PSD targets established businesses with significant growth potential across sectors essential to a more resilient, future-proof economy — including energy, industrials, transportation, and the built environment.
Investment focus
Lower Middle Market
The North American lower middle market plays a critical role in advancing the energy transition — yet remains underserved by sector-focused private equity.
We invest in established companies in the U.S. and Canada with the scale and growth potential to deliver strong financial and sustainability outcomes.
Real Economy Sectors
We pursue a broad mandate with a focus on energy, industrials, transportation, and the built environment — sectors where decarbonization, resilience, and efficiency converge.
Patient Capital
We provide patient capital with a preference for control or significant minority ownership positions.
Our approach is hands-on and partnership-driven — working alongside management to scale, strengthen, and position businesses for long-term success.
At a glance
- Lower middle market focus in the U.S. and Canada
- Broad mandate with a focus on energy, industrials, transportation, and the built environment
- Equity investments — preference for control or significant minority positions
- Collaborative approach to value creation, partnering with management to scale operations and harness sustainability as a growth driver
- Senior leadership, each with over 20 years of climate investing experience
- Extensive network of industry experts, strategic partners, and operating teams
Karine Khatcherian
Managing Partner
Karine Khatcherian is a Managing Partner of Power Sustainable Decarbonization. She brings over 20 years of climate investing experience across buyouts, growth equity, and infrastructure, with a deep transaction background in climate investing history including in resource efficiency, clean energy, water reclamation, waste conversion, energy transition, and the built environment. Before joining Power Sustainable Decarbonization, Karine co-led the private equity buyout platform at Closed Loop Partners. Her career includes senior management and leadership roles at Enervest Capital, NewWorld Capital Group, and GE Energy Financial Services. She also served as a Director with ABB Equity Ventures, leading the development and acquisition of infrastructure projects and companies. Karine holds a Masters in Industrial Engineering and Management from Ecole Nationale Supérieure de Génie Industriel and a post-masters (Diplome d’Etudes Approfondies) in Financial Management from Ecole Supérieure des Affaires (France).
Martin Aares
Managing Partner
Martin Aares is a Managing Partner of Power Sustainable Decarbonization. With over 20 years of climate investing experience across buyouts, growth equity, and infrastructure, Martin has a deep transaction background covering resource efficiency, clean energy, transportation, industrials, waste-to-value, and the built environment. Prior to his current role, Martin co-led the private equity buyout platform at Closed Loop Partners. He has also held senior management and leadership roles at Novus Energy Partners, Traverse Venture Partners, and GE Energy Financial Services. Martin began his career in investment banking at Goldman Sachs and in management consulting at Stern Stewart & Co. He holds an MBA from Harvard Business School and a Bachelor of Science from the University of Virginia.
Natalie Deschamps
Principal
Natalie Deschamps is a Principal at Power Sustainable Decarbonization. She has 15 years of experience across private equity, consulting, and business development, with investment experience in control buyouts and growth equity. Prior to joining Power Sustainable Decarbonization, Natalie was a Principal in Private Equity at the Canada Pension Plan Investment Board where she most recently focused on growth-stage climate solutions. Natalie’s career includes experience in sustainable finance at CK Capital and management consulting at McKinsey. She holds an MBA from Harvard Business School, an Honours Bachelor of Business Administration from Ivey Business School, and a Bachelor of Arts from Western University.
Randall Harrigan
Principal
Randy Harrigan is a Principal at Power Sustainable Decarbonization. He has over 15 years of experience in middle market buyouts across industrials, business services, and consumer sectors. Randy's transaction history includes outsourced commercial and industrial services, environmental services, packaging, and consumer services. Prior to his current role, he served as the Managing Director and Head of M&A at Growth for Good Acquisition Corporation. His investment career includes roles at Roark Capital, A&M Capital Partners, and Navo Capital. He holds a Bachelor of Science from the University of Virginia.
