Capital Built to Scale

Where Essential Service Businesses Come to Grow

Lieef partners with infrastructure platforms by deploying flexible capital, governance, and operational support.

Our Strategy

From Day One to Long-Term Growth

Lieef partners with businesses at every stage: catalyzing growth, institutionalizing operations, optimizing capital, and positioning for the next chapter.

Enter

Catalyze Growth

Partner with companies that have infrastructure-like qualities, a strong business model, a sticky customer base, and a strong operational track record.

Institutionalize

Standardize Processes

Inject project underwriting and operations capability into institutional-quality assets by streamlining processes.

Optimize

Expand Adjacencies

Achieve organic growth by replicating a proven model with new clients. Optimize project funding by layering non-recourse debt once sufficient scale is achieved.

Monetize

Next Stage of Growth

EBITDA-multiple expansion as a direct result of operational improvements and scale, positioning the business to attract strategic acquirers.

Proven Technologies

Commercially validated with no scale-up risk

Predictable Cash Flow

Contracted or take-or-pay with creditworthy counterparties

No Macro Bets

No commodity exposure or subsidy reliance

Buy & Hold

Underwrite to hold to maturity on an unlevered basis; exit is upside

Prudent Leverage

Leverage is upside only, pursued once scale is achieved

Our Team

Experienced Operators & Investors

Deep infrastructure investment and engineering expertise across energy, power, waste-to-value, transport, logistics, and sustainable fuels.

Shareholders

Brad Kavin

Founder & Managing Partner

Ronald Grason

Shareholder

Thomas Bencivengo

Shareholder

Team

Trent Markell

Chief Engineer · Operating Partner

Isaiah Calvillo

Senior Associate

Get In Touch

Let's Build Together

Whether you're an operator scaling an essential service platform or an investor aligned with our thesis, we'd welcome the conversation.

Headquarters

Irvine, California

Careers

We're always looking for exceptional people to join our team.

contact@lieef.com

NGU Sports Lighting

NGU delivers sports lighting as a service to municipal, educational, and commercial venues. In 2025, Lieef committed $60MM to support NGU's project pipeline.

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Important Disclosures

The information contained on this page is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security, investment product, or service. Any such offer or solicitation will be made only by means of definitive offering documents to qualified investors meeting applicable suitability standards.

Lieef LLC ("Lieef") is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply any particular level of skill or training. Additional information about Lieef is available in Form ADV at adviserinfo.sec.gov.

Any case study referenced on this site is included for illustrative purposes to describe the type of investment Lieef pursues. It is not representative of all investments or outcomes and should not be construed as a recommendation. Past performance is not indicative of future results, and no assurance can be given that any investment will achieve its objectives or avoid loss.

Statements regarding investment strategy, sector focus, and market opportunity are forward-looking and based on current views and assumptions. Actual events and results may differ materially. The strategies discussed are not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy.

Investments in private infrastructure are illiquid, involve substantial risk including potential loss of principal, and are suitable only for sophisticated investors. Prospective investors should review all offering documents and consult their legal, tax, and financial advisors before making any investment decision.