Tess Oxenstierna

  • Managing Director
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Ms. Oxenstierna, Managing Director, has over 25 years of experience in the aerospace and defense industry, government policy arena and financial services sector. Tess holds deep domain knowledge and transaction advisory skills, especially in the high growth markets of Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR), unmanned vehicles systems, cybersecurity and strike warfare. 

Prior to joining Capstone Headwaters, Tess founded the Aerospace and Defense practice at  a middle market boutique investment bank, focusing on private and public corporate clients with diverse products such as command and control software for aerial drones, satellite-based force tracking systems and electronic warfare devices used in Afghanistan and Iraq. She was Global Head of Equities Strategy at Lehman Brothers, responsible for strategy development leveraging competitive intelligence, market analysis and acquisitions across Americas, Europe and Asia. Transactions included investments in stock exchanges, a NYSE specialist market-maker and international broker dealers. Tess was also Director of Corporate Development and Strategy at Raytheon, with deal team transactions valued at over $3.4 billion in sensor automation/information synthesis, geospatial mission support, network forensics, interoperable communications for homeland security, and commercial aviation/life cycle support.

Prior to these transactional roles, Tess worked in the Reagan White House, U.S. Departments of State and Energy, and NATO Headquarters, complementing her combat operational experience as a Commander in the U.S. Navy Reserve.   A recognized industry expert, she speaks at leading industry conferences (e.g. Thompson Reuters A&D Summit, Int’l AUVSI Conferences) and has been interviewed on ABC’s Government Matters, Defense News, Homeland Security Wire and Private Equity Hub.

In addition to her degrees, Tess studied Corporate Finance at Harvard Business School and British Political Thought at University of Cambridge.


Kings College London - PhD - War Studies

Kennedy School of Government, Fletcher School of Law & Diplomacy - MA - Law & Diplomacy

University of California, Los Angeles - BA - International Relations

Registrations & Affiliations

FINRA - Series 7 & 63 Registered General Securities Representative

FINRA - Series 23 Registered General Securities Principal

FINRA - Series 79 Registered Investment Banking Representative

Industry Coverage

C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance) continues to serve as primary “enabling technologies” across military air/land/sea/space platforms and the joint networks that allow for interoperability across these mission critical systems.  Many C4ISR companies were deemed essential at the onset of the COVID-19 pandemic and The Defense Production Act, invoked in March 2020, further buoyed the sector by authorizing federal government loans and prioritizing government orders to ensure continuity of supply.  These immediate buffers helped mitigate business loses across the Defense industry.  Read more

We present our 2020 Mergers & Acquisitions Update: Outlook and Year in Review.

This combines: discussion of the current environment and dramatic fall out from the COVID-19 pandemic; together with observations from those sectors less impacted; and a review of last year including Merger & Acquisition activity.Read more

Transaction activity involving Aerospace & Defense companies continues to be supported by spending increases in the President’s Budget 2020 growing to $718.3 billion and focusing on innovation and modernization across all warfighting domains.Read more