Strategic Capital & Emergence of a U.S. Sovereign Wealth System

Special event for the Sovereign Finance, Capital Markets, and Global Regulatory Challenges Seminar [Credit Course for NYU Law School and Stern MBA Degrees]

Open to NYU Law students and Law ID holders

Tuesday, August 25, 2026, 4:30 - 5:25pm Class Opening Seminar; 5:30 - 6:30pm Guest speaking by the US DFC

The U.S. International Development Finance Corporation (DFC) is evolving beyond the conventional model of a development finance institution in support of strategic economic and national-security objectives. Following its recent congressional reauthorization, the DFC has substantially expanded its authorities and capacity, including an increase in its maximum contingent liability from $60 billion to $205 billion and mandate to deploy nearly $30 billion in capital annually.

At the same time, the United States is increasingly deploying strategic capital through multiple federal institutions, including the Department of Commerce, the Department of Defense’s Office of Strategic Capital (OSC), and the Department of Energy. Across this emerging landscape, federal agencies are employing a broader range of investment tools (such as recent investments in Intel and MP Materials), including direct equity stakes, to advance national-security, supply-chain, technology, energy, and industrial-policy objectives.

The DFC guest speakers – Mark Choi, Malavika Rajagopal, Ari Mazza – will explain this notable shift (and career opportunity) in the relationship between the U.S. government and capital markets. Do these developments represent the emergence of an American sovereign wealth system?

Speakers:

Mark K. Choi, Special Working Office for Rapid Deployment (SWORD) Investment Arm, U.S. International Development Finance Corporation

Winston Ma, CFA Esq. Executive Director and Adjunct Professor, Global Public Investment Funds Forum, NYU School of Law

Conveners:

NYU Law and Business Association (LBA)

Venue:

Vanderbilt Hall, Smart Classroom 214
40 Washington Square South, New York, NY, 10012

Related readings:

NYU DRI: Allied Sovereign-Private Partnerships: Aligning Fiduciary Duty with Strategic Competition (Mark Choi, July 2026)

Financial Times FT Op-Ed: AI Needs its Own Sovereign Fund (Winston Ma, July 2026)

NYU Development Research Institute (DRI): Structuring the Sovereign-Private Partnership: Delivering Both Strategic and Financial Returns (Mark Choi, June 2026)

Bloomberg TV Interview: US Pursuing Unconventional Sovereign Wealth Fund (Winston Ma, August 2025)