German growth investor DTCP has raised €455m in a first close of its inaugural defence fund, targeting €500m total. The fund includes backing from European Investment Fund, Bpifrance, KfW Capital, and family offices. DTCP plans to invest in 25-30 companies across dual-use technologies, cybersecurity, and space.

Managing partner Hendrik Brandis said the fund addresses a critical funding gap for European defence innovation. The firm also signaled plans for future funds focused on climate tech and digital infrastructure. DTCP, founded in 2015, manages over €1bn across growth equity and venture strategies.