Portfolio
Investment Approach
Foxglove Defence invests in high-conviction defence and dual-use companies positioned to benefit from structural shifts in global defence demand.
We focus on opportunities where operational need, technological advantage and commercial scalability align.
Beyond capital, we actively support portfolio companies through venture formation, strategic partnerships, market access and deployment pathways designed to accelerate growth and create long-term value.
Our objective is simple: identify the right companies early, help them scale faster, and generate strong outcomes for investors, founders and end-users.
This is exactly why we have built Foxglove Defence as an operator-led value creation platform, not just an investment fund.
Deal Flow
Sourcing & Origination
Foxglove Defence sources opportunities through trusted networks across allied markets, supplemented by proactive venture creation where capability gaps are clearly identified. The Fund benefits from long-standing relationships with operators, engineers, researchers, and industry participants across Australia, the United States, the United Kingdom and Israel. These networks provide early visibility into emerging capabilities, technical talent, and programs of interest, often prior to formal commercialisation.
Screening & Advisory
Foxglove Defence applies a screening framework to evaluate opportunities before committing significant resources or capital. Screening is led by the Foxglove investment team and informed by targeted input from the Advisory Board, whose members provide domain-specific technical and operational insight. The framework assesses strategic relevance and practical feasibility, prioritising opportunities with credible pathways to procurement, scale, and value realisation.
Diligence & Negotiation
Opportunities that progress beyond screening are subject to a structured, multi-disciplinary diligence process designed to assess technical merit, execution risk, commercial potential, and strategic relevance in depth. Diligence is led by the Foxglove investment team and supplemented by domain experts and external advisors where appropriate.
Investment Committee
Final investment and portfolio management decisions are made by the Investment Committee. The Investment Committee provides independent judgement within the Fund’s governance framework regarding capital allocation, risk management, and alignment with the Fund’s strategy and mandate.
Portfolio Management
Foxglove Defence manages the portfolio as an integrated system rather than a collection of individual assets, applying active portfolio management to progress companies from early validation through adoption, scale, and value realisation. As an active participant in portfolio development, we deploy capital alongside operational engagement, advisory support, and strategic partnerships. The Fund achieves this by leveraging trusted relationships across defence, government, and industrial stakeholders to support adoption pathways, customer access, and strategic positioning. This approach aligns commercial performance with national security outcomes through disciplined follow-on decision-making and hands-on engagement.
The Platform
We believe the greatest value is created through operator-led integration and support.
At the core of the platform is Foxglove Capital, combining experienced investment professionals and operators to identify opportunities, conduct rigorous diligence and allocate capital with discipline.
The Fund remains central to our strategy, and we generate value by investing in high-conviction ventures and actively reinforcing those investments through enabling platforms designed to accelerate growth, adoption and deployment.
Together, these platforms create multiple pathways for value creation, helping ventures scale faster, access new markets and realise greater long-term potential.
It comprises four core components:
The Fund
Capital Allocation & Value Capture The Fund invests in high-conviction defence and dual-use ventures positioned to benefit from structural shifts in global defence demand. It remains the primary vehicle through which investors participate in the value created across the platform.
Foxglove Capital
Diligence, Investment Management & Capital Formation Combining financial expertise, operational experience and disciplined diligence to identify and support high-conviction opportunities.
The SABIR Foundry
Venture Formation & Capability Acceleration SABIR identifies validated capability gaps and supports the formation, development and scaling of ventures designed to address them. By connecting operators, founders, industry and capital, SABIR helps convert emerging opportunities into investable and scalable businesses.
Adriarc
International Growth & Strategic Access Adriarc creates pathways into strategic regional and international markets. Through trusted partnerships, local structures and non-traditional adoption channels, Adriarc helps ventures expand beyond their domestic market, accelerate commercial growth and unlock new sources of enterprise value.
Atlas
Strategic Intelligence & Ecosystem Insight Atlas provides the market, industry and ecosystem intelligence that informs investment decisions, identifies emerging opportunities and supports strategic growth across the platform.
