Raj has founded three private investment firms focused on sustainability over the last 25 years.

Prior to co-founding Activate, Raj was a founder of Silver Lake Kraftwerk, a private equity fund focused on the energy and resource sectors, and a Managing Director at Draper Fisher Jurvetson (DFJ), where he founded the firm’s cleantech and India investment practices. At DFJ, he was an early investor in visionary founders at Baidu, Skype, Tesla, SpaceX, Solar City, EnerNOC, Box, Athena Healthcare, Redfin, and Ping Identity.  

In 2005, Raj co-founded DFJ Element with Activate co-founder David Lincoln – the leading dedicated cleantech firm of its vintage. Raj has served on over 25 public, private, and nonprofit boards, including SolarCity (SCTY), Ping Identity (PING), EnerNOC (ENOC), and Parnassus Funds. He is also the founder of the Spotlight Foundation, which focuses on grants to educational entrepreneurs globally.

Raj holds BS and MS degrees in Environmental Engineering and an MBA from Stanford University.

Caroline is a Senior Associate at Activate, where she supports all parts of the investment process.

Prior to joining Activate, Caroline was an investment banker at Nomura Greentech, where she provided M&A and capital raise advisory for companies focused on accelerating the sustainable transition. She has experience working with both early growth stage and public companies across the advanced transportation, energy technology, and environmental services sectors.

Caroline holds a degree in Finance with minors in History and Spanish, with honors, from The Ohio State University. She was a recipient of the Pace Setters Award, given to the top 1% of students in the business school on the basis of academics and leadership. In her free time, Caroline enjoys running, traveling/backpacking, cycling, live music and exploring new coffee shops/cocktail bars in San Francisco.