What are the odds two private equity underwriters with Pine Island Capital Partners would make the top two cabinet positions in President Biden's White House? Secretary of Defense Lloyd Austin and Secretary of State Anthony Blinken did just that. They traveled to Ukraine over the weekend to meet with President Volodymyr Zelenski.
Blinken and Austin informed Zelensky of more than $322 million in new foreign military financing for Ukraine, bringing the total US security assistance to Ukraine since the invasion to about $3.7 billion, the official said.
"It will provide support for capabilities Ukraine needs, especially the fight in the Donbas," the official said. "This assistance will also help Ukraine's armed forces transition to more advanced weapons and air defense systems, essentially NATO capable systems."
More than 50 Ukrainians were set to complete training on Monday to operate Howitzer heavy artillery that Washington has begun sending to Ukraine in recent weeks to reflect that fighting is now focused in the flatter, more open Donbas region.
Pine Island Capital Partners has two portfolio companies, Precinmac and InVeris Training Solutions.
Precinmac is a critical supplier to prime contractors in the aerospace, defense, semiconductor, automation, and other sectors that rely on ultra-high precision manufacturing capabilities and expertise.
InVeris Training Solutions is the world leader in developing and deploying advanced technology-enabled virtual and live-fire training systems for military, law enforcement, and commercial customers. The Company operates with a philosophy of safety through training across two segments – intelligent virtual and live-fire training systems. Its advanced systems have been deployed in over 130 countries.
I imagine business has gone up for Pine Island Capital affiliates as a direct or indirect result of President Biden appointing them to his Cabinet. Did Ukraine obtain any of their services in the $3.7 billion of U.S. military assistance announced to date?
Update 4-27-22: Yahoo reported:
Ukrainian Minister of Foreign Affairs Dmytro Kuleba made this statement during a live stream on his Facebook page, "Evropeyska Pravda" reported. "We have entered a completely new phase, one which no one even thought about two months ago. We have entered a fundamentally new phase, which no one even dreamed of - the transition of the Armed Forces of Ukraine to NATO weapons, to NATO standards.
How might this drive business to Precinmac and/or InVeris Training Solutions?
“Precinmac has a long history of delivering value to customers through design assistance, precision manufacturing, and assembly, and we see an opportunity to further grow the business among aerospace, defense, semiconductor, and industrial companies,” said Admiral Michael Mullen, a partner at Pine Island and the new chairman of the board of Precinmac.
The Chairman of InVeris Training Solutions board of directors is Pine Island Capital Partners Partner, and Former US Sen. Saxby Chambliss.
Update 5-11-22: Glenn Greenwald reported Congress upped the Biden budget request of $33 billion for Ukraine to $40 billion. Most of that will be spent on weapons. How much will Pine Island affiliates profit from these funds?
