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Ara Partners' managing partner Charles Cherington reports a notable shift in limited partners' expectations, favoring projects with proven execution over early-stage innovations. The firm is focusing on industrial decarbonization, highlighted by its acquisition of Microtec and ongoing plant developments, while anticipating that LPs in 2026 will prioritize investments in platforms demonstrating clear economic performance, particularly in waste-to-value, RNG, critical minerals, and hydrogen. The U.S. market's strategies are shaped by energy security and reindustrialization, with Canada also emerging as a key player in decarbonization efforts.