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MIKES

EU programmes · European Investment Fund with the European Commission, under InvestEU

Defence Equity Facility (DEF)

EquityDefenceDual-useDeep techFunding
Envelope
€175m (€100m EDF + €75m EIF), 2024-2027; topped up by the €100m Defence Equity Facility 2.0 under EDIP

About the programme

A fund-of-funds initiative launched in January 2024 and managed by the EIF to mobilise private capital into Europe's defence innovation ecosystem.

  • It invests in European VC, PE and private credit funds that commit to the defence target area, with commitments so far including Keen Venture Partners (€40 million) and Sienna Hephaistos, the first European private credit fund dedicated to the defence industry (€30 million).
  • EDIP adds a €100 million Defence Equity Facility 2.0 focused on SME investment support.

Why it matters

Not a programme you apply to as a company, but it determines which European VCs have fresh defence-mandated capital; track its fund commitments to know who can actually write you a cheque.

Calls & cycles

1
InvestEU call for expression of interest, equity products (defence target area)Rolling

Continuously open

Continuously open to fund managers; selection based on policy fit and commercial assessment.

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