Aidan Daly
ONE Bow River, a Colorado Springs-based alternative asset management firm, announced closing ONE Bow River National Defense Fund I, its first private equity fund, with $500 million of committed capital and pending Small Business Administration approval of around $10 million in limited partner commitments.
In a press release Tuesday, Kevin O’Neil, chief investment officer of ONE Bow River, said, “In one of the most challenging fundraising environments in recent memory, we are thrilled with the overwhelming support we’ve received from investors on our first national defense fund. This milestone underscores the confidence in our team and the appeal of this particular strategy at this time in U.S. history.”
ONE Bow River, a joint venture between Bow River Capital and ONE Funds, commits to investing in private, lower-middle market companies and helping them advance. ONE Bow River National Defense Fund aims to solve critical technology challenges through investments in data and national defense solutions for the U.S. government.
The fund is oversubscribed, given its initial target of $250 million. It is also one of 17 funds listed by the Department of Defense and the SBA in January that were approved and granted licenses for the Small Business Investment Company Critical Technologies Initiative.
SBICCT Initiative intends to attract and scale private investment into the DoD’s Critical Technology Areas and component-level technologies and production processes. The goal is to strengthen U.S. national and economic security. ONE Bow River National Defense Fund obtained its SBIC license in October 2024. In addition to being the largest fund in the SBICCT, it is the only licensed SBIC fund based in Colorado.
“We are honored to be part of the SBICCT Initiative’s first cohort and intend to make a positive impact on the DoD’s CTAs effort,” said Steve Joanis, senior managing director of ONE Bow River. “We look forward to working collaboratively with the Department of Defense and the Small Business Administration to identify solutions that keep the U.S. and our warfighters safe.”
Johnna Reeder Kleymeyer, president and CEO of the Colorado Springs Chamber and Economic Development Corporation, said, “The successful close of ONE Bow River’s National Defense Fund marks a significant milestone for Colorado Springs’ growing defense and technology sectors.”
