George Hoyem will serve on the investment committee of Kensington Capital Partner’s One9 unit. He was previously executive vice-president of investments at In-Q-Tel (IQT), retiring last month. (The Logic)

Talking point: Kensington acquired Ottawa-based One9 in April. Former soldier Glenn Cowan and Shopify co-founder Daniel Weinand launched the investment firm in March 2022 to back startups developing dual-use technologies. At the time, Kensington managing partner Rick Nathan cited the cluster of funds with security expertise around Washington, D.C. as a major factor in the success of the defence tech sector in the U.S. IQT—which the Central Intelligence Agency launched in 1999, and which now invests on behalf of several U.S. government agencies—is at the core of that U.S. ecosystem. The fund has backed several Canadian firms, including Xanadu, Plotly and Magnet Forensics, which has since been sold to Thoma Bravo.