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This is a special edition of our members-only newsletter, In Brief, where each week, experts will dig deep into a single issue happening in the world to help you better understand it. To receive In Brief directly in your inbox, and to gain access to all of our members-only newsletters and podcasts, sign up for a War on the Rocks Platinum membership today.***Limited partners invest in venture capital funds, which, in turn, invest in companies. While there has been a surge in defense tech investment over the last six or seven years, the competition for limited partners is fierce among venture capitalists seeking to raise funds. One challenge that fuels competition for limited partners is that they have yet to see major returns on their original investments, which typically happen through acquisitions or initial public offerings. We asked three experts to answer the question: When will defense tech limited partners start seeing returns?Read more below.Lauren Bedula Managing Director at Beacon Global Strategies Limited Partner at First In Co-host of the “Building the Base” podcastTrends around mergers and acquisitions (M&A), such as AeroVironments’ recent $4.1 billion acquisition of BlueHalo, along with demands for consolidation, have arguably already shown investors in defense tech-related funds the opportunity for returns. I believe returns will still favor M&A strategies and not initial public offerings in the short term, but we will likely see a couple of significant initial public offerings in this space over the next three years. The Trump administration has made it clear that it will prioritize providing non-traditional technology companies with a level playing field for government contracts. This environment will help strengthen emerging defense technology businesses to be prepared to go public and increase the rate of returns we see in this space.Jeff Crusey General Partner, 7percent VentureWhile significant capital has recently flowed into defense tech, limited partners should temper expectations about