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In June, Energy Fuels announced its acquisition of one of our portfolio companies, Vacuumschmelze (VAC). Vac is an advanced magnetic materials and solutions company with a 100-year operating history. The company manufactures a variety of different products that play a key role in end markets driven by the energy transition including EVs, industrial efficiency, alternative energy, and electric flight through its soft magnet and permanent magnet segments.
We invested in Vac in 2023 out of our second PE fund alongside Ara Partners because of its ability to manufacture key products that are considered fundamental to EV motors and EV charging infrastructure. As of 2025, 1.2M solar PV systems and 1.3M EV rotors were supplied by VAC permanent magnets.
The combination of Vac and Energy Fuels will create a fully integrated critical rare earth supply chain, spanning mining through magnet manufacturing across North America and Europe. We are so proud of the impact Vac has created and are excited to see this impact live on through this acquisition!
Our friends at the Chicago Booth Rustandy Center are hosting a book talk on The Impact Capitalist, a new book by Jim Sorenson, Chairman of the Sorenson Impact Foundation.
The event, moderated by Debra Schwartz, Impact Investments Manager for MacArthur Foundation, will take place on Thursday, September 3 at 11:30am at Gleacher Center in Chicago.
The event signup is open – RSVP now to reserve your spot.
Zero Waste Recycling, a PE investment of ours and our fund investment Mosaic Capital Partners, was recently spotlighted by the W.K. Kellogg Foundation in a video about employee ownership models.
"In terms of impact, I think when we see evidence that employee ownership is really driving better business [music] performance, that is proof that this model works" says Susie Lee, Program-Related Investments Officer at Kellogg.
Overall, "investment in employee ownership funds jumped 73%, from $500 million in assets under management across 27 funds in 2024 to $865 million across 29 funds in 2025" according to Harvard Business School.
Brightcore Energy, the clean power provider, was selected to join the New York Power Authority's supplier pool after a highly competitive process. NYPA, which operates the largest state power corporation in the US, accepted bids from 26 suppliers for its upcoming 10 year contract, with a total authorization of $3.3 billion for upcoming projects. "New York is accelerating the transition to cleaner, more resilient energy systems, and this program is a powerful catalyst," says Brightcore President Mike Richter. "We look forward to bringing our geothermal, solar, and efficiency expertise to public-sector clients across the state and delivering projects that reduce emissions, lower operating costs, and strengthen community infrastructure."
PadSplit, the co-living marketplace platform, launched HostGuard™, a new first-of-its-kind insurance program designed to protect hosts.
"Coliving is one of the fastest and most effective ways to increase housing supply," said PadSplit Founder and CEO Atticus LeBlanc. "There are millions of underutilized bedrooms sitting empty across the country. HostGuard™ offers the risk mitigation that property owners need, encouraging them to put those empty rooms on the market and instantly creating more choice and access for people looking for more housing options."