A sponsored article promoting Canada’s defense and dual-use investment sector says a Kensington Capital Partners affiliate acquired ONE9 in 2019. Kensington’s own public record and independent reporting, however, place the documented acquisition of ONE9’s venture-capital business in April 2025.1 2 3
By Land Offset PAI
Sept. 24, 2026
TORONTO — A Benefits Canada partner-content article sponsored by AGF Capital Partners presents ONE9 as Kensington’s defense and security investment platform and urges investors to apply specialized expertise to dual-use and defense technology.1
The article says Kensington acquired ONE9 in 2019. That statement does not match Kensington’s April 2, 2025 announcement that it had acquired ONE9’s venture-capital investment business. Kensington said future ONE9 funds and direct investments would be made exclusively within Kensington, while the legacy portfolio and the fully deployed Special Mission Fund remained outside that transaction.2
BetaKit independently reported the 2025 transaction, including Kensington’s acquisition of ONE9’s team, brand and future investment activities; it said the companies did not disclose the deal’s financial terms.3 Kensington’s current platform description identifies ONE9 as its dedicated security and defense investment platform and says Kensington is majority-owned by AGF Capital Partners, a subsidiary of AGF Management Ltd.4
The sponsored article does not announce a new fund, portfolio investment, acquisition, capital commitment or performance result. Its statements about expected defense-sector growth, private-capital demand and the merits of specific managers are views of Ash Lawrence of AGF Capital Partners and Glenn Cowan of Kensington and ONE9, not independently verified investment outcomes.1
Canada’s 2026 Defence Industrial Strategy calls for a BDC Defence Platform to provide loans, venture capital and advisory services to small and mid-sized defense businesses. That policy backdrop does not establish a government commitment to ONE9, Kensington or any particular investment manager.5