Sectors
Our nine investment sectors
Next Kapital's capital is split across two pockets and nine sectors. You choose the sectors that interest you, then the deals you wish to fund. Targets shown are non-contractual.
01 / 09 — Infrastructure, agents and vertical applications
Artificial intelligence
Enterprise agents and automation · Compute infrastructure and optimisation · Vertical applications (health, finance, industry)
Growth pocket · Target allocation 60 %
Specialised models, autonomous agents, compute infrastructure and business applications with strong traction. We favour teams with a data or distribution edge.
- Enterprise agents and automation
- Compute infrastructure and optimisation
- Vertical applications (health, finance, industry)
- Growth pocket
- Stages
- Seed – Série B
- Horizon
- 5 – 8 years
- Non-contractual target
- x5 – x12
Market studies
All four houses converge: AI has entered an unprecedented infrastructure build-out (around $1 trillion of global investment in 2026 according to Goldman Sachs), whose return on investment remains the central debate. BlackRock describes three phases (build-out, adoption, transformation); J.P. Morgan notes that AI capex still weighs less on GDP than the telecom or shale cycles did.
Key figures
1,05 % du PIB
AI capex weight, vs 2.67% for telecoms in 2000 and 4.75% for shale
JPMJ.P. MorganSept 2025What Next Kapital takes from it
Next Kapital favours BlackRock's phase 2: vertical applications and enterprise agents, where Goldman Sachs and Morgan Stanley expect value creation, rather than infrastructure already funded by hyperscalers.
02 / 09 — The computing of the next decade
Quantum
Hardware and components · Software and algorithms · Quantum sensing and communications
Growth pocket · Target allocation 60 %
Processors, error correction, cryogenic electronics, software and quantum sensors. A long horizon, high disruption potential, early positions.
- Hardware and components
- Software and algorithms
- Quantum sensing and communications
- Growth pocket
- Stages
- Seed – Série A
- Horizon
- 7 – 10 years
- Non-contractual target
- x8 – x15
Market studies
All four houses treat quantum as a long-horizon, high-disruption theme. J.P. Morgan documents a sharp acceleration of venture funding (investment up seventeenfold in ten years); Morgan Stanley tracks error-correction progress; BlackRock analyses the cryptographic threat and launched a dedicated ETF; Goldman Sachs looks at the Europe–US–China race. None publishes a firm market size: practical quantum advantage remains 'years away'.
Key figures
2,8 Md$ + 1,6 Md$
raised by US and non-US quantum start-ups through Q3 2025, a record year
JPMJ.P. MorganNov 2025> 1 Md$ / an
US federal R&D budgets for quantum information science (FY2022–FY2025)
JPMJ.P. MorganNov 20253 sur 5
executives whose company explores quantum, notably 'quantum AI' (SAS survey, May 2025)
JPMJ.P. MorganNov 2025What Next Kapital takes from it
The fund's longest thesis (7 to 10 years), consistent with the horizons described by J.P. Morgan and Morgan Stanley. Next Kapital targets the building blocks that create value before the universal computer: error correction, cryogenic electronics, software and sensing.
03 / 09 — Robotics, materials and industrial technology
Deep tech
Robotics and automation · Semiconductors and materials · Space and industrial technology
Growth pocket · Target allocation 60 %
Robotics, semiconductors, new materials, space and industrial technologies born in research. Long cycles and strong technological barriers, carried by teams from labs and top-tier accelerators.
- Robotics and automation
- Semiconductors and materials
- Space and industrial technology
- Growth pocket
- Stages
- Seed – Série B
- Horizon
- 6 – 10 years
- Non-contractual target
- x5 – x12
Market studies
Our sources publish no consolidated European market size for deep tech: the available data mostly concern its financing. The EIB finds that venture capital is roughly six times scarcer in Europe than in the United States and that European scale-ups raise half as much capital as their Silicon Valley peers; in July 2026 it launched an alliance aiming to mobilise up to €80 billion for more than 1,500 scale-ups. On the demand side, Morgan Stanley puts the humanoid-robot market at $5 trillion by 2050.
Key figures
jusqu'à 80 Md€
investment the alliance launched by the EIB Group and EU states aims to mobilise for over 1,500 scale-ups
EIBJul 20265 000 Md$
estimated humanoid-robot market in 2050, with over one billion units in use
MSMorgan StanleyMay 2025≈ 50 000 $
expected unit price of a humanoid in 2050 in high-income countries, vs about $200,000 in 2024
MSMorgan StanleyMay 2025What Next Kapital takes from it
Next Kapital reads these publications as pointing to a financing gap rather than a lack of innovation: the growth pocket targets deep tech companies when they need to raise large rounds, often after a top-tier accelerator or a European lab.
04 / 09 — Biotech, medtech and digital health
Health
Biotech and therapies · Medtech and diagnostics · Digital health and prevention
Growth pocket · Target allocation 60 %
Biotechnology, medical devices, diagnostics and digital health. Science-intensive teams, identified regulatory milestones and care needs that grow as the population ages.
- Biotech and therapies
- Medtech and diagnostics
- Digital health and prevention
- Growth pocket
- Stages
- Série A – Série B
- Horizon
- 5 – 9 years
- Non-contractual target
- x4 – x10
Market studies
Health combines structural demand with strong deal activity. Morgan Stanley estimates that obesity and type-2 diabetes treatments could reach $190 billion in sales in 2035, vs $79 billion in 2025. The European Commission and the OECD put the EU shortage of doctors, nurses and midwives at 1.2 million in 2022, while a large share of practitioners is nearing retirement. J.P. Morgan counts $138 billion of biopharma M&A in 2025.
Key figures
190 Md$
estimated global market for obesity and type-2 diabetes treatments in 2035 ($79bn of sales in 2025)
MSMorgan StanleyApr 2026≈ 30 %
share of the obese or diabetic US population that would be treated in 2035 (base case), vs about 6% in 2025
MSMorgan StanleyApr 20261,2 million
estimated shortage of doctors, nurses and midwives in the EU in 2022
ECEuropean CommissionNov 2024> 1 sur 3
doctors in Europe aged over 55 and due to retire in the coming years (a quarter of nurses)
ECEuropean CommissionNov 2024> 252 Md$
total value of biopharma licensing and partnership deals in 2025, through Q4
JPMJ.P. MorganDec 2025What Next Kapital takes from it
Next Kapital retains two drivers: demand for care growing faster than capacity, and large drugmakers that are very active in acquisitions and licensing. The growth pocket targets medtech, diagnostics and digital health, whose regulatory milestones are readable.
05 / 09 — Housing, refurbishment and income assets
Real estate
Housing and managed residences · Refurbishment and energy renovation · Value-add income assets
Yield pocket · Target allocation 40 %
Development and refurbishment operations, mid-market housing, managed residences and income-producing assets in Europe. Projects backed by tangible assets, over a shorter horizon than startups.
- Housing and managed residences
- Refurbishment and energy renovation
- Value-add income assets
- Yield pocket
- Stages
- Développement – Value-add
- Horizon
- 2 – 5 years
- Non-contractual target
- 7 – 11 % / an
Market studies
Housing has become a European priority. The European Commission notes that EU house prices have risen by more than 60% since 2013 and estimates that over two million new homes a year are needed, about 650,000 more than the current pace, at a cost of around €153 billion a year. The EIB Group is raising its housing financing to €6 billion in 2026. We have retained no quantified publication from the four banks on European housing: the J.P. Morgan publication reviewed covers US commercial real estate only.
Key figures
> 60 %
rise in EU house prices since 2013; average rents up about 20% over the same period
ECEuropean CommissionSept 2026> 2 millions
new homes needed each year in the EU, vs about 1.6 million built today
ECEuropean CommissionSept 2026≈ 153 Md€ / an
estimated cost of the roughly 650,000 additional homes to build each year
ECEuropean CommissionSept 2026− 41 %
fall in US office valuations over five years (end-2025): a reminder of real estate cycles
JPMJ.P. MorganFeb 2026What Next Kapital takes from it
The construction shortfall and price growth described by the Commission support demand for mid-market housing and refurbishment. In the yield pocket, Next Kapital favours asset-backed residential and energy-renovation operations, mindful of the correction suffered by offices.
06 / 09 — Energy, efficiency and circular economy
Ecology
Renewables and storage · Energy efficiency · Circular economy
Yield pocket · Target allocation 40 %
Renewable power generation, storage, energy efficiency, clean mobility and the circular economy. Income-generating infrastructure assets and companies that support the transition.
- Renewables and storage
- Energy efficiency
- Circular economy
- Yield pocket
- Stages
- Infrastructure – Série B
- Horizon
- 4 – 8 years
- Non-contractual target
- 6 – 10 % / an
Market studies
The IEA estimates that global energy investment reaches a record $3.3 trillion in 2025, of which $2.2 trillion goes to clean energy, twice the amount spent on oil, gas and coal. In Europe, the Clean Industrial Deal presented by the European Commission is to mobilise over €100 billion for clean manufacturing in the EU, and almost 60% of the EIB Group's annual investment supports climate action and the environment.
Key figures
> 100 Md€
funding the Clean Industrial Deal is to mobilise for clean manufacturing in the EU
ECEuropean CommissionFeb 2025≈ 60 %
share of the EIB Group's annual investment devoted to climate action and the environment
EIBDec 2025What Next Kapital takes from it
In the yield pocket, Next Kapital targets mid-sized renewable, storage and energy-efficiency assets; in the growth pocket, the circular-economy companies that European policy seeks to foster.
08 / 09 — Feeding better, producing differently
Agri-food
Proteins and fermentation · Precision agriculture and data · Brands and distribution
Growth pocket · Target allocation 60 %
Alternative proteins, precision agriculture, traceability, nutrition and fast-growing brands. A resilient sector where technology builds lasting leaders.
- Proteins and fermentation
- Precision agriculture and data
- Brands and distribution
- Growth pocket
- Stages
- Série A – Série B
- Horizon
- 4 – 7 years
- Non-contractual target
- x3 – x6
Market studies
Morgan Stanley sizes alternative proteins ($150 billion by 2030) and precision fermentation (at least $30 billion in 2030, up to $120 billion in the bull case). J.P. Morgan and Goldman Sachs document food-price volatility and fertiliser dependence; BlackRock recalls that more food must be produced in the next forty years than in the past eight thousand. A resilient sector under strain, where technology creates the next leaders.
Key figures
+30 à 40 %
surge in global food prices in 2022; US consumer food prices +20%, with no reversal
JPMJ.P. MorganMay 2024~20 %
share of fertiliser in grain costs; over a quarter of global nitrogen-fertiliser trade transits Hormuz
GSGoldman SachsApr 202640 ans vs 8 000
more food must be produced in the next 40 years than in the past 8,000
BLKBlackRockApr 2023What Next Kapital takes from it
Next Kapital targets the segments sized by Morgan Stanley (proteins, fermentation) and the answers to the strains documented by J.P. Morgan and Goldman Sachs: precision agriculture, input reduction, traceability.
09 / 09 — Performance, data and experience
Sport
Data and performance · Experience and ticketing · Health and prevention
Growth pocket · Target allocation 60 %
Performance technology, data and media, ticketing and fan experience, athlete health. A global market driven by passion and rights.
- Data and performance
- Experience and ticketing
- Health and prevention
- Growth pocket
- Stages
- Seed – Série B
- Horizon
- 4 – 8 years
- Non-contractual target
- x3 – x8
Market studies
Sport has become an asset class. Morgan Stanley values the global market at $521 billion in 2024, with $130 billion of additional revenue possible through technology. Goldman Sachs documents cumulative returns of US leagues above 1,000% since 2001; J.P. Morgan puts the four major US leagues at close to $500 billion and notes private equity now sits in one team in five. BlackRock has published no dedicated sector study in our sources.
Key figures
+130 Md$
additional annual revenue (+25%) unlocked by technology adoption incl. AI: ticketing +21%, media +36%, engagement +23%
MSMorgan StanleyAug 2025+1 917 %
cumulative return of NBA franchises since 2001 (14% CAGR); NFL +1,130%, top-10 European clubs +483%
GSGoldman Sachs2024~500 Md$
combined valuation of the four major US leagues' teams; an NFL team is worth about $7bn
JPMJ.P. MorganOct 2025What Next Kapital takes from it
Franchises are now beyond the fund's ticket sizes; Next Kapital targets what Morgan Stanley identifies as the $130 billion pool: data, smart ticketing, media and experience, athlete health.
Multiples, yields and horizons shown are non-contractual targets: they are neither a promise nor a guarantee. Past performance is no guarantee of future results. Capital at risk.
07 / 09 — Affordable housing, local care, inclusion
Social
Affordable and supported housing · Local care facilities · Education and inclusion
Yield pocket · Target allocation 40 %
Affordable and supported housing, local care facilities, education and inclusion. Projects with measurable impact, whose yield target remains moderate and is not guaranteed.
Market studies
The social economy carries real weight in Europe: 2.8 million entities and 13.6 million employees according to the European Commission, over €912 billion of turnover according to the OECD. Yet social housing makes up only 6–7% of the EU housing stock. We found no quantified publication from the four banks on social impact investment in Europe: this synthesis relies on public sources.
Key figures
2,8 millions
social economy entities in Europe
ECEuropean CommissionDec 202113,6 millions
people employed by these entities
ECEuropean CommissionDec 20216,3 %
share of EU employment provided by the social economy
OECDDec 2025> 912 Md€
turnover generated by the social economy in the EU
OECDDec 20256 à 7 %
share of social housing in the EU housing stock
ECEuropean CommissionSept 202615 millions
people the EU anti-poverty strategy aims to lift out of risk of poverty or social exclusion by 2030
ECEuropean CommissionSept 2026What Next Kapital takes from it
Next Kapital retains a large need and still modest funding: the yield pocket targets affordable and supported housing and local care facilities, with moderate, non-contractual yield targets and impact monitoring.