A portfolio built as an ecosystem.
We invest in three layers of one argument — the upstream capacity to make things, the product companies that give it a customer, and the downstream layer that turns a working product into a fielded capability. Each position makes the others stronger, and each stands on its own customers first.
Risk sets size. The product company is the riskiest position, so it takes the smaller first check. The upstream layer carries assets and contracts that make total loss unlikely, so it takes the larger check. The downstream layer sells what a program must buy every year, so a small check buys real ownership.
Three positions and the flywheel between them.
Upstream Infrastructure
The capacity to make things: castings, forgings and specialty melt; precision machining and machine tools; metal additive manufacturing; magnets, substrates and trusted electronics. We enter early, lead or co-lead, and accept dilution rather than pay to defend ownership through later rounds. Capacity is funded against contracted demand, with asset-backed debt where the equipment supports it.
Product Companies
The systems that give that capacity a customer: autonomous air, maritime and ground systems; drone components and counter-drone; sensors and GPS-denied navigation; tactical edge compute and energy resilience. The riskiest layer, so the smaller first check, built into a core position before the priced round and carried to the program of record, because money must last until one exists.
Downstream Infrastructure
The enabling layer that turns a working product into a fielded capability: continuous authorization to operate and weapon-system cybersecurity; data and traceability; digital engineering and digital twins; over-the-air updates and legacy code modernization; robotic inspection and predictive maintenance. Mandatory, recurring and sticky, and few are bidding, so ownership is cheap and the loss rate is low.
Better Underwriting Over Time
Each investment strengthens our understanding of the ecosystem — its programs, its supply chains, its operators. The second investment in a market is better underwritten than the first.
The ecosystem premium is earned, not assumed.
Infrastructure companies strengthen the builders — capacity, components, and capability the product companies need to deliver. The builders return the favor in kind: market learning, demand signal, and talent that flow back across the portfolio where appropriate. Improvements come from operational substance, not financial engineering.
The result is a portfolio whose companies understand each other's markets — and a firm whose map of the ecosystem gets sharper with every investment.
The kinds of companies we seek.
Profiles are illustrative and describe the types of companies we target. They do not describe specific completed transactions.
Castings, Forgings or Machining Supplier
A foundry, forge or precision machine shop qualified across multiple programs and customers. Entered early, with capital that funds capacity against contracted demand and asset-backed debt where the equipment supports it.
Autonomous Systems Builder
A mission-focused autonomous systems company moving from prototype to program of record, with a commercial market that exists without a defense budget. A small first check built into a core position before the priced round, with reserves that last until the program exists.
Authorization, Traceability or Digital-Engineering Company
The software a program cannot field without: continuous authorization to operate, weapon-system cybersecurity, supply-chain traceability, or digital engineering. Mandatory, recurring and sticky, and few are bidding, so ownership is cheap and the loss rate is low.