The Pentagon is building a new team of investment bankers steeped in private equity to invest $200 billion over three years in defense deals, Semafor reported Wednesday, citing a document it had reviewed.

The Department of Defense is specifically going after Goldman Sachs, Morgan Stanley, JPMorgan and Bank of America as prime recruiting targets for the 30-person team, the report said.

The document, prepared by search firm Heidrick & Struggles, pitches a chance to "serve your country" and deploy "more capital than most investors deploy in their entire careers," Semafor reported.

The banks, Heidrick & Struggles and the White House did not immediately respond to Reuters' requests for comment. Reuters could not independently verify the report.

U.S. President Donald Trump has long expressed ambitions to oversee a massive sovereign wealth fund similar to those in the Gulf and Asia, using private capital as a tool to extend political influence.

In February 2025, Trump signed an executive order ordering the creation of a sovereign wealth fund within the next year.

If created, the sovereign wealth fund could place the U.S. alongside numerous other countries, particularly in the Middle East and Asia, that have launched similar funds as a way to make direct investments with government dollars.

Sovereign wealth funds are investment vehicles owned by countries. Most act as an investment account, or as a development tool, or a combination of the two. They are designed to be a nest egg, allowing current money to be deployed in a way that benefits future generations.