92 Capital

About 92 Capital

92 Capital is a Danish nuclear-energy specialist fund manager headquartered in Copenhagen, founded in 2025. The 92 reference is the atomic number of uranium, reflecting the firm specialty focus on nuclear energy across the full value chain. Assets under management at December 2024 reference date were zero deployed AUM, with the firm currently raising its inaugural fund with a €350 million target. As of mid-2025, 92 Capital is pre-final-close and has executed initial investments off either anchor commitments or warehoused capital. The structure is an independent Danish nuclear-energy specialist fund manager. There is one fund vehicle in fundraising with a target size of €350 million. Founding team includes Joachim Ante (entrepreneur and Unity Technologies co-founder), Anatol Kjær Knudsen and Mads Steenberg (30-plus years investment banking, former Executive Director at Goldman Sachs and former Managing Director at Deutsche Bank), with Chirayu Batra among senior team members.

Investment thesis

92 Capital pursues a sector-specialist private capital strategy dedicated entirely to nuclear energy. The thesis frames nuclear as benefiting from a confluence of tailwinds including regulatory support, renewed public acceptance, advanced reactor technology breakthroughs and energy security mandates that re-rate the entire industry value chain. Sector focus is nuclear energy across the full value chain. Disclosed sub-segment targeting covers advanced reactor developers including small modular reactors, microreactors and lead reactors, fuel cycle innovation including enrichment and recycling, supply chain technology including manufacturing, components and services, software and digital tools for nuclear operations, and enabling infrastructure for capacity scale-up. Geographic scope is Europe-anchored with Nordic emphasis (initial portfolio investments are Finnish and Swedish), but mandate is global where European and Nordic LPs have indirect exposure permission. Ticket size is implied from the €350 million target fund size across an estimated 10 to 15 platform investments at €15 to €35 million per equity ticket. The limited partner base is not yet publicly disclosed with fundraising in progress. Value creation rests on specialist underwriting and operating support.

Recent activity

Recent portfolio investments include Steady Energy in nuclear district and industrial heating (2025) and Blykalla in nuclear and advanced lead reactor technology (2025). No exits have been disclosed given the firm is in its first deployment year as a 2025-founded vehicle. The platform continues to scale fundraising toward the €350 million target while deploying anchor and warehoused capital across nuclear sub-segments including advanced reactors, fuel cycle innovation, supply chain technology and enabling infrastructure. The Europe-anchored Nordic-emphasis mandate provides early access to Finnish and Swedish nuclear-technology platforms. Detailed buyer names and multiple data available on Pro at €49/month.