Appointment of In-Q-Tel’s Lead Investor Further Strengthens Kensington’s ONE9 Defence and Security Venture Capital Platform

Kensington Capital Partners Limited today announced the appointment of George Hoyem to the Investment Committee of its ONE9 defence and security venture capital platform. This strategic move further strengthens ONE9’s position as the Canadian market leader for investments in national security technologies, including cybersecurity, dual-use technologies and advanced defence innovations. Hoyem will also serve as Special Advisor to Kensington in this sector, assisting with the strategic growth and development of the ONE9 venture capital platform, which Kensington acquired in March 2025.

George Hoyem spent the past 15 years at In-Q-Tel (IQT), most recently serving as Executive Vice President, Investments, where he led the IQT investment team for the past several years until his retirement in June 2025. IQT is the U.S. Government agency established with the mission to be the premier government partner trusted to identify, evaluate and leverage emerging commercial technologies for the U.S. National Security community and America’s allies. Set up in 1999 by the CIA as an independent strategic investment firm, IQT has spent more than 25 years helping startups adapt their highly innovative products to both maximize mission impact for its government partners while enhancing the companies’ commercial success. Today, IQT represents over a dozen different U.S. Government partners, as well as counterparts in the United Kingdom and Australia, to fulfill its mission of ‘Global Security Investing’.

ONE9 and Kensington have collaborated with IQT on numerous investments for over a decade, developing a strong business and co-investment partnership. This growing relationship will now be significantly enhanced by Hoyem’s active role on their investment team, where he will assist the firm with strategic sourcing, evaluation and management of all new investments relating to national security. As the leading Canadian venture firm focused on this sector, ONE9 brings the most innovative emerging security and defence technologies to market, across artificial intelligence, robotics, cybersecurity and space technologies, among other subsectors.

“I look forward to bringing my network and experience to the growing ONE9 investment platform, which is very well positioned to source top-tier investments and generate strong returns for investors,” said Hoyem. “As I return to the private sector, I am confident that my relationships across Government and industry stakeholders will add value to our portfolio companies.”

“George’s experience and credibility is at the very top tier of the national security investment domain,” said ONE9 founder and Managing Director Glenn Cowan. “His unique experience and insights into U.S. national security, as well as his extensive network, will complement our team’s leadership in building a market leading venture capital platform in this sector.”

“George’s addition to our team reinforces and strengthens ONE9 as Canada’s leading platform for venture capital investment in national security,” said Rick Nathan, Senior Managing Director at Kensington. “Our growing focus on this sector comes at a time of growing geopolitical stress, leading to significant increased innovation and spending in these key emerging technologies as we bring new opportunities for value creation to our investors.”

About Kensington Capital Partners

Kensington Capital Partners is a leading independent Canadian investor in private equity and venture capital. Established in 1996, and now with offices in Toronto, Vancouver and Ottawa, the Kensington team currently manages over $2.6 billion in private equity and venture capital assets. Kensington is majority-owned by AGF Capital Partners, a subsidiary of AGF Management Limited (AGF). Founded in 1957, AGF manages over $54 billion in investment assets and serves more than 815,000 investors. For more information, visit www.kcpl.ca.

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Kensington has appointment George Hoyem to the Investment Committee of its ONE9 defence and security venture capital platform. Hoyem will also serve as Special Advisor to Kensington in this sector.