For fifteen years, we've backed the builders. Not the platforms, not the aggregators — the companies making physical things work: software for factories, tools for construction, infrastructure for defense. We invested in this before it had a name.

The thesis was simple then and it's simple now. Geopolitical competition runs through the material world. The next generation of defense companies will not be slowed by engineering or capital. They'll be slowed by zoning boards, by 30-month build cycles, by a supply chain that hasn't been stress-tested in decades.

We invest in the companies fixing that layer. Alongside a small group of partners who see the same thing.