About All Aboard

• Founded: 2022

• Headquarters: London, United Kingdom

• Strategy: Climate-focused venture capital, early-stage technology

• Thesis: Mobilizes investor coalitions to back climate solutions with coordinated capital deployment across geographies and sectors

• Track record: Fund I closed at approximately $50m in 2023, backed primarily by family offices and high-net-worth individuals

• Leadership: Co-founded by Stan Miranda and Tom Hulme

All Aboard plans to launch Fund II in 2025, targeting institutional limited partners after closing its debut fund largely on family office capital. Co-founder Stan Miranda indicated the shift reflects the firm's maturation beyond its initial network-driven raise. Fund II's target size has not been disclosed, but the institutional pivot suggests a scale-up from the first vehicle's approximately $50m close.

The LP composition shift is typical for emerging climate managers, but the execution risk sits with deployment pace. All Aboard closed Fund I less than two years ago — institutional LPs will scrutinize whether the firm has enough portfolio companies at sufficient maturity to demonstrate thesis validation. The coalition model that attracted family offices in 2023 may prove harder to translate into the diligence-heavy processes of pension funds and endowments, especially if Fund I's realized performance data remains thin at the time of Fund II marketing.

The fundraising timeline also coincides with a broader recalibration in climate venture. Brookfield Asset Management raised $10bn for its second Global Transition Fund in mid-2024, but smaller climate-focused managers have faced extended fundraising cycles as LPs demand clearer paths to commercial returns over impact narratives. All Aboard's ability to secure institutional commitments will depend on whether its Fund I companies show revenue traction or follow-on rounds from institutional co-investors — signal that matters more than the coalition structure itself.

Source: Venture Capital Journal