German growth investor DTCP has raised €455m in a first close for its inaugural defence fund, according to Sifted. The fund has a target of €500m, meaning the first close covers most of the goal. This is DTCP's first fund dedicated to defence.
The fund will invest in European defence and security startups, the source reports. The first close brings the fund close to its target, though the source does not name the investors who participated.
DTCP is already planning future funds, according to the article, signalling a broader push into defence investing. The source does not provide a timeline for the final close.