America's Frontier Fund is raising up to $315 million for its debut fund, with $175 million in government loans and $140 million in private capital.
Google CEO Eric Schmidt and Founders Fund partner Peter Thiel have invested in the firm's nonprofit foundation.
$315 million is relatively large for a first fund, focusing on investments in national security startups and defense tech.
Investments in the defense tech space have surged, with up to $1.4 billion in the first quarter of 2025 compared to $200 million the same period last year.