Target net IRR
20–25%
Obsidian Defense Group // Operational Growth Equity
Operational growth equity for national security.
We back validated defense and intelligence companies at the inflection point between technical proof and institutional scale — applying disciplined capital and operational rigor to convert early traction into durable government revenue.
Enterprise value / company
$5M–$50M
First SPV close
Jul 2026
The Thesis
Value isn’t created at invention. It’s created at adoption.
Defense and intelligence markets produce validated technology faster than the system can absorb it. Pilots, prototypes, and SBIR awards prove capability — but capital misalignment, governance gaps, and procurement complexity strand companies in the “valley of death” between proof and program. ODG operates precisely in that gap: after technical risk is reduced, before valuations reflect institutional scale.
// ODG positioning — the transition layer
Valley of Death
Technical Validation
Pilots · Prototypes
SBIR / STTR · Demos
SBIR / STTR · Demos
Institutional Scale
Programs of Record
IDIQ · Prime Acquisition
IDIQ · Prime Acquisition
ODG operates here
01 / Dislocation
The Transition Capital Gap
Venture is misaligned at this stage; private equity arrives too late. Validated companies reach proof but lack the capital structure, board oversight, and alignment to scale into government programs.
02 / Dislocation
Risk, Systematically Mispriced
Markets underwrite defense as either early venture risk or mature buyout. Transition-stage companies are misclassified — creating valuation inefficiencies and limited competition for disciplined capital.
03 / Dislocation
Strategic Exit Demand
Primes and agencies increasingly seek de-risked, operationally credible partners over early-stage technology. Companies with governance and compliance discipline become natural acquisition candidates.
AI & Autonomy
Autonomy is becoming doctrine.
Drones, AI, and autonomous systems are moving from experiment to core capability — creating premium-margin opportunities for transition-ready companies.
Why Now
A structural shift in how defense is funded.
As the Department of Defense evolves into a shaper of markets, the next phase of industrial growth will be driven by the alignment of private capital with government demand — not government funding alone. The capital exists. It remains fragmented.
$440B+
Private capital into defense & dual-use sectors in recent years — fragmented by acquisition friction (NDIA)
10:1
Private investment mobilized against catalytic capital when demand visibility is structured
25:1+
Mobilization ratios demonstrated by proven government programs at the upper bound
C1
Budget Reorientation
Sustained focus on autonomy, cyber resilience, ISR, and dual-use technologies is driving demand for scalable, non-traditional suppliers.
C2
Institutional Adoption Pressure
Agencies face rising pressure to move proven capabilities into production environments, accelerating demand for transition-ready companies.
C3
Capital Pullback in the Middle
Early-stage venture stays active and large platforms attract capital, yet transition-stage companies face a persistent funding gap.
C4
Scrutiny & Compliance
Rising security, data, and supply-chain requirements favor companies with governance and institutional discipline already in place.
C5
Strategic M&A Demand
Primes and Tier-2 contractors actively seek de-risked assets they can integrate quickly, rather than funding long internal development cycles.
C6
Procurement Modernization
Expanded use of OTAs, SBIR Phase III awards, and rapid acquisition authorities rewards readiness — not experimentation.
The Approach
We don’t compete with big private equity. We create the companies they want to buy.
ODG does not operate businesses or manufacture outcomes. We apply growth capital, governance rigor, and structured transition alignment at the board and capital-structure level — a repeatable playbook that moves companies from validation to durable, contracted government revenue.
Board-level governance & institutional oversight
1
Institutionalize
- Install governance, reporting, and financial controls
- Achieve ITAR / CMMC and compliance readiness
- Build financial and operational discipline
2
Convert Revenue
- Turn SBIR / pilot programs into multi-year contracted revenue
- Align with primes and IDIQ vehicles
- Build repeatable, contracted revenue streams
3
Scale & Exit
- Expand capabilities across the portfolio
- Drive revenue and EBITDA growth
- Position for prime acquisition or recapitalization
Pillar 01
Governance
Disciplined board-level oversight, institutional standards, and strategic alignment that help companies navigate procurement, compliance, and stakeholder expectations at scale.
Pillar 02
Growth Capital
Capital deployed precisely where traditional venture and private equity fall short — bridging pilots and prototypes to durable government programs through structured, aligned investment.
Pillar 03
Institutional Fluency
Deep understanding of government, defense, and intelligence ecosystems — guiding companies through complex adoption pathways while holding clear ethical and regulatory boundaries.
Pillar 04
Ecosystem Relationships
Long-term credibility with founders, agencies, primes, and strategic partners, built on trust, execution discipline, and respect for the realities of national security markets.
Industrial Base
Recapitalizing the arsenal.
Decades of underinvestment are reversing across munitions, aviation, and sustainment — the fragmented middle market where consolidation creates outsized value.
Investment Model
Disciplined returns, driven by execution — not leverage.
ODG targets risk-adjusted returns through equity appreciation, platform cash flow, and multiple expansion as companies transition into repeatable government programs. Returns are generated by institutional adoption, not financial engineering.
// Return framework & benchmarks
| Metric | ODG Target | Industry Benchmark |
|---|---|---|
| Net IRR to LPs | 20% – 25% | 18–20% (lower-mid-market PE) |
| Net MOIC to LPs | 1.8x – 2.5x | 2.3x (niche PE funds) |
| Hold Period | 24 – 60 months | 36–48 months (typical PE) |
| LP Preferred Return | 8% annualized | 7–9% typical |
| Residual Profit Split | 80 / 20 — LP / GP | post pref & return of capital |
| Leverage | Case-by-case | 70–75% (asset dependent) |
// Five capability verticals
V1
Autonomous & Unmanned Systems
V2
Cyber, Data & Energy Infrastructure
V3
Defense Services & Sustainment
V4
Aerospace, Aviation & Mission Systems
V5
Select Space-Adjacent Platforms later-phase expansion
// Scaling path — SPV → platform → fund
01
Phase I — Proof of Model
SPV-Led Execution
Capital deployed through deal-specific SPVs for precision, transparency, and alignment. Each transaction underwritten independently with defined governance rights and transition objectives. Discipline over volume.
02
Phase II — Compounding
Platform Consolidation
Maturing SPVs establish ODG as a recognized transition platform. Platform-level economics emerge; reusable governance frameworks reduce execution risk and improve access to higher-quality opportunities.
03
Phase III — Scale with Discipline
Fund Formation
A pooled fund launched only after repeatable outcomes are demonstrated — driven by execution proof, not market timing. The fund complements, rather than replaces, the SPV model.
Execution Roadmap
A staged path from precision to platform.
- Execute 2–4 transition-stage SPVs across core verticals
- Establish the governance playbook and institutional readiness framework
- Achieve early revenue scaling and procurement-pathway validation
- Demonstrate repeatable transition outcomes across multiple assets
- Launch a $50M–$75M dedicated growth equity vehicle
- Expand across cyber, UAS, and defense logistics verticals
- Standardize governance, reporting, and capital-deployment frameworks
- Build strategic relationships with primes and institutional capital
- Scale into a multi-asset defense portfolio with a recurring revenue base
- Execute strategic exits — prime acquisition or sponsor recapitalization
- Expand into adjacent national security sectors
- Evaluate a multi-fund platform or long-term hold strategy
Team & Governance
Operators and policy hands who know how the system decides.
Decision authority sits with the Managing Partners, supported by domain expertise and strategic access through Founding Partners and Advisors — spanning structured capital, defense operations, government contracting, and national security policy.
Managing Partners
Managing Partner
Jennifer Aupke
Col. Jennifer Aupke, USAF, Ret.
Government engagement, defense alignment, and institutional positioning — governance and strategic planning.
View profileRole at Obsidian
Jennifer provides strategic leadership for Obsidian Defense Group’s government engagement, defense alignment, and institutional positioning. She oversees executive-level relationships with government agencies, acquisition stakeholders, and strategic partners while ensuring ODG and its portfolio companies remain aligned with evolving defense priorities and modernization initiatives.
Internally, Jennifer leads governance, strategic planning, and long-term policy alignment while helping shape ODG’s investment strategy through her extensive experience in defense operations, acquisition, and federal leadership. She ensures the organization maintains the credibility, discipline, and strategic focus necessary to operate successfully within the national security ecosystem.
Background
Senior defense operations leader and combat rescue pilot with command-level experience across special operations, personnel recovery, and force modernization. Has led complex operational portfolios and managed acquisition and PPBE processes, bridging operational execution with enterprise-level defense planning.
Managing Partner
Christopher J. Sweetin
MSgt. Christopher J. Sweetin, USAF, Ret.
Executive leadership, corporate operations, and organizational execution — building a disciplined Operational Growth Equity platform.
View profileRole at Obsidian
Chris provides executive leadership for Obsidian Defense Group while ensuring the company remains aligned with its mission, governance, and long-term strategic objectives. He oversees corporate operations, organizational development, compliance, financial stewardship, and the systems required to build a scalable and disciplined Operational Growth Equity platform.
Chris is responsible for transforming strategy into execution by establishing the infrastructure, processes, and operational standards that enable ODG and its portfolio companies to grow efficiently. Internally, he serves as the executive leader responsible for organizational execution, accountability, operational excellence, and ensuring ODG operates with the professionalism and discipline expected of an institutional defense investment platform.
Background
Co-founder and President of Triskelion Group; prior Superintendent of Vertical Lift Operations, 150th Special Operations Wing. As CEO of 3D STS he scaled the company from 7 to 70+ employees at consistent 24% profitability. A nationally recognized SBA award winner and proven operator.
Founding Partners
Founding Partner
Will Hogsett
Capital formation, investment strategy, and M&A — architect of ODG’s Operational Growth Equity model.
View profileRole at Obsidian
Will leads Obsidian Defense Group’s capital formation, investment strategy, mergers and acquisitions, and platform expansion initiatives. He is responsible for investor relations, acquisition structuring, transaction execution, capital deployment, and developing the Operational Growth Equity model that drives ODG’s long-term enterprise value.
Internally, Will serves as ODG’s lead for investment strategy and corporate development, building relationships with investors, family offices, strategic partners, and acquisition targets while expanding the organization’s portfolio and long-term capital capabilities.
Background
SPV-focused M&A strategist and operational PE architect specializing in deal structuring, platform integration, and capital formation, with deep relationships across family offices and institutional investors. Former COO of Goodwill Industries overseeing $80M+ AUM, with direct experience in defense logistics and government contracting.
Founding Partner
Kelsie Wendelberger
Government relations, strategic communications, and policy engagement across Washington, D.C.
View profileRole at Obsidian
Kelsie leads government relations, strategic communications, and policy engagement across Washington, D.C., and the broader national security community. She develops relationships with government leaders, innovation organizations, accelerators, and strategic partners that expand ODG’s access to emerging opportunities and strengthen its position within the defense ecosystem.
Internally, Kelsie provides strategic insight into policy, legislative developments, and government engagement while helping connect ODG with the organizations, decision-makers, and partnerships that support long-term growth.
Background
National security and foreign policy strategist with experience across the legislative and executive branches. Served on the U.S. Senate Budget Committee and in appointed roles supporting Cabinet-level leadership, with diplomatic assignments across the Middle East and Asia. Deep expertise in government alignment and strategic relationships.
Founding Partner
Mounir Nsouli
Technology strategy, cybersecurity, and AI — technical diligence and innovation partnerships.
View profileRole at Obsidian
Mounir leads Obsidian Defense Group’s technology strategy, cybersecurity initiatives, artificial intelligence integration, and digital infrastructure. He oversees technical due diligence, evaluation of emerging technologies, secure systems architecture, and innovation partnerships supporting defense modernization and national security applications.
Internally, Mounir ensures ODG remains at the forefront of technology adoption while developing the digital infrastructure, cyber capabilities, and technical expertise that strengthen both the platform and its portfolio companies.
Background
Technologist and national security professional specializing in cybersecurity, AI, and mission-critical systems; Founder and CEO of Asymmetric Dynamic Industries. Prior roles with the U.S. Dept. of State, DoD, FBI, and the Intelligence Community. Holds a U.S. patent for predictive anti-malware technology.
Strategic Advisors
Strategic Advisor
Randolph “Staud” Staudenraus
Maj. Gen. Randolph Staudenraus, USAF, Ret.
Senior defense leadership, multinational operations, and strategic oversight.
View profileBackground
38+ years of senior leadership across multinational defense operations, global security strategy, and enterprise resource management. As Deputy Chief of Operations at a NATO headquarters, directed integrated operations across 19 allied nations, spanning strategic planning, crisis response, and cyber integration.
Strategic Advisor
Lynn Fisher
Agile cyber, IT, AI, and project-management training for mission-critical environments.
View profileBackground
Award-winning leader in agile and effective cyber, IT, AI, and project management training, bringing practical execution discipline to portfolio companies operating in regulated, mission-critical environments.
Capital Engagement
Selective capital.
Selective capital.
Disciplined execution.
ODG is engaging a select group of partners for initial capital deployment, with the first SPV expected to close by July 31, 2026. We welcome the opportunity to discuss specific SPV opportunities and platform strategy.
Contact
Will Hogsett — Founding Partner
Direct
Email