In September 2023, the Department of Defense and the Small Business Administration joined forces to launch the Small Business Investment Company Critical Technology Initiative (CTI), aimed at pairing private capital with federally guaranteed loans to enable new technologies and enhance U.S. competitiveness in IP and manufacturing. Now two asset management firms based in Dallas and Palm Beach, Florida, have joined forces on their own to advance the CTI’s mission. 

Rochefort Management—a joint venture between Kyle Bass’ Dallas-based Hayman Capital Management and Florida’s Serengeti Asset Management—has been selected as an “approved manager” authorized through the initiative to help improve America’s economic and national security by providing capital to rapidly growing small businesses.

The Critical Technology Initiative, which is spearheaded by Secretary of Defense Lloyd Austin and SBA Administrator Isabel Casillas Guzman, is projected to initially invest more than $4 billion into 1,000 or more small companies “crucial to America’s security,” Rochefort said.

Kyle Bass

The new joint venture is said to be “one of the only managers” authorized to provide debt capital to companies focused on the DOD’s 14 Critical Technology Areas. The venture aims to leverage the strengths of both Hayman and Serengeti to engage in a public-private partnership that seeks to catalyze investment into critical technology areas of the United States.

“The Chinese Communist Party represents the largest threat to United States national security,” Kyle Bass, founder and CIO of Hayman Capital Management and principal at Rochefort, said in a statement. “Our strategy of investing in Critical Technology Areas is designed to alleviate supply chain vulnerabilities, core dependencies on critical minerals, metals, and elements, and to help catalyze private companies to develop offensive and defensive capabilities to combat all aspects of Chinese hybrid warfare.”

Jody LaNasa, founder, managing partner, and CIO of Serengeti and a principal of Rochefort Management, has collaborated with Bass on investments for over 25 years, according to the Rochefort website.

Over 25 years of investment collaboration

Jody LaNasa

“Building on our experience investing in many of America’s leading private companies, we are excited to help these emerging businesses grow,” LaNasa said in a statement. “Our partnership with the DOD and SBA should help strengthen America by assisting these companies in developing critical technologies and onshoring manufacturing capacity to transform themselves into major contributors to American national and economic security.”

Rochefort Management’s Alex Lemond stressed the strategic importance of the DoD and SBA’s initiative.

“We’re honored to be a part of the Critical Technology Initiative that is vital to our national security and thank both the Office of Strategic Capital and Small Business Administration for their vision and leadership,” Lemond said. “While the challenges are significant, we steadfastly believe that our American free enterprise system will allow us to prevail in this crucial mission.”

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