Ten vetted funds and programs, and how operations roles differ from investing roles in private equity and venture capital.
The short version
Private equity and venture capital hire veterans two ways: into investing roles that source and evaluate deals, and into operations roles that improve the companies a fund owns. Portfolio operations, program management, and business development lean hard on the leadership you already built. Some paths run through an MBA, and others hire you directly, especially at veteran-founded and veteran-focused funds.
Source: 51 Vets
How to use this list
These funds and programs are vetted, not ranked. This is not an endorsement of any firm or organization. Fund strategies, programs, and hiring change often, so confirm the current specifics on each official site before you commit time or money.
Investing roles versus operations roles
Know the difference before you apply. Investing roles (analyst, associate, principal) find deals, run diligence, and manage capital, and they often expect finance reps or an MBA. Operations roles (portfolio operations, integration, program and product management, business development) sit inside the fund or its companies and reward the way you led teams and ran complex missions. Many transitioning veterans land faster on the operations side, then move toward investing over time. Both are legitimate ways in.
The 10 to know
- 51 Vets: a nonprofit that connects veterans from special operations and aviation communities to careers in private equity, venture, consulting, and operations through summits, mentorship, and introductions. Join to build a network and target roles.
- Blackstone: one of the largest private equity firms, with a veterans hiring commitment, a Military Internship Program (MINT), and Career Pathways hiring across its portfolio companies. Explore MINT and portfolio roles on the site.
- Carlyle Group: a global investment firm that has helped lead an industry veterans initiative to recruit and promote veterans across portfolio companies. Check the careers section for openings and programs.
- Hivers and Strivers: an angel investment group that backs startups led by graduates of the U.S. service academies. It matters if you are a founder or want exposure to veteran-led startups. Review the criteria before you pitch.
- TFX Capital: an early-stage venture firm (formerly Task Force X Capital) that invests in companies led by former military and national security leaders, and runs a talent network and fellows program. Join the talent network to reach portfolio jobs.
- Veteran Ventures Capital: a growth-stage investment firm focused on veteran-led teams building defense and dual-use technology. Watch for roles at the firm and across its portfolio.
- Squadra Ventures: an early-stage venture firm investing in cyber and national security companies, led by founder-operators. A fit if your background is intelligence, cyber, or technology. Check the team and portfolio pages.
- Context Ventures: an early-stage fund with a focus on military veteran founders that also runs a veteran startup conference and research. Useful for founders and for operators seeking portfolio roles.
- Cold Bore Capital: a veteran-led private equity firm whose operations group is staffed by veterans from elite units and supports its portfolio companies. A direct look at how portfolio operations works. Review the team and approach.
- BreakLine: a no-cost program that prepares veterans and military spouses for corporate roles, including operations and business development that map to portfolio companies. Apply through the site.
FAQ
- What is portfolio operations? It is the team that helps improve the companies a fund owns, through leadership, process, hiring, and execution. Military operators often fit here.
- Do I need an MBA for private equity or venture? For many investing roles, an MBA or prior finance experience helps. Operations roles can weigh leadership and execution more heavily. It depends on the fund.
- Can I get in without deal experience? Often, yes, on the operations side. Investing roles generally expect diligence or transaction reps, which you can build over time.
- Are veteran-focused funds only for founders? No. They invest in companies, and those companies and the funds themselves hire. Founders can also seek capital.
- Is this the same as investment banking? No, but they connect. Banking skills can lead to private equity, and our companion guide covers that route.
- How do I start networking? Join a veteran finance community, attend summits and conferences, and build your profile before you separate.
Where to get help
Verification Notes
- We confirmed each firm and organization through its official website in July 2026. Fund strategies, programs, and hiring change often, so verify current details.
- We considered a "Veterans in Private Equity" program, but we could not confirm a current, officially operated organization by that name, so we did not include it and added 51 Vets in its place.
- We considered the Second Service Foundation, which supported military and veteran entrepreneurs. Public reporting indicates it voluntarily wound down to move its resources into another nonprofit, so we dropped it and added Cold Bore Capital as a veteran-led private equity example.
- We did not publish fund sizes, returns, or hiring statistics. Confirm any figures directly with each firm.
Sources & links
VetraFi does not provide financial, investment, tax, legal, or accounting advice. The content provided is for informational purposes only. You should consult your own advisors before engaging in any transaction.
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