KEY INVESTMENT PARTNERS
We invest at the frontier.
KEY was built in one of the most complex regulated markets in America. We now apply that same investment discipline across cannabis, energy, aerospace, defense, and quantum.
FRONTIER MARKETS, DEFINED
Frontier markets: industries where technology and policy are moving faster than the institutions around them can adapt. That gap creates complexity, and complexity rewards disciplined capital.
MARKET FORCES
The frontier supercycle
KEY invests across five frontier sectors. A cycle turns; a supercycle is a structural, multi-decade expansion driven by forces large enough to override ordinary business cycles. Each sector is undergoing a structural transformation with the potential to sustain investment, innovation, and market expansion over decades.
Projected U.S. legal cannabis sales by 2030, up from $44B in 2025. Legal channels serve roughly one-third of total U.S. demand.
Two-thirds of demand still unlicensed
Projected U.S. utility infrastructure investment, 2026 through 2030. Data-center power demand alone doubles from 31GW in 2025 to 66GW in 2027.
$1.3T cumulative buildout
Projected global space economy by 2035, up from $630B in 2023. More than 60% of that growth comes from applications on Earth.
+186% projected growth
Proposed U.S. defense budget for FY2027, following roughly $1.0T in FY2026. Defense venture exits reached $54B in 2025, up from $18B.
+50% FY26 to FY27
Projected quantum technology market by 2035, with estimates of $60B to $100B. BCG projects $450B to $850B of economic value by 2040.
$1T+ enabled economic value
Sources: Grand View Research; New Frontier Data; Goldman Sachs; S&P Global Market Intelligence; World Economic Forum & McKinsey & Company; U.S. Department of Defense; PitchBook; Boston Consulting Group. Third-party estimates, not independently verified by KEY.
THE PLATFORM
An institutional foundation
2018
Founded
~$60M
AUM across managed entities
180
LPs across funds and SPVs
22
Portfolio investments
Firm figures as of H1 2026.
STRATEGIES
Two markets, one platform
01 / Cannabis
Where KEY built its platform
KEY has played a foundational role in building the legal, regulated cannabis industry since 2018.
02 / Frontier Technologies
Backing tomorrow's infrastructure
Partnering with the companies and managers building the next generation of critical systems as innovation moves toward scaled deployment.
THE DISCIPLINE
A four-phase investment process
Every opportunity must clear a defined decision gate. As diligence deepens, the burden of proof increases.
Initial screening
Relative value assessment, subsector focus, and allocation fit.
Opportunity universe
Deep dive
Management team assessment, market and subsector analysis, initial risk review.
Qualified pipeline
Comprehensive evaluation
Full due diligence, underwriting and valuation, in-person demonstration or asset tour.
Fully underwritten
Final review
Customer calls and reference checks, tax and legal analysis, investment committee approval.
Best ideas approved
Screening metrics reflect historical KEY investment activity, presented to illustrate the investment process.
Institutional discipline. New frontiers.
KEY INVESTMENT PARTNERS
PORTFOLIO
The companies we back
INSIGHTS
Latest from KEY
KEY Newsletter: Federal Rescheduling April 2026
Federal cannabis rescheduling is signed: Schedule I is history for state-licensed medical cannabis.
KEY Newsletter: 2026 Update and Outlook
An updated Focus on the Controllables, refreshed for the executive order accelerating rescheduling.
Cannabis Investing: 2026 Update
An updated edition of KEY’s cannabis investing white paper, Focus on the Controllables.
MM Brands Acquires BellRock Brands’ Portfolio
Home of Mary’s Medicinals and Dixie, in a buyout led by KEY Investment Partners.
KEY Newsletter: Holidays 2025
A year-end note to the KEY community on progress across the portfolio and the ecosystem.
KEY Newsletter: Thanksgiving 2025
The newest white paper is ready for download, plus notes for the holiday week.
CONTACT
Start a conversation
For inquiries, partnership discussions, or company introductions, reach the partners directly.