The U.S. Army has formally invited top private‐equity firms to submit proposals in support of an infrastructure modernisation programme estimated at around $150 billion. The outreach included firms such as Apollo Global Management, Carlyle Group, KKR & Co. and Cerberus Capital Management, who were asked to present “meaty” investment ideas for partnership with the Army. At a forum hosted by Army Secretary Daniel Driscoll and Treasury Secretary Scott Bessent, around fifteen major buy-out firms met with senior Army officials to explore unique financing models including land-swaps and equity stakes rather than traditional cash payments. The Army’s internal budget for infrastructure is significantly smaller than the funding gap it expects. Officials identify a shortfall in excess of $135 billion relative to projected needs, driving this private-capital push. The types of projects under review encompass construction of data centres, processing facilities for rare earths and other critical minerals on Army bases, and modernising base infrastructure with non-traditional financial structures. This move bucks the typical model where defence infrastructure remains wholly government-funded. The Army aims to leverage private investors to deliver scale and innovation at a time when its own budget is constrained. F Firms were given informal guidance that they need to propose full schemes that go beyond advisory roles and include operational and investment commitments, signalling ambition for deeper structural arrangements rather than mere consultancy. While such public-private partnerships are not unprecedented in other sectors, their direct application to national security and military infrastructure on this scale marks a significant departure. The forum underscores a shift by the Army to draw on commercial capital and investment strategies to bridge the funding gap. Officials are casting the Army infrastructure challenge as an asset base with under-utilised potential, inviting private sector ideas for unlocking value. Military infrastructure already has examples of private-sector involvement in housing and energy programmes but this marks perhaps the largest solicitation of private-equity capital for core defence infrastructure. The Army intends to finalise initial deal structures by the end of the year. Firms invited are expected to move swiftly given the scale and urgency of the programme....