Family Offices and European Defence SMEs
How Private Family Capital Is Entering Tier-2 and Tier-3 Defence and Dual-Use Companies in Europe
This report examines whether, how, and to what extent European family offices and family-controlled investment vehicles are allocating capital to private defence SMEs operating at Tier-2 and Tier-3 of the supply chain. It situates this capital movement within the evolving European regulatory environment, including sustainable finance clarification and EU institutional instruments designed to improve SME access to finance. By distinguishing clearly between documented transactions and analytical inference, the study maps verified cases, transaction structures, and intermediation channels through which family capital reaches defence-relevant companies. The analysis focuses on governance characteristics, capital deployment mechanisms, and the implications for valuation, consolidation, and European strategic autonomy.