What to know about the private equity firm linked to Tony Blinken

To date, it's operated as a fundless sponsor, buying two companies that rely in large part on government contracts. It also formed a SPAC and does have eventual plans to raise a traditional private equity fund.

Details: Pine Island has an informal relationship with WestExec Advisors, a consulting firm whose co-founders include Blinken and Flournoy. A Pine Island spokesperson says no money ever changed hands between the two shops.

Between the lines: Obviously, there's a D.C. revolving door issue here, although its importance is subjective rather than statutory. But don't be surprised if Senate Republicans demand information on Pine Island's investors, some of whom might be covered by confidentiality agreements.