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Semafor on the Office of Strategic Capital
Semafor · 2026-09-02
<!DOCTYPE html><html lang="en"> <head><meta name="sentry-route-name" content="%2Farticle%2F%5B...slug%5D"/><meta charset="utf-8"><meta name="viewport" content="width=device-width, initial-scale=1"><script id="build-info" type="application/json">{"rendered":"Thu Sep 03 2026 00:48:19 GMT+0000 (Coordinated Universal Time)","rendered_timestamp":1788396499306,"hash":"7499eef05a13ba6ca66ff316a79198577925680d","branch":"main"}</script><link rel="manifest" href="/site.webmanifest" crossorigin="use-credentials"><title>Trump’s Venezuela deal draws scrutiny of obscure Pentagon office | Semafor</title><meta name="description" content="It was “never the intention” to take US government stakes in private companies, one former Office of Strategic Capital official said."/><meta name="robots" content="max-image-preview:large"/><meta property="og:title" content="Exclusive: Trump’s Venezuela deal draws scrutiny of obscure Pentagon office"/><meta property="og:url" content="https://www.semafor.com/article/09/02/2026/trumps-venezuela-deal-draws-scrutiny-of-obscure-pentagon-office"/><meta property="og:description" content="It was “never the intention” to take US government stakes in private companies, one former Office of Strategic Capital official said."/><meta property="og:type" content="article"/><meta property="og:image" content="https://img.semafor.com/62f607121d8bc19c863fc8b9091420fe9ab9ebcd-6500x4333.jpg?rect=0,461,6500,3413&w=1200&h=630&q=75&auto=format"/><meta property="og:image:width" content="630"/><meta property="og:image:height" content="1200"/><meta name="twitter:card" content="summary_large_image"/><meta name="twitter:title" content="Exclusive: Trump’s Venezuela deal draws scrutiny of obscure Pentagon office"/><meta name="twitter:description" content="It was “never the intention” to take US government stakes in private companies, one former Office of Strategic Capital official said."/><meta name="twitter:image" content="https://img.semafor.com/62f607121d8bc19c863fc8b9091420fe9ab9ebcd-6500x4333.jpg?rect=0,461,6500,3413&w=1200&h=630&q=75&auto=format"/><link rel="apple-touch-icon" href="https://www.semafor.com/apple-touch-icon.png" sizes="180x180"/><link rel="icon" href="https://www.semafor.com/favicon-32x32.png" sizes="32x32" type="image/png"/><link rel="icon" href="https://www.semafor.com/favicon-16x16.png" sizes="16x16" type="image/png"/><link rel="mask-icon" href="https://www.semafor.com/safari-pinned-tab-icon.svg" sizes="16x16" type="image/png" color="#000000"/><meta name="article:published_time" content="2026-09-02T08:54:07Z"/><meta name="article:modified_time" content="2026-09-02T08:54:07Z"/><meta name="article:section" content="politics"/><meta name="article:author" content="https://www.semafor.com/author/eleanor-mueller"/><link rel="canonical" href="https://www.semafor.com/article/09/02/2026/trumps-venezuela-deal-draws-scrutiny-of-obscure-pentagon-office"/><script type="application/ld+json">{"@context":"https://schema.org","@type":"NewsArticle","headline":"Exclusive: Trump’s Venezuela deal draws scrutiny of obscure Pentagon office","url":"https://www.semafor.com/article/09/02/2026/trumps-venezuela-deal-draws-scrutiny-of-obscure-pentagon-office","thumbnailUrl":"https://img.semafor.com/62f607121d8bc19c863fc8b9091420fe9ab9ebcd-6500x4333.jpg?rect=1084,0,4333,4333&w=800&h=800&q=75&auto=format","image":["https://img.semafor.com/62f607121d8bc19c863fc8b9091420fe9ab9ebcd-6500x4333.jpg?rect=1084,0,4333,4333&w=600&h=600&q=75&auto=format","https://img.semafor.com/62f607121d8bc19c863fc8b9091420fe9ab9ebcd-6500x4333.jpg?rect=362,0,5777,4333&w=800&h=600&q=75&auto=format","https://img.semafor.com/62f607121d8bc19c863fc8b9091420fe9ab9ebcd-6500x4333.jpg?rect=0,339,6500,3656&w=800&h=450&q=75&auto=format"],"datePublished":"2026-09-02T06:59:29Z","dateModified":"2026-09-02T08:54:07Z","articleSection":"politics","creator":["Eleanor Mueller"],"author":[{"@type":"Person","name":"Eleanor Mueller","url":"https://www.semafor.com/author/eleanor-mueller"}]}</script><link rel="stylesheet" href="https://static.semafor.com/_app/renderer/1788361043/ui.CX7-u5WF.css">
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src="https://static.semafor.com/_app/renderer/1788361043/knowmore.BsomRPwt.svg" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 class="_navTitle_6w97l_71 _layoutControl_6w97l_84 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _title_1ydje_31">Know More</h3></div></a></div><div class="_indexMenuBlock_6w97l_31"><a aria-label="Eleanor’s view" href="#eleanors-view"><div class="_navTitleWrapper_6w97l_198 _title_1ydje_31"><span class="_navTitleIcon_6w97l_206"><img src="https://static.semafor.com/_app/renderer/1788361043/reporterstake@2x.D5JfoHBZ.png" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 class="_navTitle_6w97l_71 _layoutControl_6w97l_84 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _title_1ydje_31">Eleanor’s view</h3></div></a></div><div class="_indexMenuBlock_6w97l_31"><a aria-label="Notable" href="#notable"><div class="_navTitleWrapper_6w97l_198 _title_1ydje_31"><span class="_navTitleIcon_6w97l_206"><img src="https://static.semafor.com/_app/renderer/1788361043/furtherreading@2x.CoK5Z9-G.png" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 class="_navTitle_6w97l_71 _layoutControl_6w97l_84 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _title_1ydje_31">Notable</h3></div></a></div></div></div></div></div></div><div class="_divider_1wphw_60 _layoutControl_1wphw_36"></div></div></div><div class="article-content _container_ixdj9_31 _layoutControl_ixdj9_37"><div class="_articleContent_1hiid_31 _layoutControl_1hiid_34 _layoutControl_f6mrh_37 _contentWrapper_f6mrh_31"><div><div class=""><div class="_divider_1ohsg_148 _firstSection_1ohsg_153 _twoColumnFirstContent_1ohsg_171 _layoutControl_1ohsg_38 _layoutControl_1xk75_38 _divider_1xk75_31" aria-hidden="true"></div><div class="_title_1ydje_31"><span class="suppress-rss"><img src="https://static.semafor.com/_app/renderer/1788361043/thenews@2x.Bzd2-4Gg.png" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 id="the-news" class="_semaContentTitle_1ohsg_231 _template-semaform-1-column--standard_1ohsg_44 _layoutControl_1ohsg_38 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _isPrimary_1ydje_76 _title_1ydje_31">The News</h3></div><div class="_text_1ohsg_31 _template-semaform-1-column--standard_1ohsg_44 _layoutControl_1ohsg_38"><p>The Trump administration’s deal for a US government stake in a Venezuelan oil company marks the riskiest foray yet for a little-known Pentagon office that was created for another purpose — making loans to develop critical technologies.</p><p></p><p>The White House announced this week that the Defense Department’s Office of Strategic Capital would take <a href="https://www.whitehouse.gov/fact-sheets/2026/08/fact-sheet-president-donald-j-trump-announces-historic-oil-agreement-to-secure-american-energy-dominance-and-drive-venezuelas-economic-recovery/" class="_linkEmbed_1pt7l_31" rel="noopener" target="_blank">a 35% equity stake</a> in North American Blue Energy Partners, headed by politically wired Venezuelan investor Alejandro Betancourt, at “no cost to the American taxpayer.” The goal: make Venezuela’s oilfields more attractive to US investors, thus boosting revenue in Caracas while boxing out Chinese and Russian companies.</p><p></p><p>The OSC has already helped procure equity stakes in at least five other companies during President Donald Trump’s second term, <a href="https://www.cfr.org/articles/washingtons-growing-portfolio-tracking-u-s-government-investments" class="_linkEmbed_1pt7l_31" rel="noopener" target="_blank">according to the Council on Foreign Relations</a>. But the Venezuela deal further stretches the bounds of its mandate, involving oil instead of a classic <a href="https://www.cto.mil/wp-content/uploads/2025/11/CTA-One-Pager-Option-Nov2025.pdf" class="_linkEmbed_1pt7l_31" rel="noopener" target="_blank">critical technology</a>, and has already prompted Democrats to vow to investigate.</p><p></p><p>Any oversight effort, if Democrats retake power in Washington come November, could scrutinize the office’s unprecedented pursuit of government stakes in private firms.</p><div class="_adDivider_9go52_31 _topDivider_9go52_50 _layoutControl_9go52_41 _layoutControl_1xk75_38 _divider_1xk75_31" aria-hidden="true"></div><div data-testid="body-ad-post-message"><div data-testid="ad-body" class="_adMargin_143eg_213 _layoutControl_143eg_139"><div data-testid="ad-label" class="_adLabel_143eg_227">AD</div><div data-testid="ad-container" class="_adContainer_143eg_74"><div class="_innerAdContainer_143eg_127"><div data-testid="ad" id="ad-block-1" class="_ad_143eg_31" data-ad-density="true"></div></div></div></div></div><div class="_adDivider_9go52_31 _bottomDivider_9go52_54 _layoutControl_9go52_41 _layoutControl_1xk75_38 _divider_1xk75_31" aria-hidden="true"></div><p></p><p>Taking stakes “was never the intention when setting up OSC, which in and of itself is not necessarily a problem,” a former OSC official told Semafor in an interview. “But it still raises some legitimate legal and ethical questions.”</p><p></p><p>Jon Hillman, who runs the Council’s tracker, said in an interview that the Venezuelan oil deal “feels like uncharted territory,” adding that the office’s “mission has been to scale private investment in specific, critical supply chain technologies needed for national security.”</p><p></p><p>The <a href="https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section149&num=0&edition=prelim" class="_linkEmbed_1pt7l_31" rel="noopener" target="_blank">statute</a> that established the OSC defines its power to provide “capital assistance” as issuing and guaranteeing loans plus offering technical assistance; a Pentagon spokesperson initially told <a href="https://www.reuters.com/legal/legalindustry/us-take-35-stake-venezuelan-mogul-betancourts-oil-venture-wsj-reports-2026-08-30/" class="_linkEmbed_1pt7l_31" rel="noopener" target="_blank">Reuters</a> that the office “does not take equity stakes” in private companies because of that limited authority.</p><div class="_adDivider_9go52_31 _topDivider_9go52_50 _layoutControl_9go52_41 _layoutControl_1xk75_38 _divider_1xk75_31" aria-hidden="true"></div><div data-testid="body-ad-post-message"><div data-testid="ad-body" class="_adMargin_143eg_213 _layoutControl_143eg_139"><div data-testid="ad-label" class="_adLabel_143eg_227">AD</div><div data-testid="ad-container" class="_adContainer_143eg_74"><div class="_innerAdContainer_143eg_127"><div data-testid="ad" id="ad-block-2" class="_ad_143eg_31" data-ad-density="true"></div></div></div></div></div><div class="_adDivider_9go52_31 _bottomDivider_9go52_54 _layoutControl_9go52_41 _layoutControl_1xk75_38 _divider_1xk75_31" aria-hidden="true"></div><p></p><p>But a US official offered a different explanation to reporters Tuesday, saying that the legal authority to take an equity stake in Betancourt’s company via so-called penny warrants “was granted to the OSC when it was created by statute during the Biden administration.”</p><p></p><p>“This is a very standard deal for OSC in terms of its ability to hold the financial position that it has under this deal, and all financial positions granted to OSC are consistent with the statute,” the US official continued.</p><p></p><p>The Pentagon and the White House did not respond to requests for further clarification.</p><p></p><p>Georgetown Law School visiting scholar Peter Harrell said in an interview that it’s “not possible to offer a definitive legal view” because officials “have not provided a definitive legal theory.”</p><div class="_adDivider_9go52_31 _topDivider_9go52_50 _layoutControl_9go52_41 _layoutControl_1xk75_38 _divider_1xk75_31" aria-hidden="true"></div><div data-testid="body-ad-post-message"><div data-testid="ad-body" class="_adMargin_143eg_213 _layoutControl_143eg_139"><div data-testid="ad-label" class="_adLabel_143eg_227">AD</div><div data-testid="ad-container" class="_adContainer_143eg_74"><div class="_innerAdContainer_143eg_127"><div data-testid="ad" id="ad-block-3" class="_ad_143eg_31" data-ad-density="true"></div></div></div></div></div><div class="_adDivider_9go52_31 _bottomDivider_9go52_54 _layoutControl_9go52_41 _layoutControl_1xk75_38 _divider_1xk75_31" aria-hidden="true"></div><p></p><p>The Trump administration, he added, may be banking on no one having the legal standing — or the desire — to sue over the deal.</p><p></p><p>That includes oil companies hoping to profit off the newly open Venezuelan oil market.</p><p></p><p>“I think quietly everyone may be confused,” said Steptoe attorney Cari Stinebower, who advises oil companies that want to do business in Venezuela. “But I think no one’s going to be vocal about it because most everyone wants to participate in the investment opportunities in Venezuela.”</p><p></p><p>Senate Armed Services Committee ranking member Jack Reed, D-R.I., is among those already <a href="https://www.reed.senate.gov/news/releases/reed-statement-on-pentagon-investment-in-venezuela-oil-venture" class="_linkEmbed_1pt7l_31" rel="noopener" target="_blank">requesting more details</a> on the agency’s legal authority to close the deal. Some Republicans are also keen to learn more about the Venezuelan agreement.</p><p></p><p>“I’m reviewing it right now and I have some questions,” Rep. María Elvira Salazar, R-Fla., told Semafor.</p></div></div></div><div class="_indexMenu_f6mrh_59 _template-semaform-1-column--standard_6w97l_90"><p class="_indexMenuTitle_6w97l_55">In this article:</p><div><div class="_indexMenuBlock_6w97l_31"><a aria-label="The News" href="#the-news"><div class="_navTitleWrapper_6w97l_198 _title_1ydje_31"><span class="_navTitleIcon_6w97l_206"><img src="https://static.semafor.com/_app/renderer/1788361043/thenews@2x.Bzd2-4Gg.png" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 class="_navTitle_6w97l_71 _layoutControl_6w97l_84 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _title_1ydje_31">The News</h3></div></a></div><div class="_indexMenuBlock_6w97l_31"><a aria-label="Know More" href="#know-more"><div class="_navTitleWrapper_6w97l_198 _title_1ydje_31"><span class="_navTitleIcon_6w97l_206"><img src="https://static.semafor.com/_app/renderer/1788361043/knowmore.BsomRPwt.svg" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 class="_navTitle_6w97l_71 _layoutControl_6w97l_84 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _title_1ydje_31">Know More</h3></div></a></div><div class="_indexMenuBlock_6w97l_31"><a aria-label="Eleanor’s view" href="#eleanors-view"><div class="_navTitleWrapper_6w97l_198 _title_1ydje_31"><span class="_navTitleIcon_6w97l_206"><img src="https://static.semafor.com/_app/renderer/1788361043/reporterstake@2x.D5JfoHBZ.png" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 class="_navTitle_6w97l_71 _layoutControl_6w97l_84 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _title_1ydje_31">Eleanor’s view</h3></div></a></div><div class="_indexMenuBlock_6w97l_31"><a aria-label="Notable" href="#notable"><div class="_navTitleWrapper_6w97l_198 _title_1ydje_31"><span class="_navTitleIcon_6w97l_206"><img src="https://static.semafor.com/_app/renderer/1788361043/furtherreading@2x.CoK5Z9-G.png" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 class="_navTitle_6w97l_71 _layoutControl_6w97l_84 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _title_1ydje_31">Notable</h3></div></a></div></div></div></div><div><div class="_articleContent_1hiid_31 _layoutControl_1hiid_34 _layoutControl_f6mrh_37 _contentWrapper_f6mrh_31"><div><div class=""><div class="_divider_1ohsg_148 _layoutControl_1ohsg_38 _layoutControl_1xk75_38 _divider_1xk75_31" aria-hidden="true"></div><div class="_title_1ydje_31"><span class="suppress-rss"><img src="https://static.semafor.com/_app/renderer/1788361043/knowmore.BsomRPwt.svg" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 id="know-more" class="_semaContentTitle_1ohsg_231 _template-semaform-1-column--standard_1ohsg_44 _layoutControl_1ohsg_38 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _isPrimary_1ydje_76 _title_1ydje_31">Know More</h3></div><div class="_text_1ohsg_31 _template-semaform-1-column--standard_1ohsg_44 _layoutControl_1ohsg_38"><p>The Biden administration created OSC in 2022 to lend to companies developing technology “vital” to national security. <a href="https://www.cato.org/blog/congress-should-stop-not-enshrine-equity-stakes" class="_linkEmbed_1pt7l_31" rel="noopener" target="_blank">Recent legislative efforts</a> to officially expand its authority to include equity stakes have so far proven unsuccessful.</p><p></p><p>“The mere fact that Congress has been looking at enshrining this in statute sort of speaks for itself that it doesn’t exist,” Tad DeHaven, who tracks the Trump administration’s stakes in private companies for the libertarian-leaning Cato Institute, told Semafor.</p><p></p><p>But the administration, led by Deputy Defense Secretary Steve Feinberg, has pushed ahead, <a href="https://www.semafor.com/article/03/11/2026/pentagon-headhunting-goldman-jpmorgan-bankers-for-economic-defense-unit" class="_linkEmbed_1pt7l_31" rel="no-referrer">recruiting bankers</a> to help wield a loan authority that has swelled from $1 billion to $200 billion thanks to the recent Republican party-line tax bill. The OSC’s current director, David Lorch, was previously a managing director at Feinberg-founded private equity firm Cerberus Capital Management.</p><p></p><p>Since the ouster of former Venezuelan President Nicolás Maduro eight months ago, the administration has made some progress in convincing other US oil companies to return to the region. Energy Secretary Chris Wright is set to sign an agreement with Chevron on Wednesday in Venezuela that expands its operations in the country.</p><p></p><p>But reinvigorating the sector will take years, and it’s not clear yet whether this week’s deal helps speed things up. Investors may seek more clarity before proceeding.</p><p></p><p>One source of potential uncertainty: Betancourt. The US recently intervened in <a href="https://www.washingtonpost.com/world/2026/08/27/us-intervened-criminal-probe-venezuelan-oilman-alejandro-betancourt/" class="_linkEmbed_1pt7l_31" rel="noopener" target="_blank">an international money-laundering investigation</a> into him in order to finalize Monday’s deal, another US official said Tuesday.</p><p></p><p>The second US official called Betancourt a “proven operator” who would be able to deliver for the administration, shrugging off reports critical of his handling of <a href="https://www.reuters.com/investigates/special-report/venezuela-spain-investor/" class="_linkEmbed_1pt7l_31" rel="noopener" target="_blank">power plant contracts</a>. The official also dismissed concerns that the deal might further delay free elections in Venezuela.</p><p></p><p><a href="https://www.semafor.com/article/01/07/2026/machado-backers-redouble-their-lobbying-to-keep-her-in-trumps-favor" class="_linkEmbed_1pt7l_31" rel="no-referrer">Republican lawmakers allied</a> with Venezuela’s opposition leader, María Corina Machado, took the opportunity to call on the Trump administration to move faster. Elections must be held next year “with this deal or without this deal,” Salazar said.</p><p></p><p>“While the deal is good for the US and Venezuela, I still want that the transition to happen a lot quicker,” Rep. Carlos Giménez, R-Fla., told Semafor. “We need to be moving forward much quicker [because] the current government is illegitimate, and we need to be dealing with a legitimate government.”</p></div></div></div></div></div><div><div class="_articleContent_1hiid_31 _layoutControl_1hiid_34 _layoutControl_f6mrh_37 _contentWrapper_f6mrh_31"><div><div class=""><div class="_divider_1ohsg_148 _layoutControl_1ohsg_38 _layoutControl_1xk75_38 _divider_1xk75_31" aria-hidden="true"></div><div class="_title_1ydje_31"><span class="suppress-rss"><img src="https://static.semafor.com/_app/renderer/1788361043/reporterstake@2x.D5JfoHBZ.png" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 id="eleanors-view" class="_semaContentTitle_1ohsg_231 _template-semaform-1-column--standard_1ohsg_44 _layoutControl_1ohsg_38 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _isPrimary_1ydje_76 _title_1ydje_31">Eleanor’s view</h3></div><div class="_text_1ohsg_31 _template-semaform-1-column--standard_1ohsg_44 _layoutControl_1ohsg_38"><p>There’s most likely some law in place that provides OSC with the legal authority to seek equity stakes in private companies, even if the statute that established it does not do so explicitly.</p><p></p><p>But the administration’s reluctance to specify that law, as well as to provide other details of the Venezuelan oil deal, amounts to an engraved invitation for a future Democratic congressional majority to investigate the office.</p></div></div></div></div></div><div><div class="_articleContent_1hiid_31 _layoutControl_1hiid_34 _layoutControl_f6mrh_37 _contentWrapper_f6mrh_31"><div><div class=""><div class="_divider_1ohsg_148 _layoutControl_1ohsg_38 _layoutControl_1xk75_38 _divider_1xk75_31" aria-hidden="true"></div><div class="_title_1ydje_31"><span class="suppress-rss"><img src="https://static.semafor.com/_app/renderer/1788361043/furtherreading@2x.CoK5Z9-G.png" alt="Title icon" width="20" height="16" fetchPriority="high" style="color:transparent"/></span><h3 id="notable" class="_semaContentTitle_1ohsg_231 _template-semaform-1-column--standard_1ohsg_44 _layoutControl_1ohsg_38 _titleText_1ydje_59 _withTitleIcon_1ydje_73 _isPrimary_1ydje_76 _title_1ydje_31">Notable</h3></div><div class="_text_1ohsg_31 _template-semaform-1-column--standard_1ohsg_44 _lastSemaform_1ohsg_119 _layoutControl_1ohsg_38"><ul class="_list_byhv9_31"><li class="_li_1xz9j_31"><strong class="_strong_typr7_31"><a href="https://www.wsj.com/business/energy-oil/inside-trumps-plan-to-give-the-pentagon-a-stake-in-venezuelas-oil-riches-f054cdc2" class="_linkEmbed_1pt7l_31" rel="noopener" target="_blank">The Wall Street Journal</a> first reported</strong> the Venezuela deal.</li></ul><p><em class="_em_1pvld_31">Nicholas Wu contributed to this report.</em></p></div></div></div></div></div><div><div class="_adDivider_143eg_238 _topDivider_143eg_257 _layoutControl_143eg_139 _layoutControl_1xk75_38 _divider_1xk75_31" 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