National Security Fund Finance (“NSFF”) Program
Open Special Notice Posted
- Solicitation number
- WHSAD0819
- Agency
-
Washington Headquarters Service
Department of Defense
- Responses due
- Set-aside
- No set-aside
Opportunity facts
- Place of performance
- Washington, District of Columbia, United States
- Points of contact
Notice details come from SAM.gov. Updated .
About this opportunity
The Office of Strategic Capital (OSC) within the Department of War issued a Notice of Funding Opportunity for the National Security Fund Finance (NSFF) Program with a proposal deadline of November 1, 2026. The program provides credit facilities to qualified debt investment fund managers combining OSC loans with private capital to invest in critical minerals and materials supply chains vital to U.S. national security as defined under 10 U.S.C. 149(h)(2)(HH). No grants or cooperative agreements will be awarded.
Eligible applicants must be professionally managed debt investment funds incorporated under U.S. state law with significant U.S.-based leadership, substantial assets under management, demonstrated operating history, high-quality financial reporting, SEC registration as an Investment Adviser, adherence to industry cyber standards, and proven experience in critical minerals and materials investments. The credit facility structure provides multi-draw term loan financing of the lesser of $500 million to $1 billion or 125% of total fund equity capitalization, with minimum target fund size of $500 million and minimum first close of 35% of target commitment. Interest rates are set by Federal Financing Bank based on the 10-year Treasury Fixed Rate plus 200 basis points. Financing restrictions prohibit equity investments except through restructurings, investments in restricted entities including Chinese entities and sanctioned parties, and require 100% of investments avoid sole defense applications and carry non-federal funding sources. OSC intends to select parties for due diligence by January 10, 2027, with conditional commitments expected by March 10, 2027. Applicants must submit investment track records for all funds and individual legal questionnaires for each principal.
Notice text
4 versions
Update #4 · Latest ·
OSC is issuing this Notice of Funding Opportunity (“NOFO”) to attract and scale private capital to minerals and materials critical to the national security of the United States. The NSFF Program is a fund-level financing solution to increase private capital investment in gaps, shortages, and vulnerabilities in the supply of critical minerals and materials, as that term is used in 10 U.S.C. § 149(h)(2)(HH), and associated technologies, supply chains, and production processes, vital to U.S. national security (hereinafter, “Critical Minerals and Materials Supply Chains”). The NSFF Program provides loans to qualified investment fund managers, which combines OSC loans with private capital to invest in portfolio companies focused on solving U.S. national security shortages, gaps, and vulnerabilities with respect to Critical Minerals and Materials Supply Chains. By providing credit to qualified asset managers, the NSFF Program acts as a force multiplier to increase and accelerate investment into Department of War (“DoW”) priorities.
Update #3 ·
OSC is issuing this Notice of Funding Opportunity (“NOFO”) to attract and scale private capital to minerals and materials critical to the national security of the United States. The NSFF Program is a fund-level financing solution to increase private capital investment in gaps, shortages, and vulnerabilities in the supply of critical minerals and materials, as that term is used in 10 U.S.C. § 149(h)(2)(HH), and associated technologies, supply chains, and production processes, vital to U.S. national security (hereinafter, “Critical Minerals and Materials Supply Chains”). The NSFF Program provides loans to qualified investment fund managers, which
combines OSC loans with private capital to invest in portfolio companies focused on solving U.S. national security shortages, gaps, and vulnerabilities with respect to Critical Minerals and Materials Supply Chains. By providing credit to qualified asset managers, the NSFF Program acts as a force multiplier to increase and accelerate investment into Department of War (“DoW”) priorities.
Update #2 ·
OSC is issuing this Notice of Funding Opportunity (“NOFO”) to attract and scale private capital to minerals and materials critical to the national security of the United States. The NSFF Program is a fund-level financing solution to increase private capital investment in gaps, shortages, and vulnerabilities in the supply of critical minerals and materials, as that term is used in 10 U.S.C. § 149(h)(2)(HH), and associated technologies, supply chains, and production processes, vital to U.S. national security (hereinafter, “Critical Minerals and Materials Supply Chains”). The NSFF Program provides loans to qualified investment fund managers, which
combines OSC loans with private capital to invest in portfolio companies focused on solving U.S. national security shortages, gaps, and vulnerabilities with respect to Critical Minerals and Materials Supply Chains. By providing credit to qualified asset managers, the NSFF Program acts as a force multiplier to increase and accelerate investment into Department of War (“DoW”) priorities.
No grant or cooperative agreement, as defined in Executive Order 14332, will be awarded from this NOFO.
Update #1 ·
OSC is issuing this Notice of Funding Opportunity (“NOFO”) to attract and scale private capital to minerals and materials critical to the national security of the United States. The NSFF Program is a fund-level financing solution to increase private capital investment in gaps, shortages, and vulnerabilities in the supply of critical minerals and materials, as that term is used in 10 U.S.C. § 149(h)(2)(HH), and associated technologies, supply chains, and production processes, vital to U.S. national security (hereinafter, “Critical Minerals and Materials Supply Chains”). The NSFF Program provides loans to qualified investment fund managers, which
combines OSC loans with private capital to invest in portfolio companies focused on solving U.S. national security shortages, gaps, and vulnerabilities with respect to Critical Minerals and Materials Supply Chains. By providing credit to qualified asset managers, the NSFF Program acts as a force multiplier to increase and accelerate investment into Department of War (“DoW”) priorities.
The application and program requirements will be posted shortly.
Files
| File | Type | Posted |
|---|---|---|
| NSFF NOFO_Attachment IV Investment Track Record.xlsx | XLSX spreadsheet | |
| NSFF NOFO Attachment V Individual Legal Questionnaire.xlsx | XLSX spreadsheet | |
| NSFF NOFO.pdf |
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