# JD Vance Holdings Structured map of [[JD Vance]]'s fund, prior VC positions, and the conflict surface they create with his office. Thinner than the billionaires' holdings pages — Vance's weight is a working VC's portfolio, not an empire — but the defense/aerospace exposure is the load-bearing part. The people side is [[JD Vance First Degree Connections]]; the canonical [[JD Vance]] page carries the narrative. > Many positions are illiquid private VC stakes; financial-disclosure figures are point-in-time. The political significance is the **conflict** between portfolio and policy, not the dollar size. ## The fund: Narya Capital [[Narya Capital]] — co-founded 2020 in Cincinnati with backing from [[Peter Thiel]] (≥15% of initial capital), [[Eric Schmidt]], and [[Marc Andreessen]]. A $93M fund on a "reindustrializing America" thesis. The Tolkien name (Narya = a Ring of Power) nods to Thiel's LOTR-named companies (Palantir, Mithril, Anduril). | Portfolio company | Sector | Conflict note | |---|---|---| | True Anomaly | Space / defense | Holds [[Space Force]] contracts — direct conflict with Vance's defense-spending votes | | [[Rumble]] | Right-wing video platform | Movement-media asset; also in the [[David Sacks]] orbit via [[Callin]] | | AppHarvest | Agtech | Went bankrupt | | Atomic | Advanced manufacturing | Reshoring thesis | ## Prior VC positions - At Rise of the Rest (Steve Case's fund), Vance invested in [[Anduril]] — the [[Trae Stephens]]/[[Founders Fund]] defense-tech company that later won a $20B Army contract. A direct financial thread from Vance to a Thiel-network prime. - Ex-principal at [[Mithril Capital]] (2016–17) — embedding more than deal-making. ## The conflict picture Ohio Democrats flagged his disclosure as revealing a "Silicon Valley millionaire with a D.C. townhouse" — the gap between the *Hillbilly Elegy* bootstrap brand and his actual position as a Thiel-funded tech investor. The structural conflicts (detailed on the canonical page and [[Defense Tech Conflicts of Interest]]): - Mentor [[Peter Thiel]]'s companies hold $10B+ in government contracts. - His own [[Narya Capital]] holds aerospace/defense positions (True Anomaly). - [[Rockbridge Network]] takes $100K–$1M memberships from defense-tech donors. No formal ethics review has been initiated into this web. ## See Also - [[JD Vance]] — canonical biography - [[Narya Capital]] · [[Rockbridge Network]] · [[Anduril]] - [[Defense Tech Conflicts of Interest]] - [[JD Vance Campaign Finance]] · [[JD Vance First Degree Connections]] - [[JD Vance Dossier]]