Setcoin Capital Atlas
Who funds critical infrastructure — and who will fund your project.
Every capital group in our sectors, mapped by what it funds, how much it still has to deploy and the return it needs. Built from fund announcements, public LP disclosures and live fund-raise filings.
01 · The map
Where the capital sits and where it goes
Each dot is a capital group at its home market, coloured by lane. Pick one to see its profile and the regions it invests in.
02 · Performance
What capital in our sectors has actually earned
Median net IRR of mature funds (vintage 2020 or earlier) as disclosed by public pension investors. Buyout benchmark: 11.2%.
Median net IRR by sector
How much of each vintage is still uncalled
Share of LP commitments not yet drawn, by fund vintage. Recent vintages hold most of the dry powder: 63% of 2024–26 commitments are still to deploy.
Capital movement by vintage — paid in, paid out, still invested
Across 538 fund commitments by public pension investors, vintages 2012–2026. Older vintages have paid back more than they called; the gap between committed and called in recent vintages is the dry powder still to deploy.
Sources: CalPERS private equity programme fund performance; Oregon PERF real assets and opportunity portfolios (CalPERS March 31, 2026 · Oregon PERF Q2 2026). Sector assigned from fund names.
03 · Live fund-raising
Who is raising now
New private-fund raise filings in the last 12 months, by theme. One fund can file more than once as it closes.
Source: SEC Form D filings via EDGAR full-text search. Amounts sold are as filed and often understate final closes.
04 · Your capital stack
Who would fund your project — layer by layer
Enter the project. We size each layer for its stage, find the groups that fund that layer, sector, region and ticket, and build an indicative syndicate.
05 · Equipment finance
Turn equipment CAPEX into OPEX — when it pays
Leasing the equipment slice lowers the money needed up front and gives the vendor a contracted revenue stream. It raises equity returns only when the lease is cheaper than the equity it replaces and runs as long as the equipment lives.
Manufacturer finance
Finance tied to the vendor’s own turbines, transformers, engines or storage — often the fastest yes.
Compute & GPU finance
Debt secured on GPUs and contracted compute revenue for AI data centres.
Energy-as-a-Service
Provider owns and runs the energy plant on site; the project pays a service fee.
Tax equity & bank lease
Bank balance sheets taking tax credits and lease positions on renewables and storage.
Equipment lessors
Bank-owned and independent lessors financing equipment over its useful life.
Export credit & DFIs
Cover and buyer credit when the equipment is sourced from the agency’s home market — long tenor, low rate.
Screening model: flat cash flow, senior debt sized to the lower of 60% gearing and 1.30x cover after the lease, 7% debt over 15 years, no tax or residual value. Not a financial model.
From diagnostic to financial close
The developer's path through Setcoin
- DiagnoseBankability Index and the gaps lenders will test.Free diagnostic →
- Close the gapsDue diligence, counterparty checks and the gate pack.Engines →
- Build the stackEquity, debt and equipment finance sized for the stage.Stack builder ↑
- Meet the capitalMatched groups or a syndicate, introduced once the gate pack exists.Request access →
Atlas today: 660 projects shovel-ready or later, $160.8bn capex.
Capital Map · Map & flows
Questions about the capital data
How is dry powder estimated?
It is modelled: each manager’s latest fund size multiplied by the share of commitments still uncalled in recent vintages, as disclosed by public pension investors. It is published as lane totals only and labelled as modelled.
Where do the performance and capital-movement figures come from?
Fund-level commitments, capital called, distributions, NAV and net returns disclosed by public pension investors, plus US SEC Form D filings for new fund raises.
How does the stack builder size my capital stack?
It applies lender convention for your stage — development is all equity; later stages add mezzanine and senior debt — then finds the groups whose stages, sectors, regions and tickets fit each layer, and clubs them when a layer is larger than any single cheque.
When does leasing the equipment help?
When the lease rate is at least about 1.5 points below your cost of equity and the term matches the equipment life (15 years or more). Short or expensive leases lower the equity return.