Definvest
Definvest is a French state-backed equity fund, created by the Ministry of Armed Forces and managed by Bpifrance in partnership with the DGA, that takes minority equity stakes in strategic defense-sector SMEs to keep critical technologies under French control.
Definvest was announced 16 November 2017 as a joint initiative of the French Ministry of Armed Forces (via the Direction Générale de l'Armement, DGA) and Bpifrance, which manages the fund's day-to-day investment operations; per the Cour des comptes' official 2023 audit report, the fund was formally created in 2018. Its mandate: take minority equity stakes — alongside private co-investors — in SMEs and mid-caps whose products/expertise are critical to French defense systems (the Base Industrielle et Technologique de Défense), plus disruptive startups developing tomorrow's defense-relevant technologies. Initially capitalized at €50M, the fund's size was increased to €100M in 2022 at the Ministry of Armed Forces' request. Investment directors involved in Definvest deals include Nicolas Berdou, François Charbonnier, and Emmanuel Audouard (all Bpifrance).
Overview
- Firm
- Definvest
- Headquarters
- Paris, France
- Founded
- 2018
- AUM
- €100M (increased from an initial €50M in 2022)
- Stages
- Growth
- Thesis
- Definvest invests €500K-€5M per deal in strategic-defense SMEs and mid-caps, explicitly to prevent foreign (notably US and Chinese) acquisition of critical French defense-technology 'gems.'
Portfolio companies1
Partners0
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Frequently asked
- What is Definvest?
- Definvest invests €500K-€5M per deal in strategic-defense SMEs and mid-caps, explicitly to prevent foreign (notably US and Chinese) acquisition of critical French defense-technology 'gems.'
- How much does Definvest manage?
- Definvest manages €100M (increased from an initial €50M in 2022) in assets, and was founded in 2018.
- What stages does Definvest invest at?
- Definvest invests at Growth.
Sources & citations3
Each claim links to its underlying source. Confidence reflects how directly the source supports the claim.
- 1
Definvest, managed by Bpifrance and backed by France's Ministry of Armed Forces, co-led U-Space's €24M Series A as a sovereign space-sector investment
Via Satellite / SatelliteToday: French Smallsat Manufacturer U-Space Raises $28M With Definvest BackingVerified2025-11-12 - 2
Definvest was formally created in 2018 (announced Nov 2017), a €50M-then-€100M state-backed fund managed by Bpifrance for the Ministry of Armed Forces/DGA.
Cour des comptes: Le fonds Definvest — Observations définitives, Exercices 2018-2022 (S2023-0954)Verified2023-10-30 - 3
Definvest invests €500K-€5M per deal in strategic defense SMEs, explicitly to prevent foreign acquisition of critical technologies.
Opex360: Definvest, le fonds d'investissement de la défense pour les entreprises stratégiquesVerified2017-11-17