Recharge Capital operates as a hybrid between venture capital and private equity, building thematic-first ecosystems where they both back tech companies and acquire traditional operators like fertility clinics to create integrated value chains rather than staying in a single asset class. They focus on only three to four global macro themes with long tailwinds, such as women's health and fertility where they deploy venture, private equity, and credit across the entire capital stack while owning both clinics and technology companies to force alignment and solve adoption bottlenecks.