A new American industrial base is taking shape and the capital to finance it is not yet organized to match.
The assets are new: GPU clusters, modular reactors, domestic fabs, autonomous fleets, the defense industrial base. The precedents don't yet exist. Every deal is being built from scratch.
That works for the first wave. It does not scale to the trillions required. The work now is building the category.
Making the assets underwritable. Standardizing how venture equity, private credit, and federal capital combine on a single deal. Adapting the discipline of project finance to novel collateral types. Giving pensions, insurers, and sovereign capital what they need to allocate at scale.
That’s what The Private Markets Forum is convening a leadership group to develop in Washington on September 16.
