Balance sheet capital deployed across public markets, private markets, and venture capital. We invest with permanent capital in sectors that underpin civilization and national capability: energy, defense, infrastructure, and strategic technology.
Investment Thesis
Along the hyperloop of financialization, we have left our atoms to collect dust, and resource scarcity is starting to rear its pesky head. We have spent decades developing better tools to leverage what we have, but we've lagged behind on the capacity to produce resources. Capital must flow back to atoms, not just bits.
The pre-eminent 21st-century commanding heights are no longer driven by industrial sectors in silos but by their intersection with innovation. Energy, defense, infrastructure, and finance function as force multipliers throughout the economy, creating cascading effects that determine national competitiveness, security, and resilience.
Commanding heights compound advantages over time. A nation influencing multiple commanding heights can orchestrate synergies unavailable to those with fragmented positions. We deploy patient capital into these sectors, believing that strategic positioning in physical infrastructure and critical technology will generate durable, compounding returns.
Hyperfinancialization has outpaced productive capacity. We invest in companies that produce tangible resources and build physical infrastructure, not financial engineering.
Strategic sectors that determine national competitiveness. Energy, defense, critical infrastructure, and the technologies that underpin them create compounding advantages.
In a multipolar world, deliberative coordination between state and market creates resilience. We invest where policy tailwinds align with fundamental value creation.
Investment Verticals
Listed equities in commanding heights sectors. Special situations and event-driven opportunities. Long-term concentrated positions in companies building critical infrastructure and strategic capability. We invest where information advantages from our advisory practice create differentiated insight.
Direct investments in assets with tangible intrinsic value: working interests and royalties in oil and gas, mineral rights in mining, agricultural real estate, and power generation. We focus on accreting positions designed to compound over long holding periods, productive assets grounded in physical resources and real cash flows.
Early-stage investments in technologies that enable our core sectors. We back founders building critical infrastructure for energy, defense, and national security. Our focus areas include nuclear energy, nuclear security enterprise, cybersecurity, and intelligent automation.
Venture Focus
Our venture investments target technologies that underpin energy security, national defense, and industrial capability. We invest at the intersection of critical infrastructure and technological innovation.
Advanced reactors, SMR technology, and the nuclear fuel cycle. We invest in companies commercializing next-generation nuclear power, from reactor developers to fuel fabricators to enabling technologies. Nuclear is the only scalable, baseload, zero-carbon power source, and we believe the sector is entering a generational expansion.
The DOE/NNSA ecosystem, weapons complex modernization, and national labs adjacencies. We invest in companies serving the nuclear security enterprise, from material control and accounting (MC&A) to safeguards technologies to specialized manufacturing. This is a multi-decade recapitalization of critical national infrastructure.
Critical infrastructure protection, operational technology (OT) security, and defense-grade solutions. We invest in companies protecting energy, industrial, and national security systems from cyber threats. The convergence of IT and OT creates both vulnerability and opportunity.
AI for industrial operations, robotics, and autonomous systems for energy and defense applications. We invest in technologies that enhance operational capability and reduce human exposure in hazardous environments. Automation enables the workforce transition in sectors facing demographic headwinds.
Our Approach
We deploy capital from our balance sheet, not from limited partner commitments with fund lifecycles. This structure allows us to hold investments for decades, compound returns, and avoid forced selling. We can be patient when patience creates value.
Infrastructure and energy assets generate returns over decades. We structure investments to match this timeline. Permanent capital allows us to see through cycles and hold through temporary dislocations.
Our deep sector focus creates natural advantages. Years of working across energy and infrastructure have built pattern recognition and relationships that generate proprietary deal flow. When we invest, we bring operational insight and industry relationships that help portfolio companies execute.
Investment and advisory activities reinforce each other. Our investments make us better advisors. Our advisory work makes us better investors. We see opportunities before they become consensus, and we can diligence them with practitioner insight.
Focus Sectors
We invest where we have information advantage from our advisory practice. Deep sector knowledge enables better sourcing, diligence, and post-investment value creation.
Nuclear, oil & gas, renewables, and grid infrastructure
→ SectorDefense industrial base, nuclear security, and dual-use technology
→ SectorCritical infrastructure, industrial real estate, and logistics
→ SectorIndustrial AI, automation, cybersecurity, and defense tech
→We welcome discussions with aligned capital partners, co-investors, and founders building in our focus areas.
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