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 critica...