Governments have always defined strategic priorities around critical infrastructure, national security, technological leadership and economic resilience. Now private capital is increasingly being used as a capital source to finance this agenda. For investors, the question is how to engage with strategically sensitive assets which are increasingly recognised by state and non-state actors as high-value targets. Are LPs comfortable with the strategic exposure they are accumulating? What does it mean for GPs when governments become counterparties or customers? When private equity portfolios are on the frontline (whether their managers intended them to be or not), how does the industry build the resilience that this new role will demand?
