DTCP Defense Fund Reaches First Closing at 455 Million Euros

Investment manager DTCP has raised 455 million euros in capital commitments for its new Defense Fund at the first closing. Investors include Deutsche Telekom, Porsche SE, the Danish export and investment company EIFO, the pension provider Danica, and SmartCap. The fund is intended to invest primarily in companies—starting from the Series B phase—whose technologies are relevant to defense, security, and resilience in Europe. The first two investments have already been finalized: Six Robotics and the Kraken Technology Group.

The Scaling Phase

The DTCP Defense Fund I pursues a European-led strategy that, according to the investment firm, is aligned with NATO’s objectives.

The focus is particularly on artificial intelligence, autonomous systems, cyber defense, secure communications, and space technologies. Geographically, the fund concentrates on Europe but may also invest in companies from other NATO member states and closely allied countries.

The prerequisite is that their technologies are significant for Europe’s defense capabilities, interoperability, or strategically relevant supply chains. The fund focuses on companies starting at the Series B stage. DTCP thus specifically addresses the capital-intensive scaling phase, during which defense tech companies must expand production, sales, and international expansion.

Telekom and Porsche SE Invest

The investors include several major European companies and institutional investors. In addition to Deutsche Telekom, Porsche Automobil Holding SE is also participating as an anchor investor. Other investors include EIFO and Danica from Denmark, as well as SmartCap. DTCP does not disclose the individual capital commitments of each investor.

According to EIFO, this is the organization’s largest investment to date in the defense sector. DTCP manages total assets of approximately five billion euros and invests in defense technologies as well as enterprise software and digital infrastructure.

Established Its Own Defense Investment Team

In parallel with the fundraising, DTCP has established a specialized investment team for the new fund. Partners Ole Aguirre and Georgia Watson are responsible for the strategy. Aguirre brings more than 25 years of experience from the military as well as the commercial defense and security sectors. His previous roles include positions at Teledyne FLIR and Bertel O. Steen Defence & Security. He also founded Prox Dynamics. Watson was previously a partner at Lakestar and spent seven years working in strategic investments and growth equity at Goldman Sachs in New York and London.

First Investments Already Completed

Even before the first closing, the fund had made its first two investments. Six Robotics, based in Norway, develops software for the autonomous control and coordination of unmanned systems. The British Kraken Technology Group, in turn, develops and manufactures unmanned maritime platforms and payload systems.

According to DTCP, a third investment is nearing completion. Defense tech is not an entirely new field for the investment manager. With Quantum Systems and STARK Defense, the existing DTCP portfolio already includes two companies from the defense sector.

New Office in Copenhagen

As it builds out its defense business, DTCP is also expanding its geographic presence. A new office is scheduled to open in Copenhagen in 2027. From there, the investment firm aims in particular to strengthen its ties to the Danish and Nordic defense tech ecosystem. With EIFO and Danica, two of the new fund’s investors are already based in Denmark.

DTCP currently employs over 60 people at locations including Hamburg, Frankfurt, Berlin, London, San Francisco, and Tel Aviv.

Growth Capital for Europe’s Defense Tech Sector

With the first closing, DTCP is entering the European defense tech market—which has recently gained significant importance—with substantial capital. Unlike many early-stage funds, DTCP focuses on areas where technological developments are expected to give rise to larger companies and industrial structures.

The key factor will be identifying which defense tech companies are sufficiently mature for major growth steps. The initial investments in Six Robotics and Kraken also demonstrate that autonomous systems and unmanned platforms will play a central role in this process.