Linse Capital LLC

Linse Capital LLC is a Menlo Park, California–based growth equity and venture capital firm focused on technology and infrastructure businesses. Founded by Michael Linse, formerly a partner at a leading Silicon Valley venture firm, Linse Capital targets high-growth companies operating at the intersection of software, data, and real‑world assets—such as transportation and mobility platforms, energy and grid infrastructure, advanced manufacturing, industrial automation, and related enabling technologies. The firm invests primarily in later-stage private companies and growth rounds, often backing businesses that are scaling rapidly and are on a path toward public markets or strategic exits. Linse Capital frequently continues to hold positions as portfolio companies become publicly traded, and may selectively add or adjust public positions in line with its long-term thesis. In the U.S. regulatory framework, Linse Capital LLC is an SEC-registered investment adviser and qualifies as an institutional investment manager. It files Form 13F with the Securities and Exchange Commission under CIK #1809040, disclosing its reportable long positions in U.S.-listed equities and certain equity-like securities each quarter. For a growth equity platform, this 13F footprint predominantly reflects public or recently public portfolio companies and related thematic holdings, rather than the full breadth of its private investment activity. On an analytics platform, all filings associated with CIK #1809040 can be consolidated into a continuous 13F History for Linse Capital LLC, providing a structured, time-series record of its disclosed public exposures.

Linse Capital’s strategy is to provide long-horizon, growth capital to technology and infrastructure businesses that benefit from durable secular trends. The firm concentrates on sectors where software, data, and connectivity are transforming physical industries, including (but not limited to): - Transportation and mobility (e.g., electrification, autonomy, logistics technology); - Energy and climate infrastructure (grid modernization, energy storage, enabling hardware and software); - Advanced manufacturing and industrial technology (automation, robotics, sensing, industrial software); - Select platform technology and services that underpin these ecosystems. The investment approach is fundamentally driven. Linse Capital seeks companies with: - Strong product–market fit and defensible competitive positions; - Attractive unit economics and clear visibility into scalable, recurring revenue models; - Large addressable markets supported by structural, multi-year growth drivers; - Management teams capable of executing through rapid scaling and public-market scrutiny. The firm typically invests at the growth and late-venture stages, often leading or co-leading rounds and serving as an active partner to management. Holding periods are long, and Linse Capital frequently maintains positions through IPO and into the public phase of a company’s life cycle. This continuity means that a subset of its highest-conviction ideas appears in its 13F filings once those companies list on U.S. exchanges. In the 13F dataset, this philosophy manifests as a focused collection of technology- and infrastructure-oriented names, often mid- to large-cap after listing, with meaningful position sizes in a limited number of core companies. Reviewing the firm’s 13F Portfolio Composition across quarters allows allocators to see how Linse Capital expresses its themes in public markets: concentration in top holdings, balance between subsectors (e.g., mobility, energy, industrial tech), and the pace at which it scales into or distributes positions post‑IPO. Feeding the 13F history into a Portfolio Simulator or Backtesting Service can create a long-only replication of Linse Capital’s disclosed U.S.-listed book, offering an independent lens on how this public, crossover sleeve would have shaped a synthetic capital trajectory over time.

Linse Capital LLC stands out in the 13F universe as a Menlo Park–based growth equity and venture capital firm focused on technology and infrastructure themes, led by founder Michael Linse. Its regulatory filings under CIK #1809040 provide a recurring, position-level window into the subset of its high-conviction portfolio companies and thematic exposures that have entered U.S. public markets. By aggregating this filing history, an analytics platform can construct a 13F-based Historical Track Record for a shadow portfolio that simply holds Linse Capital’s disclosed positions between quarter-ends. Studying the evolution of that reconstructed capital trajectory in tandem with changes in 13F Portfolio Composition—across subsectors such as mobility, energy infrastructure, and industrial technology, as well as the concentration in core names—helps allocators understand how the firm’s public expressions of its themes have behaved through different equity and rate regimes. Overlaying diagnostics such as Max Drawdown Depth and a holdings-derived Sharpe Ratio adds quantitative context on the variability and risk-adjusted characteristics of this public-growth sleeve when abstracted from the underlying private book. Because these insights are grounded solely in 13F data, they should be viewed as a complementary, long-equity-focused lens on Linse Capital’s practice rather than a complete representation of its overall exposure across private and public markets. The central analytical question for allocators is how the regime sensitivity inferred from this 13F-based reconstruction—across periods of tech multiple expansion and compression, shifts in climate and infrastructure policy, and changing capital-market conditions for growth companies—relates to the behavior of Linse Capital LLC’s total portfolio, including less visible private holdings and any structural risk-management overlays.

The risk profile of Linse Capital LLC, as inferred from public disclosures, is that of a concentrated, growth-oriented technology and infrastructure investor. At the strategy level, key sources of risk include: - Sector and thematic concentration in technology, mobility, and energy/industrial transformation, which can amplify sensitivity to cycles in those areas; - Valuation and growth-risk, given a focus on companies with high growth expectations and substantial forward-looking cash-flow assumptions; - Company-specific execution risk, as many portfolio companies are scaling rapidly, entering new markets, or commercializing emerging technologies. Through the lens of Form 13F, only the U.S.-listed, long-equity component is visible. These holdings tend to be: - Focused in a relatively small number of high-conviction positions tied to core themes; - Tilted toward mid- and large-cap growth names once they are public, but still subject to elevated volatility relative to broad indices; - Exposed to changes in interest rates, risk appetite, and sector rotation that particularly affect high-growth technology and infrastructure equities. By treating each 13F filing as a quarter-end snapshot and running Performance Backtests Online, an allocator can build a synthetic, long-only capital path that assumes Linse Capital’s disclosed holdings are held between reporting dates. From this reconstruction, it is possible to estimate volatility, beta to technology and broad equity benchmarks, and downside characteristics for the public sleeve. Metrics such as Max Drawdown Depth summarize the most severe peak-to-trough contraction implied by the reconstructed portfolio, while a holdings-derived Sharpe Ratio provides a compact indication of risk-adjusted outcomes for this long-only, 13F-based replication. These analytics describe the behavior of the firm’s public-growth sleeve as if it were run standalone and unhedged; they do not incorporate any private holdings, structured positions, or hedging arrangements that may be material to Linse Capital’s overall risk management.