As climate language evolves, the underlying investment case is strengthening. This piece offers a framework for distinguishing narrative shifts from structural change—and why precision in how we describe these systems now matters more than ever.

In his recurring Semafor column, Secretary Kerry describes the current energy shock as the start of a longer-term shift toward energy sovereignty, with resilience, domestic supply, and system control as key drivers.

As hybrid capital moves into focus, we believe the key question is not where you sit in the capital structure, but what you are lending against. This letter outlines our Credit strategy’s focus on real assets, capital solutions, and cash flow–driven value in a shifting market environment.