I think you want heat sink compound.
Zinc oxide in grease--it's not electrically conductive.
Heat sink compound is typically a white paste made from zinc oxide in a silicone base.
http://www.pcguide.com/ref/cpu/char/coolCompound-c.html
Curiously, most particulates in grease are not conductive: they can't make contiguous paths for current, owing to the dielectric nature of oil or grease,
at least not at relatively low voltages such as we see.
I've got an 8oz bottle of "Dow Corning 11 Compound", of which I've used about half its contents in a period of over thirty years (!). We used this stuff in the USN for plug valve lubrication. I mention it because it was an old-stock bottle even then (when I,,,liberated it from active duty, ahem).
It's a stiff-bodied clear silicone, and absolutely time-stable and heat resistant to high degree. If, for instance, I were to mix some zinc oxide into this grease: first rate heat sink compound.
But even better (i'd bet), would be if I made it a paste with lead carbonate or lead monoxide (litharge) which I have leftover from my paint-making days (antique paints technology).
But for general public use, zinc is non toxic and lead is enviro-nasty.
So I won't do that.
But you can make your own heat sink grease if you like.
It's low tech indeed.
_____________just looked up in Wikipedia, I didn't know any of this:
History
In 1942 moisture in aircraft engines and corona formation made high-altitude flight all but impossible. Dr. Shailer Bass developed Dow Corning's first product, a simple silicone grease (Dow Corning #4 Compound) that solved the problem. Dow Corning was formally established in 1943 specifically to explore the potential of silicones. Dr. E.C. Sulllivan was named president and Dr. William R. Collings was named general manager in 1943. Dr. Collings latter became president from 1954 until 1962.
A large, majority-owned subsidiary of Dow Corning Corporation is the Hemlock Semiconductor Corporation. Founded in the 1960's before the computer revolution, it is still one of the world's leading manufaturers of high-purity polycrystalline silicon which is sold in varying purity grades for use in both semiconductor silicon wafer manufacture and photovoltaics applications as solar cells.