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Sky & Earth Associates LLP — Est. 2014

Investing Acrossthe Industriesthat Power Tomorrow.

A private investment firm holding a long position on two convictions: that the future must be built, and that the essential must be sustained.

Established
2014
Structure
LLP
Horizon
Generational
01Investment Philosophy

We do not chasecycles. We underwritedecades.

Capital behaves differently when it is not in a hurry. Freed from the quarter, it can sit with a difficult first year, fund the second plant instead of the second campaign, and let a business compound in the direction it was always meant to grow.

Our portfolio is deliberately built along a single axis. At one end, industries being rewritten — electric mobility, renewable generation. At the other, industries that have never stopped being necessary — dairy, poultry. Innovation supplies the upside. Essentiality supplies the floor.

i

Ownership, not exposure

We take positions we would be content to hold in the absence of a market to sell them into.

ii

Operators before decks

We underwrite the people who will still be at the site on a difficult Tuesday in year four.

iii

Conservative capital structure

Leverage is a tool for widening outcomes. We prefer to narrow them.

4Core sectors
12+Years investing
100%Permanent capital

Investment sectors

Future Industry

Electric Mobility

The drivetrain of the next century is being cast now.

We back the unglamorous layer of electrification — charging infrastructure, fleet conversion, component manufacture and battery servicing. The vehicle is the visible part. The economics live underneath it, in the utilisation of an asset that must run for a decade to justify itself.

FocusInfrastructure & components
StageGrowth to control
Hold8–15 years
Future Industry

Renewable Energy

Sunlight is the only input that has never sent an invoice.

Solar generation is now the cheapest electricity in recorded history, and its economics reward exactly what we are built for: heavy capital at the front, thin operating cost, and a twenty-five year production curve that a patient owner can hold to term.

FocusGeneration & storage
StageDevelopment to operating
Hold15–25 years
Essential Industry

Dairy

Demand that has not paused in nine thousand years.

Dairy is a discipline of margins measured in fractions and compounded by volume — cold chain integrity, herd productivity, processing yield. We invest where the physical infrastructure is durable, the offtake is contracted, and the operator understands that quality is an accounting item.

FocusProcessing & cold chain
StageEstablished operating
HoldIndefinite
Essential Industry

Poultry

The most efficient conversion of feed into protein on earth.

Poultry rewards systems thinking above all: biosecurity, feed conversion ratio, hatchery genetics and throughput discipline. It is an industry of structured, repeatable units — which is precisely why well-run operations compound so quietly and for so long.

FocusIntegrated operations
StageEstablished operating
HoldIndefinite
03Our Approach

Five movements, one direction.

Our process is deliberately slow at the start and deliberately quiet afterwards. Most of the work happens before a rupee is committed.

  1. 01Stage

    Philosophy

    Every commitment begins against a fixed standard: would we be content owning this business if the market closed for ten years? Most opportunities end here, and that is the point of the question.

  2. 02Stage

    Research

    We build the operating model from the ground — unit economics, site visits, supply chains, the people who actually run the plant. We read the industry before we read the deck.

  3. 03Stage

    Partnership

    We invest in operators, not assets. Terms are structured to survive a bad year, because there will be one, and alignment is written into the capital structure rather than the covenants.

  4. 04Stage

    Growth

    Capital is deployed against a plan, not a milestone calendar. We add capacity, systems and governance at the pace the business can absorb without deforming.

  5. 05Held

    Long-Term Value

    Compounding is the entire strategy. We measure ourselves in decades, distribute conservatively, and hold. The best outcome is a business we never need to sell.

04Why Sky & Earth

What our capital carries with it.

01

Permanent capital

No fund life. No forced exit. Our holding period is set by the business, not by a closing date in a document signed years earlier.

02

Balanced conviction

Emerging industries and essential industries in one portfolio. One provides the ascent; the other provides the ground beneath it.

03

Operating proximity

We are present at the site, not only at the board table. Distance is the most reliable way to misprice an operating business.

04

Discipline over volume

We decline nearly everything. Concentration is only a risk when it is not accompanied by knowledge.

05

Institutional patience

We accept a slower first three years in exchange for a defensible tenth. Very little compounds without a quiet beginning.

06

Alignment by structure

Our own capital sits alongside our partners' in every commitment, on identical terms and with identical liquidity.

Vision

Build whatendures.Own itpatiently.

The industries we hold will still matter in fifty years — moving people, generating power, feeding households. We intend to still be holding them.

06Contact

Get in touch.

Let us discuss investment opportunities.

Office
Sky & Earth Associates LLPChennai, Tamil NaduIndia