---
title: "DTCP Defence Fund I Reaches €455M First Close Toward €500M"
description: "DTCP Defence Fund I reached a €455 million first close toward a €500 million target, backed by Deutsche Telekom, Porsche SE, EIFO, Danica and SmartCap."
date: 2026-09-25T00:00:00.000Z
source: https://venturecapitaltracker.com/2026-dtcp-defence-fund-i-455m-eur-first-close
---

# DTCP Defence Fund I Reaches €455M First Close Toward €500M

> DTCP Defence Fund I reached a €455 million first close toward a €500 million target, backed by Deutsche Telekom, Porsche SE, EIFO, Danica and SmartCap.

**DTCP Defence Fund I reached a €455 million first close** on September 24, 2026. The Europe-led, NATO-aligned vehicle is targeting **€500 million**, so the announced amount is a first close rather than the final fund size.

Named limited partners include Deutsche Telekom, Porsche SE, Denmark’s EIFO and Danica, and Estonia’s SmartCap.

## Fund terms

| Field | Detail |
| --- | --- |
| Fund | [DTCP Defence Fund I](/fund/dtcp-defence-fund-i) |
| First close | **€455M** |
| Target | **€500M** |
| Strategy | European defence, security and resilience technology |
| Stage | Primarily Series B and later |
| Team leads | Ole Aguirre and Georgia Watson |
| Status | First close; fundraising can continue |

## What DTCP intends to back

The fund will invest in defence, autonomy, cyber security, secure communications, space and related resilience technologies across Europe and NATO-aligned markets. Its focus on Series B and later companies differentiates it from seed funds searching for experimental dual-use technology.

Growth-stage defence investing has a specific capital problem: hardware companies may have government demand but still need manufacturing capacity, certification, long procurement cycles and working capital. A €455 million pool can write larger follow-on cheques, but its effectiveness will depend on whether European procurement moves quickly enough to support venture-style returns.

DTCP has already referenced investments in defence companies including Kraken and Six Robotics, with another transaction in progress.

## Read the close correctly

The €455 million represents investor commitments to the fund. It is not money already invested in portfolio companies, and it is not DTCP’s firm-wide assets under management.

Likewise, €500 million is the target, not the amount raised. A later final close could remain at €455 million, reach €500 million or change if the manager adjusts the cap.

## Bottom line

The confirmed figure is a **€455 million first close**. DTCP is already close to its €500 million target, giving it one of the larger dedicated pools for European growth-stage defence technology, but the final close has not yet been announced.

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 25, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.