DTCP Launches €500M Project Liberty Fund to Scale European Defence Tech

Deutsche Telekom Capital Partners (DTCP) has unveiled Project Liberty, a €500 million investment vehicle dedicated to defence, security, and resilience-related technologies. The fund is intended to support European companies developing capabilities relevant to military, governmental, and critical infrastructure users, at a time of heightened focus on industrial readiness and supply-chain security.

Project Liberty is DTCP’s eighth fund and its first with an exclusive focus on defence and dual-use applications. According to the firm, the vehicle is structured to attract institutional investors, family offices, and strategic backers seeking exposure to defence-relevant technologies while maintaining commercial investment discipline. While Europe remains the core geographic focus, the mandate allows investments in NATO-aligned countries where companies contribute to European security objectives or interoperability requirements.

DTCP indicated that the fund aims to invest in approximately 30 companies, primarily at Series A to Series C stages, with typical investment sizes of around €20 million. Priority areas include defence and security software, cybersecurity, artificial intelligence, autonomous systems, and other technologies with both civilian and military applications.

Commenting on the launch, Thomas Preuß highlighted the role of private capital in addressing long-standing investment gaps in European defence technology, particularly for companies seeking to scale beyond early development phases. Vicente Vento pointed to growing demand from public-sector and allied customers for commercially viable technologies that can be integrated more rapidly into defence and security ecosystems.

DTCP brings prior experience from investments in cybersecurity, digital infrastructure, and dual-use technologies. The firm stated that it plans to leverage its industrial networks and public-sector engagement to support portfolio companies as they navigate procurement pathways and international expansion within allied markets.

The launch of Project Liberty underscores a broader shift in European defence financing, as larger private investment vehicles increasingly complement national and EU-level initiatives aimed at strengthening the continent’s defence industrial capacity.