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.

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 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.

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.

TBD VC Fund II is a $35 million early-stage venture capital fund launched by David Citron and Alan Buch, focusing on supporting Israeli deep tech founders. The fund aims to invest in approximately 20 startups, primarily at the pre-seed and seed stages, with initial checks of around $1 million. TBD VC emphasizes a founder-first approach, particularly targeting first-time entrepreneurs building companies in sectors like enterprise AI, cloud infrastructure, cybersecurity, and software-enabled defense technology. The firm operates with a global perspective, leveraging a network of over 45 venture partners, including senior operators from companies such as GitHub, American Express, Epic Games, and Netflix. This network assists portfolio companies in product development and go-to-market strategies, aiming for rapid commercialization. TBD VC's investment philosophy centers on backing deeply technical founders from day one, focusing on long-term value creation over short-term trends. Beyond financial returns, TBD VC is committed to social impact. A portion of the fund's profits is dedicated to supporting organizations that help discharged Israeli soldiers transition into tech careers, reflecting the founders' personal experiences and dedication to national resilience.

Veritas Capital Fund IX is the latest flagship private equity fund from Veritas Capital, a New York-based firm specializing in investments at the intersection of technology and government. Launched in 2024, the fund has raised over $13 billion, exceeding its initial $10 billion target by 25%. This growth reflects strong investor confidence in Veritas's strategy of acquiring and transforming companies that provide critical products and services to government and commercial clients. The fund focuses on buyouts of mature, mid-sized companies primarily in the United States. Target sectors include aerospace and defense, healthcare IT, cybersecurity, and government services—industries characterized by high barriers to entry, long-term contracts, and consistent demand. Veritas aims to enhance these companies' value through strategic initiatives, operational improvements, and technological innovation. Veritas Capital Fund IX has attracted commitments from a diverse group of institutional investors, including public pension funds and insurance companies. The fund's strategy builds on the success of its predecessor, Fund VIII, which closed in 2022 with $10.65 billion in commitments. Veritas's proven track record in delivering strong returns positions Fund IX to capitalize on opportunities in sectors vital to national infrastructure and security.