- OSC has unveiled a financing program for critical minerals investment
- Qualified fund managers will pair OSC loans with private capital for portfolio investments
- Attend the two Potomac Officers Club-hosted DOW summits this summer
The Department of War’s Office of Strategic Capital has introduced the National Security Fund Finance, or NSFF, program to provide capital support for credit funds that address gaps, shortages and vulnerabilities in critical minerals essential to U.S. national security.
The Potomac Officers Club will host two DOW summits this summer as the defense industrial base positions itself for new investment opportunities in national security. Register now for the 2026 Air and Space Summit on July 30 to hear discussions on artificial intelligence, Golden Dome, commercial space relay and other defense technology priorities. You can also reserve your seat today for the 2026 Navy Summit on Aug. 27 to explore digital engineering, AI, autonomous systems and next-generation capabilities.
“President Trump has led the way in leveraging the strength of the United States’ world-leading capital markets,” said Emil Michael, under secretary of war for research and engineering and a 2026 Wash100 awardee. “The Office of Strategic Capital’s NSFF program represents another tool that will establish true U.S. independence in the critical minerals supply chain.”
What Is the NSFF Program?
The NSFF program is a fund-level financing initiative through which OSC provides direct loans and other financial tools to qualified investment fund managers. Those fund managers combine OSC loans with private capital to invest in portfolio companies working to address U.S. national security shortages, gaps and vulnerabilities related to critical minerals and materials.
“The NSFF program clearly advances OSC’s goal of crowding-in private capital to address shortages that are vital to U.S. national security. Paired with private capital, NSFF will drive significant investment to address gaps and vulnerabilities in our U.S. critical minerals industry,” said David Lorch, director of OSC and senior adviser to Deputy Secretary of War Steve Feinberg.
“OSC is taking decisive action to restore our domestic critical minerals supply chain, revive our industrial base, and rebuild our military to achieve President Trump’s goal of peace through strength,” Lorch added.
OSC is set to release a formal notice of funding opportunity soon. The agency will post the application link on its website and issue an accompanying press release through the DOW website once the notice becomes available.
What Is DOW OSC?
The Office of Strategic Capital is a DOW component tasked with developing and implementing strategies and partnerships to scale and accelerate private investment in critical supply chain technologies in support of national security missions.
Congress authorized OSC in the National Defense Authorization Act of 2024 and identified 31 covered technology categories eligible for OSC capital assistance, complementing the 14 critical technology areas identified by DOW leadership.
In January 2025, OSC released its Fiscal Year 2025 Investment Strategy outlining its investment areas for credit-based financial products.
