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. With over 20 years of climate investing experience across private equity and infrastructure, Karine has a deep transaction and advisory background covering resource efficiency, clean energy, industrials, and the built environment. Prior to her current role, Karine co-led Closed Loop Partners’ private equity buyout platform. She has also held leadership roles at NewWorld Capital Group, Enervest Capital (which she founded), GE Energy Financial Services, and ABB Equity Ventures. Karine holds a Master's in Industrial Engineering and Management from Ecole Nationale Supérieure de Génie Industriel and a Post-Master's (Diplôme d’Études 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 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, where she invests in middle market companies at the intersection of the energy transition, resource efficiency, and economic resilience. Previously, she worked at the Canada Pension Plan Investment Board, where she focused on buyouts and growth-stage climate investments, and at CK Capital in sustainable finance. She began her career at McKinsey & Company. She holds an MBA from Harvard Business School, an Honours Bachelor of Business Administration from the Ivey Business School, and a BA from Western University.
Randall Harrigan
Principal
Randall Harrigan is a Principal on the Power Sustainable Decarbonization platform, where he focuses on investment activities across the industrials, business services, energy transition, power and infrastructure sectors. Randall is currently a board director of Envocore. Prior to joining Power Sustainable, he served as Managing Director and Head of M&A at Growth for Good Acquisition Corporation and held roles at Roark Capital, A&M Capital Partners, and Navo Capital. Randall holds a Bachelor of Science from the University of Virginia.
