment manager. All Aboard's active fundraising period ran from October 2025 to January 2026; the fund was left legally open through July 2026 specifically to accommodate Macdoch's investment.

 

How All Aboard Fund Relates to the Broader Coalition

 

All Aboard Fund I is distinct from the All Aboard Coalition, the broader network of climate-focused investment firms that co-invest alongside the fund. The Coalition itself had no role in setting the fund's fundraising target or in the fundraising process; that work was carried out independently by All Aboard's management team. The fund does not pool capital from Coalition members, nor is it governed by the Coalition. Rather, the fund co-invests into deals once at least three qualifying Coalition members independently commit meaningful capital to the same financing round, a structure intended to give the fund the benefit of multiple separate investment committees reaching their own conclusions before it commits capital, without the fund itself sourcing or leading deals.

 

Why This Structure Addresses a Coordination Problem in Climate Investing

 

That co-investment mechanism is designed to solve a specific gap in climate technology financing: promising companies can typically attract venture capital during the pilot stage and infrastructure-style capital once a technology is fully de-risked, but the intermediate stage, financing a company's first full-scale commercial deployment, has historically been too large for early-stage venture funds and too risky for growth or infrastructure investors to underwrite independently. By deploying capital only once several sophisticated investors have already validated a deal through their own separate diligence, All Aboard aims to help assemble the larger investment syndicates these companies typically need, while reducing its own need to build out a full independent underwriting team from scratch.

 

UPCOMING WEBINAR

Moving Sustainable Procurement Beyond Cost to Strategic Value Creation

Online, 09 September 2026 · Balancing cost, managing supplier risk and building long-term value

 

What the Three Disclosed Investments Show

 

The fund has completed three investments to date. Full details on which Coalition members co-invested alongside the fund in each deal are published on All Aboard's website. In January 2026, the fund participated in Zanskar's $115 million Series C round, backing the Salt Lake City-based geothermal exploration and development company. In May 2026, it backed Terra CO2, a developer of low-carbon cement and concrete building its first commercial-scale production plant. Its most recent investment has been in Antora Energy, the thermal battery storage company that separately closed a $550 million Series C round covered earlier in this batch. All three fit the capital-intensive, physical-infrastructure company profile the fund's thesis targets, companies that struggle to raise financing from either early-stage venture capital or conventional infrastructure investors independently.

 

Why the Macdoch Partnership Signals More Than Additional Capital

 

Stan Miranda, co-founder of All Aboard, framed Macdoch's involvement as extending beyond capital alone, describing shared conviction that the central challenge in climate investing has shifted from simply identifying promising technologies toward helping the strongest of those technologies cross the gap from venture-backed innovation to genuine commercial scale. Macdoch's inclusion as a member of All Aboard Investment Management Company, rather than solely as a limited partner providing capital, gives the family office a governance role in the fund's management structure and a framework to participate in the economics of future All Aboard vehicles.

Alasdair MacLeod, Macdoch's chair, described All Aboard as having built a mechanism through which experienced climate investors can work together while each maintaining independent investment judgment, language consistent with the fund's own framing of its co-investment structure as preserving each participating investor's autonomous diligence process rather than requiring collective decision-making.

 

RELATED EVENT

Reuters Sustainability Europe 2026

London, 20–21 October 2026 · 400+ sustainability, finance and procurement leaders on regulatory uncertainty and Scope 3 data

 

What Comes Next

 

Whether All Aboard's expanding Coalition membership and new strategic partnerships like Macdoch translate into continued deal flow and successful outcomes for its portfolio companies, and whether the co-investment model proves replicable in other capital-intensive sectors facing similar financing gaps between early-stage venture funding and infrastructure-scale capital, such as grid infrastructure and advanced manufacturing, will indicate how significant a template this structure becomes for climate technology financing more broadly.

 

EDITOR'S NOTE (Published August 19, 2026): An earlier version of this article contained several factual errors, identified by All Aboard following direct correspondence with the company. It incorrectly stated that All Aboard Fund I targeted an October 2025 close and closed "ten months beyond plan." It incorrectly characterized the All Aboard Coalition as having set the Fund's fundraising target and as governing or pooling capital for the Fund, when in fact the Fund was raised and is managed independently by All Aboard's management team, a structure distinct from the Coalition. It incorrectly named Lowercarbon Capital as a co-investor in the Zanskar deal without verifying against All Aboard's published portfolio. And it incorrectly described the Fund as financing infrastructure "projects," when the Fund makes direct co-investments in companies. This version has been corrected to address each of these errors.