Carnot Capital is an investment management company, specialized in the area of energy and resource efficiency. We founded the company in 2007 in Zurich and received 2013 the permission as an asset manager for collective investments by the Swiss Financial Markets Supervisory Authority FINMA.

As a signatory of the Principles for Responsible Investment we measure the impact of our investments by mapping the UN's 17 Sustainable Development Goals (SDGs). Impact is fully integrated in our investment process. Through our direct dialogue and engagement with our portfolio companies we create more than just a financial outperformance.

We manage the equity funds Carnot Efficient Energy and Carnot Efficient Resources performing a sustainability examination ESG. We buy stocks of listed companies with products and technologies, that lower the consumption of natural resources. Due to rising scarcity and increasing environmental problems, those companies profit from structural growth. The stock picking is based on a value approach, where the quality of the company is central. We only invest in established, profitable companies with strong balance sheets.

Carnot Impact Investing is a blended approach, which differentiates itself through financial as well as social performance and by combining these two qualities and revealing the positive effects they have achieved (impact from ESG & SDG mapping).

The name Carnot Capital refers to the French physicist Nicolas Léonard Sadi Carnot (1796 - 1834) who was able to define the maximum physical efficiency of a steam engine. Improving energy efficiency is nothing more than increasing the level of efficiency when converting primary energy to useable energy. To a certain extent, we relate maximizing the degree of efficiency to our investment activities as well: Applying strict risk-return criteria and that's why our creed is: Investments featuring a maximum degree of efficiency.


We don’t buy sustainability reports, we buy good companies.

— Rolf Helbling, Carnot Capital AG



  • We are owner driven, which ensures an alignment of interest to our investors
  • With a long-term mindset we have been able to act as owners and maintain our entrepreneurial spirit.
  • A track record of over 12 years of investing in energy and resource efficiency.
  • Quantifiable environmental impact by measuring and creating impact through our engagements.
  • Achieve above average returns on a multi-year basis.
  • Research paper and case studies published in the field of impact investing.



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