Eclipse deploys capital into companies in the physical economy, the industrial sectors behind making, moving, and powering rather than purely digital markets. It runs three programs of its own: Venture Equity, which works with builders before a company exists, plus Early Stage and Early Growth funds that carry companies from prototypes toward volume production. It concentrates on leading a small number of large rounds and holding them for years.

Support around the capital is operational: the firm's partners have run factories, hardware programs, supply chains, and policy work in the same sectors its companies enter, and it works on strategy, technology pressure-testing, leadership hires, and introductions to manufacturers, customers, and government stakeholders. Its Venture Equity work has co-created businesses with operators from Tesla, Northvolt, Amazon Robotics, and Virgin Hyperloop, including a radiopharmaceutical manufacturing company formed with Mayo Clinic.