Warren Buffett's protégé Todd Combs joins JPMorgan to lead $10B strategic investment group
Apr 1, 2026
Key Points
- Todd Combs, former head of Berkshire's GEICO unit, joins JPMorgan as managing director of a $10 billion strategic investment group targeting defense, aerospace, healthcare, and energy sectors deemed critical to U.S. competitiveness.
- JPMorgan's initiative is part of a broader October 2024 commitment to facilitate $1.5 trillion in investments for companies critical to national security, with Dimon chairing an advisory council including Jeff Bezos and Michael Dell.
- Combs negotiated exemption from Value at Risk metrics to avoid constraints on the group's mandate, emphasizing the fund will evaluate deals on merit and expect both financial returns and national security impact regardless of administration.
Summary
Todd Combs, who led Berkshire's GEICO insurance unit, has joined JPMorgan as managing director of a $10 billion strategic investment group. The group deploys capital into defense, aerospace, healthcare, and energy—sectors Combs describes as places where "the puck is going so that America can control its own future."
Combs reports to Jamie Dimon and serves as special adviser to the CEO. His mandate focuses on middle-market and large companies in sectors the U.S. has "outsourced and abdicated over recent decades." Recent investments include Perpetual Resources, a mining company focused on critical materials, and Shield AI, a defense tech startup. Deal flow comes directly to Combs, through Dimon, or from other senior bankers.
The group operates under JPMorgan's October 2024 security and resiliency initiative, which committed to facilitating $1.5 trillion in investments for companies deemed critical to national security. Dimon chairs an external advisory council that includes Jeff Bezos, Michael Dell, and Condoleezza Rice.
Combs emphasizes pragmatism in government partnerships. "We want to be a good partner to the government regardless of who's in charge," he says. While current opportunities may come through the Trump administration, the bank will evaluate every deal on merit and expect both impact and financial return. Combs negotiated to avoid being measured on Value at Risk, a statistical measure of financial loss that would constrain the group's mandate.
The move marks a significant shift for Combs, who was widely expected to play a role in Berkshire's succession planning. Instead, he is taking a hands-on operational role at JPMorgan built around national security.