Family Offices Hunt 2,900% Returns in Global Defense Tech Drive

The Michels family has spent more than six decades building pipelines, airports and seawalls through their namesake Wisconsin contracting business.

More recently, the private investment arm for the billionaire owners of Michels Corp. has deepened its focus on defense, inspired by both the late patriarch’s military service and surging demand.

Their family office has made multiple million-dollar-plus investments over the past few years in the industry, putting money in thematic funds and backing startups that make things like autonomous fighter jets and anti-drone technology. It has put them at the forefront of a growing trend among wealthy families of investing ...