Underwriting The New Industrial Base
A new American industrial base is taking shape, and the capital to finance it is not yet organized to match.
New assets have emerged at scale: GPU clusters, modular reactors, domestic fabs, autonomous fleets, biotech and the defense industrial base.
The first deals are closing, and every one turns on the same questions: What is the collateral? Who stands behind the offtake? What makes a novel asset rateable, syndicatable, and ownable at scale?
The work now is origination: creating credit against these assets with underwriting discipline. Working with founders and CFOs to structure capital solutions with speed. Parceling the risk so that venture underwriting the business, credit taking the contracted cash flows, government carrying what markets can't yet price.
And building the market infrastructure that lets tailored deals get rated, priced, and syndicated, which permits the industrial base to scale with the capital that’s required.
The Private Markets Forum is convening a leadership group - of VC, private credit, founders and federal agencies - to develop this theme in Washington on September 16.
