Investment Policy Statement, Small Business Investment Company Critical Technology Initiative

The Small Business Investment Company Critical Technologies (SBICCT) Initiative is a joint effort based on a Memorandum of Agreement between the Small Business Administration (SBA) and the Department of Defense (DoD) to increase private capital investment in critical technologies. The SBICCT Initiative is executed by SBA’s Office of Investment and Innovation (OII) and the DoD’s Office of Strategic Capital (OSC), coupling SBA’s expertise and experience executing the established and highly successful Small Business Investment Company (SBIC) program with the DoD’s robust scientific and technical expertise and national security mission. By providing capital and technology sector guidance, the SBICCT Initiative aims to empower highly qualified investors to scale public-private partnered capital and catalyze investment in critical technology areas.

The SBICCT Initiative is the first effort under the SBA-DoD partnership, launched by the Secretary of Defense and the SBA Administrator on December 3, 2022, to grow private sector investment in component-level technologies and production processes vital to U.S. national security interests.

This Investment Policy Statement (IPS) details the joint SBICCT Initiative objectives and governance framework with respect to the overall SBICCT portfolio. Specifically, the SBICCT IPS is intended to:

a) Outline the SBICCT Initiative investment objectives and portfolio considerations including strategic sector, investment stage, asset allocation, portfolio construction, and management of SBICCT Licensees.

b) Outline the SBICCT Initiative portfolio governance framework, detailing the roles and responsibilities of key stakeholders and approaches to risk management, monitoring, and reporting requirements.