WHAT WE DO / DEFENSE INDEPENDENT SPONSOR

We buy and build defense companies.

Q: How is an independent sponsor different from a private equity fund?

An independent sponsor identifies and acquires companies deal-by-deal, raising capital for each transaction, rather than deploying a pre-committed blind-pool fund. This gives flexibility on structure and hold period and closer alignment with each company's founders and management.

Q: What is the U.S. Defense Industrial Base?

The U.S. Defense Industrial Base is the network of companies that research, develop, produce, and sustain the equipment and services the U.S. military relies on. Ghost Capital acquires and builds small A&D companies to add capability to that base.

Ghost Capital is a defense-focused independent sponsor. We acquire small aerospace and defense businesses one at a time, partner with the people who run them, and build companies that make the U.S. Defense Industrial Base stronger.

The model

As an independent sponsor, we acquire companies deal-by-deal — raising capital for each specific transaction rather than deploying a pre-committed fund.

That structure is a feature, not a limitation. It lets us move on the right company at the right time, structure each deal around what founders and management actually need, and stay flexible on hold period instead of forcing an exit to a fund clock.

It also means our capital partners see exactly what they are backing. They invest in a specific defense company with a specific thesis — not a blind pool — and their economics are aligned with the outcome of that deal.

The mission

Our mission is to add critical capability to the U.S. Defense Industrial Base — so American warfighters have what they need to protect freedom today and tomorrow.

We are not a generalist fund that happens to own a defense asset. Defense is the entire thesis. Every company we pursue is evaluated on whether it strengthens the industrial base that supplies U.S. and allied forces — and whether we can make it more capable under our ownership.

Why Ghost

Focus

A&D only

One market, understood deeply. We know aerospace and defense and we stay in it.

Expertise

Operators

We know the defense market, how to grow inside it, and how to get deals done.

Value

Unlock & share

We create value in the companies we build, then share the upside with our partners.

Mission

Purpose

We back people who want to invest in a mission that matters, not only a return.

How we work

Source

We find A&D companies through proprietary relationships across the defense industrial base.

Structure

We assemble the right capital partners for each deal and align terms with management.

Build

We add capability — operations, programs, add-ons — to make the company more valuable and more capable.

Realize

We grow toward an exit that rewards founders, management, and the partners who backed us.

Common questions

How is an independent sponsor different from a private equity fund?

An independent sponsor acquires companies one at a time, raising capital for each deal, instead of deploying a pre-committed fund. That means more flexibility on structure and hold period, and closer alignment with each company's founders and management.

What is the U.S. Defense Industrial Base?

It is the network of companies that research, develop, produce, and sustain the equipment and services the U.S. military relies on. We acquire and build small A&D companies to add capability to that base.