SER Capital Partners: Buy Box & Recent Acquisitions

At a glance

Latest fund	SER Capital Partners I, $475M (Sep 2022) S5
Deal types	Platform, Add-on S6
Geography	North America S1
Sectors	Environmental & Waste

What SER Capital Partners buys

SER Capital Partners is a private equity firm with offices in Redwood City, California and New York City that invests in North American businesses tied to sustainability. Founded in 2018, it closed its first fund at $475 million in 2022 and now says it has raised more than $500 million. It works in three areas: sustainable industrial businesses such as energy storage and EV charging; environmental, waste and recycling, including waste and wastewater treatment; and renewables and the clean energy supply chain. Much of its portfolio is energy infrastructure, but it also owns Charah Solutions, an environmental services and byproduct recycling company for power plants that it bought in 2023, and the Paladin EnviroTech recycling platform.

SER does not publish revenue or EBITDA limits. It calls itself middle market and control oriented, and it often builds new companies from scratch. For a smaller owner, Paladin is the clearest path: SER formed it in July 2025 by buying two regional e-waste and IT asset disposition recyclers in Florida and Minnesota, and Paladin has since added recyclers in the Netherlands and Ireland.

Recent deals

Announced in the 24 months before October 26, 2026.

Date	Company	Type	Sector	Source
Aug 2026	Charah SolutionsMore than $25 million of new equity from SER supported a refinancing that cut debt and extended maturities	Investment	Environmental & Waste	Source
Jul 2026	Perfect PowerTexas battery storage and solar platform that SER formed in 2021, sold to FIC Partners	Exit		Source
Apr 2026	ICTDublin, Ireland IT asset disposition and on-site data destruction company added to Paladin EnviroTech	Add-on	Environmental & Waste	Source
Feb 2026	MicroGrid NetworksPalisade Infrastructure invested in SER's New York City battery storage developer; SER keeps majority ownership	Investment		Source
Jan 2026	R&L RecyclingDutch IT asset disposition and electronics recycler, Paladin EnviroTech's first European site	Add-on	Environmental & Waste	Source
Jul 2025	TechSmart International and Integrated Recycling TechnologiesA Florida e-waste recycler and a Minnesota recycler focused on IT asset disposition, bought to form Paladin EnviroTech	Platform	Environmental & Waste	Source

Portfolio by sector

From the firm's portfolio page S3.

Carbon capture

C2Zero

Clean energy and efficiency

Brightcore Energy

Energy storage

MicroGrid Networks

Environmental, waste and recycling

Charah Solutions
Paladin EnviroTech

Past investments: Perfect Power, Texas battery storage portfolio

Greymont’s take

How SER Capital Partners fits a seller

SER fits owners of electronics recycling, IT asset disposition and other recycling or environmental services businesses who want a buyer built around the circular economy. The likeliest path today is an add-on to Paladin EnviroTech, which started with regional recyclers in Florida and Minnesota, is run by a CEO with more than 20 years in electronics recycling, and counts Korea's Daeheung M&T as a minority investor. SER also owns Charah Solutions, which serves power plants and utilities.

Because SER publishes no size range and much of its capital goes into energy projects it builds itself, owners should ask how much of the current fund is still available for new deals and whether a second fund is planned. They should also ask how Paladin will combine acquired companies, since newly bought sites such as ICT are moving to the Paladin brand.

Questions owners ask

Does SER Capital Partners buy recycling companies?

Yes. Environmental, waste and recycling is one of its three focus areas. In July 2025 it created Paladin EnviroTech by buying TechSmart International, a Florida e-waste recycler, and Integrated Recycling Technologies, a Minnesota recycler focused on IT asset disposition.

How large is SER's fund?

Its first fund, SER Capital Partners I and affiliated vehicles, held its final close in September 2022 with $475 million, above its target. The firm's website now says it has raised more than $500 million in total.

Does SER only invest in energy?

No. Alongside battery storage, solar, carbon capture and energy efficiency companies, it owns Charah Solutions, an environmental services and byproduct recycling provider to the power industry, and the Paladin EnviroTech electronics recycling platform.

Sources

S1SER Capital Partners home page Accessed October 26, 2026
S2SER Capital Partners: About Accessed October 26, 2026
S3SER Capital Partners: Portfolio Accessed October 26, 2026
S4SER Capital Partners: News Accessed October 26, 2026
S5SER Capital Partners Closes Debut Fund, Raises $475 Million (September 13, 2022) Accessed October 26, 2026
S6SER Bolsters Commitment to Sustainability with Strategic Acquisitions in E-Waste Recycling and ITAD (July 28, 2025) Accessed October 26, 2026
S7SER Capital Partners Completes Acquisition of Charah Solutions (July 13, 2023) Accessed October 26, 2026
S8Charah Solutions Adds Seasoned Energy Industry Leaders to Its Board and Strengthens Balance Sheet (August 31, 2026) Accessed October 26, 2026
S9FIC Acquires Perfect Power from SER Capital Partners (July 30, 2026) Accessed October 26, 2026
S10MicroGrid Networks Closes on Strategic Investment from Palisade Infrastructure (February 19, 2026) Accessed October 26, 2026
S11Resource Recycling: Paladin adds ICT in Ireland, deepening Europe ITAD push (April 7, 2026) Accessed October 26, 2026
S12Business Wire: Paladin EnviroTech Acquires R&L Recycling B.V. (January 13, 2026; not readable with our user agent) Accessed October 26, 2026
S13SER Invests in Urban Carbon Capture in Partnership with Daroga Power (May 24, 2024) Accessed October 26, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with SER Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction