Investment focus.
We invest where demand is durable, backed by policy and supported by clear procurement. It is an emerging asset class with high alpha and low beta, driven by regulatory and programme access and stabilised by multi year budgets and contracted revenues.
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Investment themes.
Our investment themes reflect where we see durable demand and genuine opportunity. We focus on domains where the need is well understood, adoption is accelerating, and specialist capital can make a meaningful difference.
We back technologies that enhance national and allied security across land, sea, air, cyber and electromagnetic domains.
Examples include:
Autonomy, advanced sensing, secure communications, C5ISR, counter UAS, electronic defence systems, and mission-critical software.Why it matters:
Modern defence increasingly depends on software-enabled, interoperable systems. Across NATO, Europe and Canada, budgets are growing and priority lists are long, but capability gaps remain. This creates space for focused, well supported technology companies.We focus on technologies that protect, modernise and stabilise the systems economies rely on every day.
Examples include:
Energy resilience, cyber security, subsea and grid protection, industrial automation, advanced manufacturing, transport and logistics systems.Why it matters:
Supply chains, energy systems and digital infrastructure are now central to national resilience. Investment in these areas is rising, driven by policy, regulation and the need to harden critical infrastructure against disruption.We invest in companies using space to provide intelligence, communication and navigation capabilities that are central to both defence and civil infrastructure.
Examples include:
Space based ISR, satellite communications, earth observation, precision navigation, data fusion platforms, launch and in orbit services.
Why it matters:
Space has become an indispensable domain for defence, climate, communications and commerce. Governments and industry are increasing their reliance on orbital data and resilient communications, creating a long runway for capable operators.
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Portfolio approach.
We build concentrated positions in companies with the potential to become capability-defining platforms. Our approach combines technical and policy insight, operator experience and active support on market access, governance and strategic positioning.
We look for strong alignment with defence and resilience needs in Europe, Canada and allied markets, supported by clear demand signals from government, industry or regulated sectors. We prioritise companies with both commercial and defence pathways, meaningful technical differentiation, exceptional teams and visible routes to procurement or commercial adoption.
Our focus is early growth, typically where companies are in the Technology Readiness Level 6 to 9 range. At this stage, technologies are proven in relevant environments, customers are engaged and the challenge shifts from development to scale. We work with teams to refine their go to market, navigate procurement, and expand across strategic markets.
We typically invest between 3 and 5 million in initial positions, with the capacity to follow on with up to approximately 20 million per company. This allows us to support teams through critical phases of growth, from early deployments to scaled production and wider adoption, while maintaining conviction in the opportunities we back.
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What we look for.
We focus on companies that combine technical strength, execution capability and credible paths to adoption. Our goal is to back teams that can translate real capability into sustained impact and attractive, risk adjusted returns.
Technologies with clear performance advantage, defensible IP or a proven operational edge.
Examples:
Advanced engineering, deep tech platforms, meaningful IP portfolios, superior performance in trials or deployments.Teams with the experience and ambition to scale in complex and regulated environments.
Examples:
Founders with domain expertise, prior build or exit experience, senior operators and balanced technical and commercial leadership.Visible routes to procurement or commercial adoption, supported by early customer engagement.
Examples:
Pilot or trial programmes, early contracts, defined procurement routes, strong commercial interest or partnerships with primes and strategic customers.-
Maritime and coastal domain awareness
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Counter-UAS and air defence technologies
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Space-based intelligence, surveillance, and communications
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Secure satellite connectivity for defence and civil use
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Autonomous platforms for inspection, logistics, and security
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Cyber defence for critical infrastructure and regulated industries
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Energy system resilience and grid-stability technologies
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Subsea cable monitoring and infrastructure protection
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Logistics optimisation and mission-critical software
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Precision navigation and timing systems
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Dual use sensing for environmental, industrial, and security applications
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