We invest in structural transitions shaping the infrastructure of the future. As cost curves collapse and technology expands what is possible, core systems across energy, materials, and the built environment are being rebuilt.
Overlay invests early, before markets fully price the re-rating.
Our Vision
To consistently deliver durable, risk-adjusted returns by identifying structural inflection points in the enabling infrastructure of the future before they are fully reflected in market pricing.
Our Approach
We focus on areas where technological, regulatory, and capital-markets shifts are converging to narrow outcomes. We aim to invest early in assets and platforms where risk is declining and value creation potential is increasing across energy, waste, and the built environment.
Our Operating Principles
Early, Not Speculative
We believe durable outperformance comes from identifying structural shifts before risk is repriced, not from taking uncompensated technological or execution risk.
We invest where markets are changing, not where narratives are loud.
Systems Thinking
Infrastructure does not change in isolation. We focus on interdependencies: energy, materials, logistics, data, and the built environment, where convergence narrows outcomes.
We invest in systems, not silos.
Technology as an Enabler, Not a Thesis
We do not invest in technology for its own sake. We invest where technology collapses cost curves, unlocks feasibility, or redefines system economics.
Technology matters only insofar as it changes what is possible.
Alignment Above All
We structure investments so that incentives are shared, transparency is expected, and trust compounds over time.
Alignment is not a principle; it's a requirement.
Meet the people behind Overlay
Our team combines deep industry expertise with a shared commitment to building lasting value.
Leadership
Chadd Evans
Managing Partner & Chief Investment Officer
Eric Rubinstein
Managing Partner, Energy Finance
Jeff Sheridan
Managing Partner
Brett Wayman
Managing Partner & Chief Operating Officer
Core Team
Elizabeth Blankenship-Singh
Director, Investments
Lance Culpepper
Director, Business Development
Ryan Fuentes
Senior Analyst, Investments
Joseph Ingalsbe
Director, Operations & Compliance
Ashton Kille
Director, Energy Finance
Seth McClure
Senior Analyst, Energy Finance
Ashleigh Moreno
Associate, Operations
Emma Parry
Senior Associate, Operations
Ashok Reddy
Partner
Scott Sadler
Director, Investment Strategies
Milena Stojceska
Director
Ana Soule Swagler
Chief of Staff
Building for the future
Launch
Overlay Capital was founded in Alpharetta, Georgia with a clear thesis: identify structural shifts in essential systems and enabling infrastructure early, before markets fully price the risk and opportunity. During the firm's first year, we established our multi-vertical architecture, made initial investments in the built environment, and formalized our conviction around "getting the big things right" — aligning capital with long-duration, system-level transformation.
Foundations
In 2023, we refined our focus on enabling infrastructure and began developing structured capital solutions for energy generation developers. Our built environment strategy expanded across advanced materials and next-generation construction technologies, while the firm's underwriting frameworks and portfolio construction discipline matured in preparation for scaled deployment.
Fusion Entry & Platform Acceleration
In 2024, we launched our energy project finance platform, providing structured lending to generation developers, and expanded geographically with the opening of our Denver office led by Brett Wayman. The same year marked our initial dedicated fusion and firm power investments, beginning with Zap Energy and expanding exposure to Commonwealth Fusion Systems, Pacific Fusion, Avalanche Energy, Xcimer, and Type One Energy — establishing the foundation of what would become our third core vertical.
Strategy Depth in Energy Investments
In 2025, we launched our initial dedicated fusion strategy, formalizing our long-term conviction in firm power as a structural necessity for electrification and AI-driven load growth. Our energy finance platform scaled meaningfully, financing more than three gigawatts of generation assets, and Eric Rubinstein joined the firm to lead Energy Finance, deepening institutional underwriting and capital markets capability.
Flagship Expansion
In 2026, we launched OCIP2 and OC WAM Fund I as flagship strategies, strengthening our structured infrastructure finance and waste and materials platforms. We also formally established Fusion & Firm Power as the third core vertical of the firm, positioning Overlay as an integrated infrastructure investment platform spanning energy finance, material systems, and frontier firm power. We plan to make at least four new hires in 2026, deepening our bench across all investment areas.
Join our team investing in the future of Infrastructure
At Overlay, we believe great work happens when talented people collaborate with purpose. We foster an environment of intellectual curiosity, mutual respect, and relentless focus on creating value for our partners and communities.
We're always looking for exceptional individuals who share our passion for infrastructure and want to make a meaningful impact on the systems that power modern life.