Uranium & Nuclear Fuel
Fuel for the nuclear renaissance — mine to enrichment.
Why this fund exists.
The nuclear fuel cycle is undergoing a structural rebuild. Two decades of underinvestment have collided with SMR deployment, RIP re-licensing, and HALEU demand from advanced reactor designs — while conversion and enrichment capacity outside Russia is measurably short of near-term demand.
Fund III invests across the entire cycle: ISR and conventional uranium mining, UF6 conversion, and LEU/HALEU enrichment. The scarcest capacity today is midstream — conversion and enrichment — and that shapes the fund's deployment weight.
Where the capital goes.
ISR Uranium
In-situ recovery operations, primarily Wyoming, Texas, and Kazakhstan (allied-controlled).
Conventional Uranium
Hard-rock uranium in Athabasca, Wyoming, and select African jurisdictions.
Conversion (UF6)
Domestic and allied UF6 conversion capacity — a structural deficit.
Enrichment (LEU)
Centrifuge enrichment capacity build-out for reactor-grade fuel.
HALEU
High-assay low-enriched uranium capacity for advanced and small modular reactor deployment.
Deployed alongside operators, offtakers, and structured co-investors.
Uranium capital is deployed in partnership with utility offtakers, DoE HALEU programs, and reactor developers across SMR and advanced-reactor segments.