US Army needs $150 bn for upgrades. It wants Wall Street to foot the bill

The US Army is short by about $135 billion to overhaul ageing bases, depots, and logistics, a funding gap it cannot fill through Congress.

- AMBIJEET KUMAR

Army Secretary Daniel Driscoll is now asking private equity giants such as Apollo, Carlyle, KKR, and Cerberus to help fund a $150 billion modernisation plan for the next decade, according to a report by the Financial Times.

The goal is to use under-utilised military land and assets to attract private investment into critical infrastructure and technology upgrades.

Last week, Driscoll and Treasury Secretary Scott Bessent co-hosted a closed-door forum with more than a dozen leading private capital firms. The aim was to get private finance to underwrite military modernisation.

Instead of seeking fresh Congressional appropriations, the Army pitched a framework that allows investors to use under-utilised military land and depots for projects that yield tangible infrastructure or services in return.

The proposed partnerships go far beyond routine contracting.

Data centres on army bases: