Aerospace & Defense

201 Ventures Fund I is a $22 million early-stage venture capital fund launched in January 2024 and managed by solo General Partner Eric Slesinger, a former CIA officer. Headquartered in Madrid, the fund is dedicated to advancing freedom and autonomy across Europe by investing in pre-seed and seed-stage companies developing cutting-edge technologies in defense, intelligence, and dual-use sectors. The fund has garnered support from the NATO Innovation Fund, underscoring its strategic significance in bolstering European technological sovereignty. The fund's investment thesis centers on identifying and supporting founders with deep technical expertise and a strong drive to solve complex problems. 201 Ventures seeks out companies that embrace technical risk and ambition, focusing on areas such as hypersonics, biosecurity, subsurface mapping, maritime sensing, and Arctic autonomy. By targeting startups with innovative products and unique advantages in large, strategic markets, the fund aims to build a diversified portfolio that can effectively manage risk and deliver substantial returns. 201 Ventures Fund I has already made notable investments in companies like Delian Alliance Industries (Greece), Ionlace (Sweden), Deep Earth (Germany), and Isembard (UK), reflecting its pan-European focus. The fund's proactive approach includes active involvement in its portfolio companies, providing not just capital but also strategic guidance to help them reach cash flow breakeven and achieve clear exit strategies. This hands-on methodology is designed to add value beyond financial investment, fostering the growth of companies that contribute to Europe's strategic autonomy.

American Industrial Partners (AIP), the New York-based private equity firm founded in 1989, held a final close on its seventh flagship fund — American Industrial Partners Capital Fund VII, LP — on 29 March 2019, raising USD 3.0 billion at its hard cap. The fund was launched on 2 January 2019 and closed after just 86 days, having been oversubscribed with broad institutional support. Limited partners include pension plans, endowments, sovereign wealth funds, insurance companies, fund of funds, gatekeepers, and family offices. AIP has completed more than 90 transactions across its fund series and currently manages approximately USD 7 billion in assets under management, with portfolio companies collectively generating USD 28 billion in aggregate annual revenues across over 240 facilities employing more than 70,000 workers. Fund VII pursues control-oriented buyout investments in North American-headquartered industrial companies, deploying AIP's distinctive combination of deep operational expertise and engineering capabilities to transform acquired businesses. Target sectors span aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, logistics, metals and mining, and transportation. AIP's self-described 'transformative and self-reliant investment strategy' emphasises self-directed operational improvement rather than financial engineering, making it a preferred counterparty for complex carve-outs, corporate divestitures, and operationally intensive turnaround situations requiring hands-on sector expertise. Notable Fund VII transactions include the acquisition of Veoneer's Restraint Control Systems business, completed on 1 March 2024. AIP subsequently closed its eighth fund at a USD 5 billion hard cap in October 2023, reflecting continued strong institutional demand for AIP's differentiated industrial buyout strategy. Fund VII represents the firm's seventh consecutive successful fundraise since 1989 and underscores AIP's position as the leading specialist in operational transformation of North American industrial businesses.

AH American Dynamism Fund I is a $600 million venture capital fund managed by Andreessen Horowitz (a16z), one of Silicon Valley's most prominent technology investment firms. Raised in 2023, the fund was built around a16z's American Dynamism investment practice — a dedicated initiative supporting founders and companies that serve the U.S. national interest, focusing on sectors including aerospace and defense, manufacturing, robotics, supply chain resilience, public safety, education, and housing. The fund reflects a strategic conviction by Andreessen Horowitz that the most consequential and defensible technology companies of the coming decade will be those building for government agencies, defense departments, and critical national infrastructure. Led by managing partners Katherine Boyle, David Ulevitch, and Erin Price-Wright, the fund applies the full resources of the a16z platform to portfolio companies — encompassing policy navigation, government-affairs capabilities, regulatory expertise, talent networks, and deep sector knowledge. The portfolio spans a range of stages from early venture to growth, reflecting the multi-stage mandate that characterizes a16z's fund strategies. AH American Dynamism Fund I had deployed capital into 42 investments as of 2025, with notable portfolio companies including Hadrian, a defense manufacturing startup focused on precision components for the aerospace sector, and Castelion, a hypersonic long-range rocket developer. In 2024, a16z raised a second American Dynamism fund at $1.18 billion, signaling continued momentum in the defense and industrial technology sectors.

Arcline Capital Partners IV is the fourth flagship vehicle raised by Arcline Investment Management, closing at $6 billion in October 2025 after a rapid sub-10-month fundraising cycle. The fund significantly exceeded its initial $5 billion target, reflecting strong institutional demand for Arcline’s consistent, industrial-focused investment strategy. Legal counsel for the fundraise was provided by Kirkland & Ellis. The vehicle maintains Arcline’s emphasis on technology-led industrial platforms, with investments targeted across a diverse set of sectors including defense, aerospace, industrial technology, life sciences, energy transition, and specialty materials. These industries align with the firm's long-standing belief in secular tailwinds and thematic value creation. Fund IV focuses on acquiring or partnering with middle-market companies in North America, particularly those with enterprise values of up to $3 billion and annual revenues up to $1 billion. Arcline’s hands-on, operationally intensive approach is designed to accelerate growth through digital enablement, carve-out execution, and management team collaboration. The fund is positioned to benefit from long-term macroeconomic and geopolitical trends such as supply chain reshoring, defense modernization, and industrial decarbonization. Arcline seeks to leverage these dynamics through platform consolidation, carve-outs from larger corporations, and investment in companies where technology transformation is a value lever.

Since its founding in 1999, Arlington Capital Partners has carved out a specialty in investing in companies operating in regulated, mission‑critical industries such as defence, aerospace, government services and healthcare IT. With Fund VII, the firm builds on its legacy by raising an unprecedented US$6 billion in commitments—a marked increase over its prior fund—demonstrating the strength of investor conviction around structural trends in national security, supply‑chain reshoring, and government‑technology modernization. Fund VII will deploy capital into platform investments across sectors including manufacturing and supply‑chain resiliency, mission‑critical government software, next‑generation defence technologies, cybersecurity, commercial aviation, advanced medical devices and healthcare IT. The fund aims to partner with management teams in companies with strong regulatory barriers, recurring government demand, and defensible business models, leveraging Arlington’s domain expertise in regulated markets. The geographic focus is principally in the U.S. and allied markets, consistent with the firm’s strategy of backing companies operating in the context of rising defence budgets and national‑security imperatives. By targeting assets in sectors with high certainty of long‑term demand and regulatory anchoring, the fund seeks to generate attractive returns while also aligning with public‑policy tailwinds. From a financial‑characteristics perspective the fund is targeting middle‑market companies—investments are expected to be in companies with enterprise values typically in the range of US$50 million to US$1 billion, and equity investments (platform check sizes) in the ballpark of US$200 million to US$500 million.

Boost VC Deep Tech Fund 4 is an $87 million pre-seed venture capital fund managed by Boost VC, the San Mateo-based firm co-founded by Adam Draper and Brayton Williams that specializes in investing in what it calls science fiction technology. The fund reached final close in September 2025, bringing total Boost VC assets under management to $300 million across its fund series and over 400 active portfolio companies. Fund 4 targets pre-seed founders building breakthrough technologies across aerospace, nuclear energy, robotics, biotechnology, artificial intelligence, crypto, space, materials science, and ocean technology. The fund writes standardized $500,000 checks into pre-seed rounds at $3 million to $7 million valuations, leading approximately 70-plus companies per year. Boost pioneered the institutional deep-tech pre-seed model, becoming one of the first institutional investors in Bitcoin companies in 2013 before broadening to the full spectrum of science fiction technologies. Boost's first two vintage funds (2013 and 2016) delivered DPI of 2.15x and 4.35x respectively, on early bets in crypto and hard science. The firm's portfolio includes Coinbase (early investor), Deepgram ($1.3 billion valuation), Radiant Nuclear ($300 million raise), and Grid Aero ($20 million Series A). Portfolio companies have collectively raised over $5 billion in follow-on capital. Fund 4 is the latest and largest step in Boost's mission to accelerate the arrival of science fiction technologies.

Boost VC Fund I is a venture capital fund managed by Boost VC, the San Mateo-based pre-seed deep technology firm co-founded by Adam Draper and Brayton Williams. Launched with a 2016 vintage, Fund I represents the second institutional fund in Boost's series, following the firm's pioneering 2013-vintage early bitcoin vehicle. Boost's 2016 fund has delivered a DPI of 4.35x, making it one of the stronger-performing early institutional crypto and deep tech pre-seed vehicles of its era. The fund targets pre-seed founders building at the frontier of technology, applying Boost's signature $500,000 standard check into sub-$1 million rounds at $3 million to $7 million valuations. The investment mandate spans crypto and blockchain infrastructure, artificial intelligence, aerospace, robotics, biotechnology, and climate technology — the full spectrum of what Boost defines as science fiction investing. Boost has been one of the longest-running institutional pre-seed funds in the deep tech category, having backed over 400 portfolio companies across its fund series. Fund I's performance reflects Boost's early conviction in the deep tech ecosystem before institutional capital migrated en masse to the category. The firm's portfolio includes Coinbase, Deepgram, Radiant Nuclear, and Grid Aero, and Fund I's vintage and track record provided the foundation for the firm's subsequent funds, including the $87 million Boost VC Deep Tech Fund 4, which closed in September 2025 and brought total Boost AUM to $300 million across its fund platform.

Cantos Ventures III is a 0 million early-stage venture capital fund managed by Cantos Ventures, a San Francisco-based firm founded by Ian Rountree. The fund closed in September 2022 and targets pre-seed and seed stage investments in what Cantos calls "near-frontier technology" — science-forward companies applying proven advances to solve critical global challenges. Cantos Ventures has built a reputation for backing technically ambitious founders from the earliest stages of company formation, operating at the intersection of deep science, critical infrastructure, and commercial viability. This is the firm's third fund, following two earlier vintages that delivered strong returns. Cantos Ventures III deploys capital across four primary verticals: climate technology and sustainable infrastructure, TechBio (synthetic biology, therapeutics, and biomanufacturing), aerospace and defense, and next-generation computing including quantum and biocomputing systems. The fund deliberately focuses on areas where technical risk is high but market risk is structurally low — companies whose success depends on solving hard engineering and science problems rather than predicting market adoption. By partnering with founders from pre-seed, Cantos aims to back category-defining businesses building platform technologies or full-stack solutions that could generate 0 to 00 billion in enterprise value. The strategy seeks to minimize market risk by targeting companies making essential commodities cheaper, reducing carbon emissions, advancing healthcare, or improving democratic security capabilities. Cantos Ventures III has made six investments since its September 2022 close, including The Lumber Manufactory (May 2024), applying advanced manufacturing to sustainable materials. Earlier Cantos funds have backed a portfolio of more than 50 companies spanning climate, life sciences, defense, aerospace, and materials science. The manager's thesis of backing founders working at the frontier of science and engineering has proven well-timed as institutional and government capital increasingly focuses on domestic manufacturing resilience, clean energy transition, and next-generation defense technology. Cantos Ventures has raised three consecutive funds, demonstrating repeatable fundraising success in a highly competitive early-stage landscape.

Capitol Meridian Fund I, L.P. is a 2022-vintage middle-market buyout fund managed by Capitol Meridian Partners, a Washington, D.C.-based private equity firm founded in 2021 by Adam Palmer and Brooke Coburn, former partners at The Carlyle Group's technology and defense investment team. The fund held its final close at $900 million, exceeding its $650 million target, with an additional $300 million in co-investment capacity made available to select limited partners for larger individual transactions. The fund pursues control-oriented buyout investments in companies operating at the nexus of commercial enterprise and the U.S. government market, with a focus on three core verticals: defense and aerospace, government services and consulting, and government technology (GovTech). Capitol Meridian targets middle-market businesses valued below $1 billion, deploying equity checks typically in the $50 million to $150 million range per transaction. The firm emphasizes companies with mission-critical service lines, security-clearance-based moats, or proprietary technology deeply embedded in government workflows. Capitol Meridian Fund I has deployed capital across five portfolio companies: LMI (government consulting and digital modernization), Altumint (AI-powered traffic enforcement technology), PrimeFlight Aviation (aviation support and ground handling), Parry Labs (defense-embedded computing systems), and Clarity (national security software and cyber intelligence). The fund is approximately halfway through deploying its committed capital. Confirmed investors include Adams Street Partners. The firm subsequently launched a successor fund targeting $1.2 billion, reflecting sustained institutional demand for focused U.S. defense and government technology private equity strategies.

Capitol Meridian Partners Fund I is a middle-market buyout fund managed by Capitol Meridian Partners, a Washington, DC-based private equity firm founded in 2021 by Adam Palmer and Brooke Coburn, former senior partners at The Carlyle Group. The fund closed in 2022 with approximately $900 million in committed capital, exceeding its original $650 million target, and secured an additional $300 million in co-investment capacity for total investment firepower of $1.2 billion. The fund focuses exclusively on the U.S. defense, aerospace, and government services sectors, targeting middle-market companies with EBITDA between $5 million and $75 million and deploying $50 million to $150 million per platform investment. Capitol Meridian deliberately curated its investor base to include only U.S. investors and allies from the Five Eyes alliance—Australia, Canada, New Zealand, and the United Kingdom—reflecting the security-sensitive nature of its portfolio companies. The fund's advisory council includes former U.S. Secretary of Defense Mark Esper, reinforcing the firm's deep ties to the national security community. Capitol Meridian Fund I has assembled a portfolio of mission-critical government technology and services companies, including LMI Consulting, Altumint, Clarity Innovations, PrimeFlight Aviation Services, and Project Nimbus. The defense sector experienced significant re-rating during the fund's deployment period, driven by renewed geopolitical focus on national security modernization and increased U.S. government spending on defense capabilities. Capitol Meridian is already raising its second fund, underscoring investor conviction in the firm's differentiated sector focus and operator-friendly investment model.

Capnamic Ventures Bremen Fund I is a €30 million early-stage venture capital fund managed by Capnamic, one of Germany's leading pre-seed to Series A investors. Launched in 2024, the fund was created as a dedicated regional investment vehicle to channel institutional and private capital into high-growth startups based in the Free Hanseatic City of Bremen. The fund was co-anchored by two public-sector institutions: Bremer Aufbau-Bank (BAB), the state development bank, and Sparkasse Bremen, the region's major savings bank, supplemented by a group of nine prominent local entrepreneurs who also committed capital. The fund targets up to 15 startups operating in Bremen's strategic industries, including aerospace and space technology, logistics and supply chain innovation, nutrition and food technology, and artificial intelligence. Investment sizes are calibrated for pre-seed and seed rounds, with follow-on capacity through Series A. Capnamic brings its established investment process and network from its main fund platform to the Bremen vehicle, giving local founders access to a team with deep experience in backing category-defining German-speaking technology companies. The fund operates with a ten-year term and is supported by the broader Capnamic ecosystem, which includes offices in Cologne, Berlin, and Munich, as well as a portfolio of over 100 companies since the firm's inception. Bremen Fund I is part of Capnamic's Specialty Funds initiative, which pairs regional institutional capital with the firm's venture expertise to strengthen startup ecosystems in underserved German cities and regions.

DCVC VI is a $681 million venture capital fund managed by DCVC, a leading deep technology investment firm co-founded by Matt Ocko and Zachary Bogue and headquartered in San Francisco, California. Closed in 2022, the fund is the sixth in DCVC's series of flagship deep tech funds and continues the firm's exclusive focus on backing early-stage companies that apply cutting-edge computation, artificial intelligence, and engineering breakthroughs to major challenges in the physical world. DCVC VI follows DCVC V ($725 million, 2019) and forms part of a fund family that has deployed over $2 billion in flagship capital alone. The fund pursues early-stage and growth-stage investments in companies leveraging AI, advanced semiconductors, autonomous systems, computational biology, and simulation to disrupt large incumbent industries. DCVC VI's investment thesis spans agriculture, industrial manufacturing, energy, space, healthcare, defense, and advanced materials — sectors where computational approaches create durable structural advantages. Unlike generalist VC funds, DCVC requires deep technical diligence conducted by partners with domain expertise across hard-science disciplines, allowing the firm to back companies that most investors are ill-equipped to evaluate. Portfolio companies from this vintage include Mythic (application-specific AI inference chips), San Francisco Compute, and AlphaGeo (geospatial intelligence). DCVC manages approximately $4 billion in total capital across its flagship, life sciences (DCVC Bio), and climate technology (DCVC Climate) strategies, deploying capital at the intersection of advanced computation and physical industries. The firm's model — investing early when computational approaches first become viable for a given industry — has remained consistent across all fund vintages since its founding and has produced a portfolio spanning semiconductors, defense technology, agricultural robotics, computational biology, and enterprise software for hard industries.

DataTribe Fund III is the third seed-stage venture fund from DataTribe, a Fulton, Maryland-based cybersecurity co-building firm that commercializes intelligence community and defense agency technologies for the private sector — an approach the firm describes as the 'reverse In-Q-Tel.' DataTribe was founded to partner with scientists and engineers from U.S. intelligence agencies including the NSA, DHS, and related defense community organizations, providing not only venture capital but a comprehensive co-founder model: approximately $1 million in non-dilutive operational support per company including dedicated office space in its Maryland facility, legal and accounting services, recruiting support, and access to its proprietary network of domain experts across cybersecurity, data science, and national defense. The fund closed at $41 million in June 2025, targeting 8 to 12 seed-stage companies with initial check sizes ranging from $500,000 to $10 million, with approximately half the committed capital already deployed at the time of closing. DataTribe's proven portfolio from prior funds includes notable exits: Dragos (operational technology cybersecurity, valued at $1.7 billion in 2021), ReFirm Labs (IoT firmware security, acquired by Microsoft), Code Dx (application security testing, acquired by Synopsys), and Attila Security (mobile security, acquired by ID Technologies), demonstrating the firm's consistent ability to translate intelligence-community-grade technology into commercially viable and acquirable cybersecurity products.

Draper B1 Frontier Tech is a venture capital fund focused on high-impact technologies that are reshaping the future, including artificial intelligence, spacetech, and cybersecurity. The fund has raised over 20 million euros, aiming to bridge the gap between Europe and the United States and boost the international expansion of tech companies. Tim Draper, a renowned seed investor, supports this fund, highlighting its strategic importance in the venture capital landscape.The fund has already made initial investments in nine disruptive startups, such as Sycai Medical and Collimate Space. These investments emphasize the fund's strategic orientation towards deep tech with high disruption potential. Draper B1 leverages its extensive experience and the Draper Venture Network to provide startups with necessary tools and networks for scaling globally.

Founders Fund Growth III is the third growth-stage venture fund from Founders Fund, a San Francisco-based firm co-founded by Peter Thiel. The fund closed at $4.6 billion in April 2025, surpassing its initial $3 billion target, with participation from 270 limited partners. This fund focuses on late-stage investments in sectors such as artificial intelligence, defense technology, and advanced manufacturing. Founders Fund aims to support companies that are developing transformative technologies with significant long-term impact. With a history of backing companies like SpaceX, Stripe, and Anduril, Founders Fund Growth III continues the firm's strategy of investing in high-growth startups poised to become industry leaders.

The Geodesic Alliance Fund is a venture capital fund managed by Geodesic Capital, a San Francisco-based cross-border investment firm founded by former U.S. Ambassador to Japan John Roos. Launched in 2025, the fund held a first close of $250 million in June 2025, with Geodesic Capital having raised nearly $1 billion across multiple funds since 2015. The Geodesic Alliance Fund is designed to advance technology and security cooperation between the United States and Japan by investing in early-stage U.S. companies operating in dual-use and national security domains. The fund targets startups building across artificial intelligence, space systems, cybersecurity, autonomy, and other deep technology sectors where commercial innovation intersects with national security. Portfolio companies receive not only capital but also strategic guidance, regulatory navigation support, and introductions to customers, partners, and talent within Japan's industrial and government ecosystem. The fund is led by Tom Gillespie, former Managing Partner at In-Q-Tel, the U.S. intelligence community's venture arm, alongside Rayfe Gaspar-Asaoka, a deep tech investor and former partner at Canaan Partners. Limited partners include prominent Japanese corporations and Japanese governmental institutions such as the Japan Bank for International Cooperation (JBIC) and NEC Corporation, reinforcing the fund's strategic alignment with Japan's economic security objectives. The Geodesic Alliance Fund builds on Geodesic Capital's prior funds which have backed companies including Databricks, Netskope, Saronic, and Scale AI in expanding into the Japanese market.

Indico VC Fund III is the third flagship venture capital fund raised by Índico Capital Partners, a Lisbon-based investment firm founded in 2017 that backs technology and sustainability entrepreneurs across Southern Europe. Launched in November 2025 with a target of €125 million, the fund secured a cornerstone commitment of €30 million from the European Investment Fund (EIF), the equity investment arm of the European Investment Bank Group, reflecting robust institutional confidence in Índico's strategy and track record. The fund also benefits from co-financing by Banco Português de Fomento under the Portugal Blue programme, extending the investment mandate to include ocean-related technology and blue economy ventures alongside the broader technology thesis. Fund III targets early-stage technology companies from Seed through Series B, with individual ticket sizes ranging from €500,000 to €10 million. The strategy centres on three core innovation verticals — Enterprise SaaS, Artificial Intelligence, and Deep Technology — alongside Spacetech and Oceantech as emerging sector extensions. Geographic coverage prioritises companies headquartered in Portugal, Spain, and Italy, as well as founders from these countries building internationally in the United States, United Kingdom, and other global markets. The fund's thesis emphasises strong product differentiation and global ambition, continuing Índico's mission of supporting "the best tech and sustainable companies going from local to global." With the EIF as anchor LP, Fund III is positioned to attract co-investors from the broader European institutional ecosystem, including funds-of-funds, development finance institutions, and leading family offices that have backed previous Índico vehicles. Índico Capital Partners manages over €240 million across five fund vehicles and has deployed €134 million into 53 portfolio companies since its 2019 first deployment, with those companies collectively raising €2.5 billion. The firm's track record spans notable portfolio companies including Preply (global language learning platform), Anchorage Digital (institutional crypto infrastructure), Remote (global HR platform), Sword Health (AI-powered physical therapy), and Superhuman (productivity email client). The EIF's commitment to Fund III comes via the InvestEU programme and marks a continuation of the Bank Group's support for Southern European venture ecosystems, signalling growing recognition of Portugal, Spain, and Italy as maturing startup markets capable of producing globally competitive technology companies.

JFL Equity Investors VI, L.P. is the sixth flagship private equity fund of J.F. Lehman & Company (JFLCO), a New York- and Washington, D.C.-based middle-market private equity firm with over 33 years of specialized experience investing in the aerospace, defense, maritime, environmental, and government services sectors. The fund closed at $2.23 billion in December 2024, representing the largest fundraising in JFLCO's history and meaningfully exceeding its original target of $1.6 billion, bringing the firm's total assets under management to approximately $7 billion. Institutional limited partners include the Arkansas Teacher Retirement System, Connecticut Retirement Plans and Trust Funds, New York State Common Retirement Fund, New York State Teachers' Retirement System, Sacramento County Employees' Retirement System, Teachers' Retirement System of Louisiana, and UBS.JFL Equity Investors VI continues JFLCO's differentiated strategy of investing exclusively in highly regulated, mission-critical industries where national security priorities, defense mandates, and environmental requirements drive long-term and predictable demand. The fund targets control and control-oriented buyout investments in middle-market companies — typically with EBITDA of $10 million to $75 million — within its core sectors of aerospace, defense, maritime, environmental infrastructure, and government services. J.F. Lehman's sector expertise spans decades of relationship-building with defense primes, shipbuilders, environmental regulators, and government agencies, enabling proprietary deal sourcing and post-investment value creation through organic growth, operational improvements, and strategic add-on acquisitions. Equity investments typically range from $50 million to $350 million per platform.Since its founding in 1992, J.F. Lehman & Company has invested across five prior flagship funds, completing more than 80 platform and add-on investments and generating returns through EBITDA growth, margin expansion, and strategic exits to defense primes, government contractors, and infrastructure operators. Fund VI builds on a proven track record and is supported by JFLCO's established relationships with regulators, customers, and industry participants across its core government-adjacent sectors. In April 2025, JFLCO further strengthened its platform by closing a continuation vehicle for JFL Credit Opportunities I in partnership with Pantheon and StepStone Group, demonstrating the firm's expanding multi-strategy capabilities within its focused sector universe.

JFL Credit Opportunities I, L.P. is an opportunistic credit fund managed by J.F. Lehman & Company (JFLCO), the New York-based private equity and credit firm specialising in aerospace, defense, government services, maritime, environmental and infrastructure sectors. In April 2025, JFLCO closed a continuation vehicle for Credit Fund I, bringing in new capital commitments alongside the portfolio of credit positions formerly held by JFL Equity Investor VI and its affiliates. The transaction was led by Pantheon, a leading global private markets investor, with StepStone Group also participating, and was advised by Jefferies LLC and Davis Polk & Wardwell LLP. The fund pursues an opportunistic credit strategy spanning syndicated credit, secondary direct lending and distressed situations, focusing exclusively on JFLCO's core target industries: aerospace and defense, government services, maritime, environmental services and infrastructure. JFLCO's credit program was established in 2023 in partnership with Evan Lederman and Lionel Jolivot, whose complementary credit expertise in sector-focused middle-market lending aligned with the firm's longstanding private equity strategy. The credit team evaluates opportunities where sector-specific knowledge provides an informational advantage in structuring and pricing complex transactions. J.F. Lehman & Company, founded in 1992, manages over $8 billion in total assets under management across its private equity and credit strategies. The firm's decades-long focus on defence, maritime and government-adjacent industries positions it as a specialist credit lender in sectors where security clearances, regulatory expertise and long customer relationships represent meaningful barriers to entry. Credit Fund I's continuation vehicle structure reflects strong sponsor and LP conviction in the existing portfolio's long-term value creation potential.

The European Defence and Security Tech Fund is a €125 million venture capital vehicle launched by Keen Venture Partners to back early-stage technology companies innovating in defence, security, and space. Anchored by a €40 million investment from the European Investment Fund (EIF) under the European Commission’s Defence Equity Facility, the fund is one of the first dedicated initiatives aimed at enhancing Europe’s strategic autonomy in defence innovation. The fund targets 20 to 25 companies operating at the seed to Series B stages, focusing on advanced technologies such as cyber defence, artificial intelligence, autonomous systems, robotics, and space security. Keen Venture Partners aims to identify and support startups that can contribute to Europe's dual-use capabilities and resilience in an increasingly complex geopolitical environment. Operating out of Amsterdam and London, Keen Venture Partners brings a thesis-driven, founder-centric approach. The team’s previous track record in deeptech investments and partnerships with institutional actors positions the fund to become a central actor in the European defence tech ecosystem. The vehicle is open to startups across the EU, the UK, Norway, and Turkey.

Lux Ventures IX is the ninth flagship venture capital fund raised by Lux Capital, the New York-headquartered science and technology-focused venture firm founded in 2000 by Josh Wolfe and Peter Hebert. The fund closed on January 7, 2026, raising $1.5 billion in capital commitments — Lux Capital's largest fund to date — bringing the firm's total assets under management to approximately $7 billion. The raise was completed in approximately three months, reflecting strong demand from the firm's established institutional LP base. Lux Ventures IX backs founders working at the frontier of science and technology in sectors that others find too hard, too early, or too complex to evaluate. Lux Ventures IX deploys capital across the full company-building arc, from early-stage founding rounds through growth, targeting companies in aerospace, defense, biotechnology, life sciences, artificial intelligence, automation, and industrial technology. The fund focuses on areas where deep scientific and engineering expertise intersects with scalable commercial potential, particularly in dual-use technologies with applications in both defense and commercial markets. Lux Capital's 44-person investment team brings specialist research capabilities across these hard-tech verticals, and the firm takes a hands-on approach to supporting founders through product development, team building, and commercialization of breakthrough technology. Since founding in 2000, Lux Capital has built one of the most recognized franchises in deep-tech venture investing, generating notable exits across synthetic biology, robotics, AI-enabled healthcare, and advanced materials. Prior funds including Lux Ventures VI through VIII delivered strong performance during periods of rapid technology adoption. The successful close of Lux Ventures IX at $1.5 billion — the firm's largest fund ever and a significant step up from prior vintages — underscores continued LP confidence in Lux Capital's differentiated deep-tech strategy and the team's ability to identify and support frontier science companies.

Marathon Venture Capital Fund III is the third flagship fund managed by Marathon Venture Capital, the foremost seed-stage venture capital firm headquartered in Athens, Greece. The fund reached its final close in May 2025 at €75 million in an oversubscribed single closing, underscoring strong institutional confidence in Marathon VC's thesis of backing Greek technology entrepreneurs building globally competitive companies from Southern Europe. The fund was supported by anchor commitments of €20 million each from the European Investment Fund (EIF) and the Hellenic Development Bank of Investments (HDBI), alongside corporate and private investors from Greece and international markets. The oversubscription reflects Marathon VC's growing reputation as the leading gateway to the Greek technology ecosystem, with the fund raising Marathon VC's cumulative assets under management above €170 million across three successive funds. Fund III deploys early-stage capital into approximately 15 technology companies founded by Greek entrepreneurs operating across Europe and globally, continuing Marathon VC's core thesis that differentiated technical talent and a lean operating culture in Southern Europe can generate outsized returns in B2B technology markets. Target investment sectors include IT infrastructure, cybersecurity, artificial intelligence, agricultural technology, defense technology, and deep tech. Marathon VC invests at the seed stage, acting as lead investor and taking active board roles, and leverages its extensive network within the Greek diaspora — particularly in the United States and Western Europe — to support portfolio companies with international expansion, customer development, and follow-on fundraising. The fund continues the progression of Marathon VC's strategy from its first fund (2017, technology generalist) through Fund II (2020, subsequently expanded to €70 million) toward deeper focus on technical and hard-to-replicate intellectual property. Marathon Venture Capital was founded in 2012 and has established a track record of backing several of Greece's most successful technology companies across its prior two funds. Portfolio companies from Marathon's previous funds have gone on to raise significant follow-on capital at international valuations and achieve meaningful product-market fit in global B2B markets. The fund was established at a time when Greece's technology ecosystem had reached an inflection point, with multiple Athens-based startups achieving venture funding from top-tier international investors and a growing pipeline of technically sophisticated founders emerging from Greek universities and the diaspora. Fund III builds on this foundation with a broader mandate to support deep-tech and frontier sectors — including defense technology and agricultural automation — reflecting Marathon VC's evolution toward harder-to-replicate competitive advantages in a global market shaped by AI, quantum computing, and autonomous systems.

Nazca Aerospace & Defense Fund I FCR is an initiative led by Nazca Capital with the aim of boosting and consolidating the aerospace, defense, and security sectors in Spain and across Europe. With a target size of up to €600 million, it stands as the largest Spanish fund in its sector and the second-largest in Europe. The fund focuses on companies developing dual-use (civil and military) technologies and services, seeking to enhance their competitiveness in a fragmented market. The investment strategy includes buyouts, capital increases, and structured debt deals, allowing for both majority and significant minority stakes. A portion of the fund will also be allocated to early-stage investments to foster innovation and technological advancement. The fund has already identified over 30 potential investment opportunities and plans to close its first deal before summer 2025. Nazca Capital has assembled a dedicated team of 17 professionals, including four partners, ten investment executives, and three operating partners, supported by a high-level advisory board. Among the cornerstone investors is Spain’s CDTI (Centre for the Development of Industrial Technology), which has committed up to €294 million through its INNVIERTE program. The fund also aims to invest in European companies that can integrate or collaborate with Spanish firms, promoting cross-border industrial and technological cooperation.

Nazca Aerospace and Defense Innvierte I FCR is a Spanish private equity fund managed by Nazca Capital, the largest Spanish investment vehicle specialized in aerospace and defense. With a target size of EUR 600 million, the fund invests in innovative companies developing dual-use civil-military solutions. CDTI (Spanish public innovation agency) committed EUR 294 million through its Innvierte program. The European Investment Fund (EIF) also invested EUR 40 million. As of early 2026, the fund has secured over EUR 425 million in commitments.