Jonathan Dane, Founder & CIO, Defiant Capital Group

In an interview with Invest:, Jonathan Dane, founder and CIO of Defiant Capital Group,  shared how the firm is doubling down on local investment opportunities, especially in AI driven innovation, as Pittsburgh’s tech ecosystem continues to evolve. “In Pittsburgh,  especially, the rise of AI has reignited interest in early-stage opportunities. We’ve been  very active in this space, investing in AI-powered platforms across industries such as  healthcare, fintech, and consumer tech,” said Dane.  

What have been the biggest changes impacting Defiant Capital, and how have those  changes influenced your strategy?  

At Defiant Capital, we operate as a multifamily office, working with many founders,  entrepreneurs, and business owners. While our clients are spread out geographically, they all  have some connection to Pittsburgh, whether they went to school here, serve on a board, or  grew up in the area. That connection drives our passion for investing locally, particularly in  startups.

Over the past 12 months, we’ve definitely seen a pullback in venture investment, especially at  the early stage. This was driven by broader market dynamics and some high-profile Pittsburgh  startups that unfortunately folded, which created a more risk-averse environment. As a result,  

both we and our clients became more selective in early-stage investments.However, more recently, there’s been a resurgence, largely fueled by AI. In Pittsburgh,  especially, the rise of AI has reignited interest in early-stage opportunities. We’ve been very  active in this space, investing in AI-powered platforms across industries such as healthcare,  fintech, and consumer tech. We’re particularly excited about innovations emerging from  Carnegie Mellon and the University of Pittsburgh. These institutions are producing visionary  founders, and we’ve started to reinvest more locally, especially in companies leveraging AI for  scale and growth.

What achievements or milestones have stood out as particularly meaningful for your firm  and your clients?  

Locally, a major milestone was the recent AI Summit, which even drew a visit from President  Donald Trump. That kind of national spotlight on Pittsburgh was significant, It showcased the  city’s growing presence in AI and innovation.  

Also, Pittsburgh now boasts three AI-driven unicorns, which is remarkable. It reinforces that  Pittsburgh is becoming a hub for cutting-edge innovation and founder-driven companies. For a  firm like ours, which is deeply committed to investing locally, this momentum underscores the  exciting opportunities right in our own backyard.

How are you approaching recruitment and development to ensure Defiant Capital  continues attracting and retaining top financial talent?  

We’re fortunate to have world-class universities here — Carnegie Mellon, the University of  Pittsburgh, and others — producing exceptional talent. Our focus is on keeping that talent in  Pittsburgh.  

We run internship programs to expose students to the inner workings of a family office, venture  capital, and investment due diligence. I also personally launched 1787 Ventures, a University of  Pittsburgh alumni venture syndicate, as a way to connect with undergraduates, support local  startups, and provide career pathways for emerging talent.  

Beyond that, we actively network to identify experienced professionals. While it’s more difficult  to relocate seasoned hires, we do what we can to attract them to the region. So our two key  goals are: one, keeping young talent in Pittsburgh; and two, encouraging experienced  professionals to move here when possible.

Which trends feel most relevant to you, and how are you positioning Defiant Capital  around them?  

Technology continues to be our top priority. For the past few years, our outlook on tech has  consistently been overweight. In our 2025 outlook, we predicted that the stocks of the  “Magnificent Seven” (Alphabet, Amazon, Apple, Broadcom, Meta Platforms, Microsoft, and  NVIDIA) would continue to outperform, and so far that’s held true.  

Regarding ESG, I might be a contrarian voice. It just hasn’t been a significant driver for our  clients. While some second- or third-generation family members show more interest in it, most of our families prioritize strong investment performance. That said, we always seek great  companies, and if those companies also have a meaningful ESG component, that’s a bonus.  But we don’t limit ourselves to ESG-only opportunities.  

This year, one of our main themes is using technology to enhance infrastructure and industrials.  Whether it’s consumer tech improving user experience or tools that drive innovation in  infrastructure development, we’re focused on practical applications of tech that create real  value.

What have been some of the biggest headwinds for you recently, and do you see  opportunities emerging from those challenges?  

The biggest challenge has been in early-stage venture capital. With higher interest rates and  limited exit opportunities, capital flow into VC slowed dramatically. Many investors started  asking why they should invest in illiquid funds when they could get better returns from public  markets, particularly with the performance of companies like Meta, Google, and Nvidia.  That created real hesitation. People didn’t want to lock up capital for 10-15 years with no clear  path to liquidity. The lack of IPOs and high failure rates among startups didn’t help.  However, just in the past week, we’ve seen several successful IPOs, which is starting to restore  confidence. It’s encouraging for us and for our conversations with clients. We always emphasize  that if you’re going to invest in a venture, consistency is key. You can’t just invest in the “good”  years — you have to commit to the strategy over time.  

How does Defiant Capital engage with the community, and why is that important to your  mission?  

We engage in several ways. Personally, I make an effort to stay connected with other  investment professionals, venture capital firms, and family offices. Building those relationships  helps us stay aligned on investment ideas and regional trends. I’m also part of the Pittsburgh  Family Office Group, which meets regularly to collaborate and share insights. That group  includes some of the region’s most influential families and institutions.  

On the venture side, Pittsburgh doesn’t have a huge number of active funds despite the capital  available. But what’s special is the level of collaboration. We work closely with organizations like  Pitt’s Innovation Institute, Carnegie Mellon’s Swartz Center, BlueTree, Magarac, and the 412  Venture Fund. Everyone is focused on elevating the best ideas, and we’re proud to contribute to  that effort.  

How do you see the investment and wealth management sector influencing Pittsburgh’s  broader economy?  

There has been significant movement in Pittsburgh’s wealth management space. Larger firms  and aggregators have been expanding into the region. For example, Pittsburgh Capital has  been a key part of Focus Financial, and firms like Waldron are continuing to grow. In addition,  national players like Rockefeller, Cerity, and Mariner have opened local offices here.  This is all happening because wealth is growing here — thanks in part to the startup ecosystem  — and that’s attracting attention. We see this as a good thing. More firms mean more talent and  more competition, which pushes everyone to raise the bar. For us, it reinforces that Pittsburgh is  a great place to run a practice, serve clients, and access a deep talent pool.

What are your top priorities for Defiant Capital, both within your firm and in the context of  Pittsburgh’s evolving economy?  

Our top priority is continued growth. We’re especially focused on how we can invest more  actively in the Pittsburgh region. Most of our current investments are direct — our families invest  straight into companies. But we’re preparing to launch a dedicated fund to help us support these  companies more effectively and efficiently.  

Having a fund will allow us to move faster and provide capital at the right time, which is essential  for startups. In the long term, we believe that’s a win for the entire region. The more capital  that’s available for local innovation, the more momentum we can build — and that benefits  everyone.