Chris Rozell, Managing Partner at Cresta, joins us to discuss his journey from portfolio exec to founding a PE firm, scaling businesses to billions, and investing in decarbonization-focused infrastructure. He shares pragmatic insights on ESG, early-stage infra, and building trust with management teams—plus how Cresta bridges the gap between VC and large infra players.
[00:00] Chris Rizel, Managing Partner at Cresta, on infra investing, founding a PE firm, LP returns, and ESG.
[00:29] Early career: banking, power, then scaling Regency to billions and launching Cresta.
[01:49] Lessons from CCO role—scaling a PE-backed startup to public exit.
[02:40] Real leadership is learned in the trenches, not in transactions.
[04:33] Portfolio vs. PE firm: loss of customer insight, importance of trust.
[06:24] Mistake: avoiding early-stage infra. Cresta tackles it head-on.
[08:20] Built Cresta Fund Services to support early-stage founders.
[09:18] Go all-in on early infra—don’t dabble.
[10:17] Why decarbonization? Deep sector knowledge, big opportunity.
[11:44] Focused on waste, ag, logistics, and industry—high emission areas.
[12:43] Not impact-first. Returns come from low-cost, proven tech.
[14:08] Avoid high-cost hype. Stick to scalable, pragmatic solutions.
[15:35] Investing in “dirty” sectors to drive green efficiency and profit.
[16:56] Strategy: build from scratch, bridge gap between VC and big infra.
[18:21] Targeting the “missing middle” — commercial but small-scale tech.
[19:48] De-risk, scale, exit to strategics or infra roll-ups.
[21:41] Trends like RNG and biofuels are consolidating—Cresta’s in it.
[23:37] Long-term contracts appeal to infra buyers—interest growing.
[24:01] ESG: take a pragmatic, cost-first approach.
[25:27] Climate’s real, but so are other global issues—balance the spend.
[26:51] Keep climate solutions affordable to avoid wider harm.
[27:18] Influences: Founders Podcast, Acquired, stoicism.
[29:10] Stoic mindset: control your response, not external events.
Connect with Chris Rozzell on LinkedIn. Thanks for tuning in.
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