What we do
We advise the companies, investors and governments shaping industrial sovereignty, technological leadership and strategic resilience – on the transactions that move the lines.
The profiles we value combine financial execution capability with real sector knowledge in critical and sovereign industries – defence and dual-use, energy, deeptech, critical infrastructure. If you have operated at the intersection of capital markets and industrial policy, sovereign transactions or frontier technology, we want to hear from you.  
We are open to conversations at all levels of seniority – from analysts and associates to senior advisors and potential partners. We are equally open to independent experts and former policymakers interested in project-based collaboration.
Our advisory spans the full transaction lifecycle – from structuring and fundraising to negotiation, execution and closing. We operate at the mid-market, where sector-specific expertise and institutional credibility determine outcomes, and where the complexity of critical and sovereign industries demands genuine depth rather than process management.
Whether it's advising a deeptech scale-up on a growth round, structuring the acquisition of a strategic industrial asset, or executing a cross-border transaction for a state-owned enterprise — our role is the same: to ensure that capital flows where strategic consequences are highest, and that the transactions we execute hold over time.
We help
Industrial companies and deeptech scale-ups access capital that understands their sector.
Institutional and sovereign investors identify and structure opportunities that generalist advisors cannot reach.
Governments execute on their most consequential industrial transactions.
Critical & Sovereign Companies and Institutional Investors

Mid-cap industrials and deeptech scale-ups operating in critical and sovereign sectors face a structural gap in financial advisory: transactions too complex for generalist advisors, and too small for global investment banks. Institutional investors active in these sectors face the mirror problem – limited access to qualified deal flow and insufficient sector-specific intelligence to underwrite with confidence.

We operate in that space. For companies, we advise on the transactions that determine their trajectory – acquisitions, capital raises, debt structuring and strategic partnerships. For institutional investors, we act as the bridge between sophisticated capital and complex industrial opportunities where information asymmetry is structural and sector knowledge is a prerequisite.

FOR COMPANIES — ADVISORY SERVICES
M&A
Capital raises
DEBT & STRUCTURED FINANCE
LBO
M&A – Acquisitions, Divestitures & Consolidations
  • Buy-side advisory on acquisitions of industrial assets, technology companies and critical infrastructure in sovereign and regulated sectors
  • Sell-side advisory for founders, shareholders and industrial holding companies seeking full or partial exit
  • Structuring of consolidations and mergers between mid-market industrial players
  • Full-process execution – strategic rationale, valuation, negotiation, regulatory navigation, closing
  • Cross-border M&A with deep knowledge of local procurement mechanics, FDI screening regimes and sovereignty constraints across jurisdictions
Close-up view of a rocket on a launch pad with metal scaffolding and support structures under a clear blue sky.
Use cases
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Industrial group acquiring a critical defence electronics company in a new geography
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Founder-led scale-up seeking a strategic buyer ahead of a programme ramp-up
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Industrial group divesting a non-core critical infrastructure subsidiary
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Mid-market consolidation in a fragmented dual-use supply chain
Capital Raises – Equity Fundraising from Series A/B Onwards
  • Fundraising advisory for growth-stage companies from Series A/B through pre-IPO rounds
  • Structuring of investment terms adapted to the specificities of critical industry companies – long procurement cycles, dual-use regulatory constraints, capital-intensive industrialisation phases
  • Access to a curated network of specialist institutional investors: growth equity funds, sovereign wealth funds, defence-focused investors and public development banks
  • Preparation of investment materials calibrated for sophisticated institutional audiences
  • Advisory on governance terms, anti-dilution provisions and shareholder agreement structuring
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Use cases
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Dual-use deeptech scale-up raising a Series B to fund industrialisation
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Scale-up with strong MoD pipeline requiring capital to bridge long procurement cycles
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Critical infrastructure company raising a pre-IPO growth round
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Deeptech company seeking sovereign-aligned institutional investors for a strategic round
Debt & Structured Finance
  • Structured debt solutions adapted to industrial timelines and the specificities of critical sector companies
  • Asset-backed facilities, contracted backlog financing and revenue-based instruments for companies with long-cycle procurement revenue
  • Advisory on development bank instruments available to dual-use and critical sector companies
  • Capital structure optimisation ahead of or alongside equity transactions
  • Coordination with lenders, legal advisors and guarantors to ensure structural efficiency across jurisdictions
Low-angle view of a classical building with tall Corinthian columns and a triangular pediment, next to a rectangular building with multiple windows and columns at the roofline.
Use cases
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Industrial company financing capex tied to a major defence contract
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Scale-up seeking non-dilutive debt to bridge to a next equity round
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Critical infrastructure company refinancing a cross-border asset-backed structure
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Group optimising its balance sheet ahead of an acquisition
LBO – Leveraged Buyout Advisory
  • Buy-side and sell-side LBO advisory on mid-market industrial assets in critical and sovereign sectors
  • Structuring of acquisition financing in environments where sector constraints – export controls, sovereign ownership requirements, FDI screening – affect lender appetite and deal architecture
  • Primary and secondary transactions, including management buyouts and sponsor-to-sponsor deals
  • Coordination with debt arrangers, legal advisors and regulatory counsel
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Use cases
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Financial sponsor acquiring a critical infrastructure asset subject to FDI screening
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Management team buying out a division of a larger industrial group
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Sponsor-to-sponsor secondary in a defence-adjacent technology company
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Industrial holding company structuring a leveraged recapitalisation
For institutional investors - advisory services
Deal Sourcing & Transaction Structuring
  • Proprietary deal flow in critical and sovereign industries — a segment where information asymmetry is structural and relationship-driven access is the primary barrier to entry
  • Transaction structuring support for investors entering complex sovereign-adjacent deals — regulatory analysis, governance design, co-investment structuring
  • Due diligence advisory – sector-specific intelligence on procurement pipelines, regulatory exposure, dual-use certification risk and competitive positioning
  • Access to our institutional network across key sovereign industrial markets
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Use cases
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Growth equity fund seeking qualified deal flow in defence and dual-use
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Sovereign wealth fund co-investing alongside a PE sponsor in a critical infrastructure asset
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Specialist defence investor requiring sector-specific due diligence on a target's MoD pipeline
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Infrastructure fund evaluating an acquisition in a dual-use energy asset subject to FDI screening
Why work with us
Exclusive sector focus
We operate exclusively in critical and sovereign industries. Our understanding of procurement constraints, regulatory frameworks and geopolitical dynamics is not a practice line – It is the entirety of what we do.
Deep network
Direct relationships with industrial counterparties, institutional investors and public officials in each market.
Independent judgment
No institutional agenda, no equity positions in the companies we advise, no conflicts from affiliated funds. Our recommendations are governed solely by our clients’ strategic interests.
Governments, Public Entities and Sovereign Investors

Industrial sovereignty is no longer a policy objective. It is an operational imperative. Governments, sovereign wealth funds and state-owned enterprises are under pressure to make consequential decisions – on asset allocation, industrial partnerships, strategic transactions and public-private structuring – In environments of accelerating complexity.

We advise public institutions on these decisions. We bring the analytical rigour of financial advisory and the institutional fluency of those who have operated within public structures – combining transactional expertise with a grasp of the political, regulatory and diplomatic constraints that shape public sector mandates. Our advisory to governments is deliberately selective. We engage on mandates where financial and industrial expertise creates genuine value – not on assignments where policy consulting or diplomatic representation would be more appropriate.

ADVISORY SERVICES
M&AFDI & investment structuringPublic entities
M&A Advisory for SOEs & Strategic Assets
  • Advisory on acquisitions, divestitures, consolidations and privatisations involving state-owned enterprises or nationally strategic assets
  • Independent valuation and structuring of operations that balance capital optimisation with the preservation of sovereign control over critical capabilities
  • Identification and qualification of strategic industrial or financial partners for state-owned entities
  • Structuring of partial privatisations and staged divestiture processes that preserve sovereign control while attracting private capital
  • Navigation of FDI screening implications, sovereign conditionality and inter-governmental sensitivities in cross-border transactions
Close-up view of a rocket on a launch pad with metal scaffolding and support structures under a clear blue sky.
Use cases
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Government advising on the partial opening of a state-owned defence integrator to private capital
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Ministry structuring a consolidation between two national industrial champions
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Sovereign entity negotiating the acquisition of a critical foreign technology asset
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State-owned enterprise evaluating a strategic partnership with an international industrial group
FDI & Investment Structuring
  • Advisory on the structuring of foreign direct investment into critical and sovereign sectors – design of investment conditions, entry frameworks and shareholder arrangements for strategic industrial partners
  • Transaction-related financial advisory on international industrial partnership agreements, co-production frameworks and strategic technology transfer arrangements
  • Advisory on FDI screening frameworks and investment conditionality for sensitive sector transactions
  • Financial and structuring advisory for bilateral industrial partnerships with allied and strategic counterparts
Tall metallic industrial storage tanks against a clear blue sky, with one tank featuring a metal safety ladder with protective hoops.
Use cases
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Government designing investment conditions for a major foreign industrial presence in its defence sector
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Ministry structuring a strategic industrial partnership under an allied defence framework
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Public agency advising on the regulatory framework governing foreign investment in critical infrastructure
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Government structuring the financial terms of a co-production agreement with a defence prime
Public Entities
  • Financial structuring of partnerships between state entities and private industrial or financial partners – capital structure design, financing, risk allocation and alignment of public mandates with private investment logic
  • Design of co-investment platforms enabling sovereign capital to operate alongside private institutional investors in critical industries
  • Structuring of sovereign investment vehicles and national development funds with appropriate governance, investment policy and co-investment frameworks
  • Advisory on the financial architecture of strategic national programmes – from initial structuring through capital deployment
A large United Airlines airplane parked at an airport gate with a jet bridge connected to the front left door and several ground service vehicles positioned nearby on the tarmac, viewed from above.
Use cases
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Government establishing a dedicated defence and dual-use co-investment vehicle with private capital
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Public development bank designing a co-investment structure alongside specialist infrastructure funds
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Ministry structuring the financial architecture of a national strategic technology programme
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Sovereign wealth fund designing its critical industries capital deployment framework
Why work with us
Public sector fluency
We operate at theintersection of public policy and industrial finance. We understand theconstraints, timelines and political economy of public sector mandates — not as observers, but as former practitioners.
Regulatory 
depth
Deep working knowledge of the instruments shaping sovereign industrial policy across jurisdictions – FDI screening frameworks, defence procurement mechanisms, co-investment conditionality and sovereign asset governance.
Independence
Not affiliated with any government, fund or industrial group. Our advisory to public institutions is governed solely by the public interest dimension of the mandate and our professional judgment.
Industry Focus

Sovereign & Critical Frontier Group operates exclusively in sectors where financial performance is inseparable from imperatives of sovereignty, resilience and strategic autonomy.

We bring structuring expertise where innovation cycles are long, capital intensity is high, and geopolitical stakes are central – not peripheral – to transaction execution.

Defense & Dual-useEnergy & resourcesDeep & frontier techSemiconductors & digital techAerospace & advanced techCritical infrastructure
Defence & Dual-Use
We advise governments, institutional investors and industrial players operating across defence, security and dual-use ecosystems, where capital allocation, industrial capacity and strategic autonomy are closely intertwined. Our work spans strategic financing, M&A and transaction structuring in sectors where technological superiority and supply chain control are matters of national interest.
  • Defence systems and platforms
  • Dual-use technologies and critical components
  • C4ISR, secure communications and command systems
  • Drone systems, smart munitions and counter-UAS
  • Strategic electronics, sensors and electro-optics
  • Cybersecurity and sovereign information systems
Gray military fighter jet flying in a clear sky, shown from above and slightly to the side.
Energy & Strategic Resources
We support sovereign actors and industrial groups in structuring capital, transactions and long-term investment strategies across energy systems and strategic resources. Our advisory focuses on securing supply, financing large-scale infrastructure and aligning capital deployment with industrial policy and energy security objectives.
  • Nuclear energy assets and infrastructure
  • Conventional and strategic energy assets
  • Critical raw materials and strategic minerals
  • Hydrogen, fuels and strategic energy transition assets
  • Energy grids, storage and distribution infrastructure
  • Resource processing and industrial supply chains
Night view of a nuclear power plant with two large cooling towers emitting steam, bright lights illuminating the facility, and power lines nearby.
Deep Tech & Frontier Innovation
We advise deeptech scale-ups, sovereign investors and industrial actors on the financing, structuring and scaling of frontier innovation ecosystems – where long development cycles, high capital intensity and strategic autonomy converge. We focus on technologies where traditional venture models fall short and where hybrid capital architectures, aligned with industrial and sovereign priorities, are required.
  • Advanced AI, compute and foundational digital technologies
  • Quantum technologies, photonics and next-generation sensing
  • Biotechnologies and strategic health platforms
  • Advanced materials, robotics and industrial automation
  • Space technologies and satellite systems
Industrial facility structure with metal frameworks, pipes, and staircases illuminated by colored lights against a clear blue evening sky.
Semiconductors & Digital Systems
We advise across the full stack of critical digital and semiconductor ecosystems, where sovereignty, resilience and scale are decisive. Our work covers industrial financing, strategic transactions and the structuring of investment vehicles supporting the build-out of critical digital and electronic capacities.
  • Semiconductors and advanced electronics
  • Critical components and fabrication ecosystems
  • Cloud infrastructure and sovereign data centres
  • Strategic software and embedded systems for critical uses
Industrial power plant at dusk with cooling towers emitting steam and lit chimneys against a darkening mountainous horizon.
Aerospace & Advanced Systems
We support capital structuring, strategic transactions and long-term industrial development across aerospace, space and complex sovereign systems – sectors that combine high capital intensity, long development cycles and strong strategic externalities.
  • Aerospace platforms and systems
  • Space infrastructure, launch and satellite systems
  • Navigation, observation and secure communications systems
  • Complex sovereign platforms and mission-critical systems
  • Advanced engineering and high-performance systems
Military jet aircraft flying in a clear blue sky with afterburners on and white smoke trails coming from the wings.
Industrial Base & Critical Infrastructure
We advise on the financing, structuring and transformation of the industrial base and critical infrastructure that underpin economic resilience and strategic autonomy — large-scale, capital-intensive assets where industrial capacity, continuity of service and long-term investment discipline are essential.
  • Advanced manufacturing and industrial equipment
  • Heavy industry and strategic production assets
  • Transport, logistics, ports and rail infrastructure
  • Telecommunications networks and data infrastructure
  • Utilities, grids and critical public infrastructure
Industrial refinery complex at dusk with multiple tall striped smokestacks illuminated by lights, one with a visible flame.
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