All Aboard Coalition Closes $133M Fund, Missing $300M Target, Adds Macdoch as Investor

All Aboard Coalition has closed its inaugural All Aboard Fund at approximately $133 million, well short of the $300 million target it set when launching in September 2025. The coalition, co-founded by former TED curator Chris Anderson and Partners Capital founder Stan Miranda, 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. The coalition now includes 20 member firms, up from the roughly 14 that backed its launch, representing more than $60 billion in combined assets under management.

 

Why the Shortfall Is the More Significant Data Point

 

The fund originally aimed to close by October 2025, a target it missed by roughly ten months, ultimately raising less than half its stated $300 million goal. That gap matters because All Aboard is not an unproven or early-stage manager struggling to build credibility: its member roster includes Breakthrough Energy Ventures, Khosla Ventures, DCVC and Energy Impact Partners, among the most established names in climate investing. A coalition with that combined firepower landing at roughly 44 percent of its stated target is a meaningful signal that limited partner appetite for capital-intensive, long-duration climate infrastructure investment has cooled more sharply than the coalition anticipated when it set that goal.

That cooling is widely attributed in part to the pullback in US federal climate funding support that accelerated through 2026. When public capital retreats from de-risking early commercial deployments, private capital typically demands a higher risk premium to fill that gap, and a roughly $167 million shortfall against the original target is broadly consistent with what that elevated risk premium looks like in practice. The extended timeline to close, ten months beyond the original plan, further suggests the coalition spent considerably longer than anticipated convincing limited partners to commit capital to a pooled, coalition-governed structure rather than simply deploying larger checks through their own individual funds.

 

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How the Co-Investment Mechanism Actually Works

 

The All Aboard Fund does not source or lead its own deals. Instead, it automatically co-invests once at least three qualifying coalition members independently commit meaningful capital to the same financing round, a structure the coalition says gives the fund the benefit of multiple, entirely separate investment committees reaching their own conclusions before any of the pooled capital is deployed. That design is intended to solve a coordination problem specific to climate technology financing: promising companies can typically attract venture capital during the pilot stage and infrastructure capital once a technology is fully proven and de-risked, but the capital-intensive gap between those two stages, financing a company's first full-scale commercial plant, has historically been too large for early-stage venture funds and too risky for growth or project finance investors to underwrite independently.

By matching checks only once several sophisticated investors have already validated a deal through their own separate diligence processes, All Aboard aims to help assemble the larger syndicates these first-commercial-scale projects typically require, while reducing its own need to build out a full independent underwriting team. That structure also means the fund's capital only ever flows toward deals that have already cleared a meaningful bar of independent investor conviction, a design intended to lower the coalition's own risk of backing an unproven thesis, though it also means All Aboard's capital by definition arrives after the hardest early diligence work has already been done by others.

 

What the Three Disclosed Investments Reveal

 

The fund has completed three investments to date. In January 2026, it joined Zanskar's $115 million Series C round, backing the Salt Lake City-based geothermal exploration and development company alongside coalition members including Lowercarbon Capital and Obvious Ventures. 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 this batch. All three represent exactly the profile the coalition's thesis targets: capital-intensive, physical infrastructure bets that struggle to raise financing from either early-stage venture capital or conventional project finance channels independently, evidence the underlying investment thesis is functioning as designed even as the fund itself came up short of its fundraising target.

 

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Why the Macdoch Partnership Signals More Than Additional Capital

 

Stan Miranda 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. That framing positions the partnership as addressing execution risk specifically, the difficulty of actually getting a proven technology built at commercial scale, rather than the earlier-stage challenge of picking promising companies in the first place.

Macdoch's inclusion as a member of the fund's investment management company, rather than solely as a limited partner providing capital, gives the family office a governance role in All Aboard's structure and a framework to participate in the economics of future All Aboard vehicles. Alasdair MacLeod, Macdoch's chair, described the coalition as having built a mechanism through which experienced climate investors can work together while maintaining independent investment judgment, language that echoes the coalition's own framing of its structure as preserving each member's autonomous diligence process rather than requiring collective decision-making.

 

What Comes Next

 

All Aboard's own materials have reportedly framed its mission partly around responding to declining US federal climate funding, positioning the coalition's private co-investment model as a mechanism to keep first-of-a-kind climate infrastructure projects moving forward as public de-risking capital retreats. Whether the coalition's expanding membership and new strategic partnerships like Macdoch translate into a stronger second fundraising vintage that closes nearer its original target, and whether the co-investment matching model proves replicable in other capital-intensive sectors facing similar "missing middle" financing gaps, such as grid infrastructure and advanced manufacturing, will determine how significant a template this coalition structure becomes for climate technology financing beyond this initial, undersized fund.