Advent Earmarks Up to $1 Billion for Defense Tech Bets (1)

Advent is planning to invest as much as $1 billion in the defense sector as global tensions rise, one of the firm’s managing partners said in an interview on Bloomberg TV on Wednesday.

“We’ve deployed over $15 billion into mature defense companies to help them innovate and now the idea is to commit another $1 billion to help the innovators mature,” Advent Managing Partner Shonnel Malani said, confirming an earlier Bloomberg News report.

The private equity fund will target companies focused on “next-generation” defense technology and long-term security needs. The firm is trying to invest in strategic areas to ...