DTCP has launched “Project Liberty,” a new €500 million venture fund dedicated to defense, security, and resilience technologies, positioning it as the firm’s eighth fund and its first focused exclusively on the sector. The independently managed vehicle will target institutional investors, family offices, and corporate investors, with a mandate centered on backing high-performing European defense and dual-use technology companies across Series A to Series C rounds.
While Europe is the clear geographic priority, DTCP said the fund will also have flexibility to invest selectively in companies from NATO member states and close allies when the technologies are strategically relevant to European security, interoperability and critical supply chains.
DTCP said Project Liberty is designed to support Europe’s long-term technological capability and security resilience at a time when defense modernization budgets are rising across Western governments and next-generation systems are reshaping military and security value chains.
The firm noted it has spent more than a decade investing in IT and security technologies, and pointed to an existing portfolio that spans cybersecurity, AI and dual-use capabilities. DTCP cited holdings including Arctic Wolf, Axonius, Zenity, Anomali and Ox Security, as well as Germany-based dual-use defense technology company Quantum Systems. DTCP also highlighted prior investments and exits across its broader growth portfolio.
Investment Strategy and Target Sectors
DTCP said Project Liberty will pursue a NATO-aligned approach and invest in companies that complement or advance existing defense and security systems through new technological approaches. Priority areas include software solutions, cyber defense, artificial intelligence and autonomous systems, alongside enabling technologies spanning surveillance and sensing, software-defined systems, advanced materials, autonomous platforms, and satellite and communications infrastructure.
The fund expects to make up to 30 investments, with an average investment size of approximately €20 million.
DTCP Background
Founded in 2015, DTCP manages approximately €3 billion across technology and infrastructure strategies and has completed more than 50 investments worldwide, including more than 19 exits. The firm operates offices in Hamburg, Frankfurt, Berlin, Luxembourg, London, San Francisco and Tel Aviv.
KEY QUOTES:
“Project Liberty represents a highly consistent extension of our role as a specialist investment platform. Defense and resilience have been converging with technology and infrastructure investing for more than a decade—precisely where DTCP, through DTCP Growth and DTCP Infra, has deep expertise and numerous touchpoints with the defense industry. There are few areas that fit more naturally with our existing platforms.”
“At the same time, we see a compelling long-term investment opportunity. For decades, Europe has underinvested in defense while geopolitical risks have steadily increased. In parallel, we are witnessing a profound technological transformation across the entire value chain—from surveillance and sensing to software-defined systems, advanced materials, autonomous platforms, and satellite and communications infrastructure.”
“As major Western governments have now embarked on a long-term and irreversible path to modernize their defense capabilities, we are highly confident in the structural growth prospects of this sector for decades to come.”
Vicente Vento, CEO, DTCP
“We named the fund Project Liberty because it is about more than capital alone. Technological capability is a core prerequisite for Europe’s sovereignty, security, and democratic stability. Our objective is to support the development of a strong European security architecture through targeted investments in scalable, high-performance technologies.”
“At the same time, Project Liberty follows a clear, return-driven investment approach. We combine capital with deep operational expertise, an international network, and long-standing experience working with industrial partners and public-sector stakeholders. In this sector, access, governance, and the ability to scale are critical—and this is where we believe DTCP brings distinct value as a long-term, active investor.”
Thomas Preuß, Managing Partner, DTCP; Chief Investment Officer, Project Liberty
