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Introduction

Ukraine Defence Tech Fund

A Luxembourg AIF platform channelling European institutional capital into battlefield-validated defence and dual-use innovation.

ConfidentialFor Qualified Investors OnlyLuxembourg AIF · Formation Stage · 2026

A disciplined bridge between Ukrainian strategic innovation and European institutional capital.

A Luxembourg platform investing in Ukraine's defence innovation and dual-use technology, providing institutional investors with governed, compliant, and scalable exposure to one of Europe's most strategically relevant opportunity sets.

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01 — Investment Thesis

Three convictions underpin the platform.

01

Battlefield-Validated Innovation

Ukrainian defence and dual-use technologies are iterated under live operational conditions. What ships is what works, compressing the gap between R&D and proven utility that institutional investors typically pay heavily to close elsewhere.

02

Structural Capital Scarcity

The market is underserved by institutional capital due to complexity, not lack of opportunity. Pricing power sits with disciplined providers of structured European capital able to navigate regulatory and operational realities.

03

Luxembourg-Structured Access

A purpose-built AIF platform provides institutional investors with the governance, legal architecture, and regulatory framework required to participate at scale, translating local opportunity into investable structure.

02 — Investment Strategy

A multi-channel platform across complementary instruments.

Investing where wartime validation evolves into long-term industrial and commercial value, bridging local opportunity and institutional capital through structure, geography, and underwriting discipline.

Type I

Private Debt

Structured credit for mature defence and dual-use companies
  • Financing for production, working capital, and export-related scaling
  • Visible revenues and contracts as primary underwriting criteria
  • De-risking via export-credit structures or contractual cash-flow visibility
Type II

Venture & Growth Equity

Backing scalable defence and dual-use innovation
  • Series A and growth equity, with convertibles at seed stage
  • Targeting companies with product validation, grants, and military testing
  • Emphasis on dual-use technology with international and NATO market potential
03 — Relevant Counterparties

Who this platform may be relevant for.

Institutional Investors

Pension funds, insurance, and sovereign vehicles seeking structured exposure to allied defence and dual-use technology.

Family Offices

Private capital with conviction in strategic, geopolitical, and asymmetric opportunities navigated with discipline.

Strategic Capital

Industrial and defence groups seeking co-investment, pipeline access, and ecosystem proximity.

Sector-Aligned Partners

AIFMs, depositaries, sourcing partners, and structuring counterparties with complementary mandates.

04 — Team & Structure

The people behind the fund.

The management team is in place. Board and advisory seats are in active discussion: profiles are defined and candidates are being vetted; no appointment is confirmed.

Benjamin Goeury, Founder
Management

Benjamin Goeury

Founder · General Partner · Investment Advisor

Investment professional specialised in alternative assets, fund structuring and portfolio management, with institutional fund experience in Luxembourg and direct working relationships across Ukraine's defence ecosystem. Committee Member of the Luxembourg-Ukraine Chamber of Commerce.

Sources and screens. Nothing moves without its recommendation. Cannot force a transaction.
Authorised External AIFM

Investment decision

CSSF-supervised · Takes the decision
  • Portfolio management
  • Risk management
  • Compliance (AML / KYC / KYT)
  • Valuation
Decides against its own documented analysis and may reject any recommendation.
To be appointed · None signed
The Board We Are Building

General Partner board: Class A and Class B managers, quorum requires one of each. Approves every transaction.

01

Fund Specialist

GP Manager · Class A

Luxembourg AIFM and fund-structuring expertise, held on the sponsor side.

Sponsor seat
02

Governance Specialist

Independent GP Manager · Class B

Luxembourg fund-governance professional providing independent oversight of the manager. Sits on the GP board only, not on the investment committee.

Strong interest · Not committed
03

Third Seat

GP Manager · To be appointed

Luxembourg professional director for substance, or a second independent, so a recusal never stops the board from acting.

Open · Filled at first close
Strategic Advisory Board

Advises only. No vote at any gate.

01

Defence Exposure

Strategic Advisory Board · Non-Executive

Retired two-star general of a NATO member state, non-Ukrainian, for independent validation of defence theses and access to European prime exits.

Strong interest · Not committed
02

Private Equity Specialist

Strategic Advisory Board · Non-Executive

Private equity and M&A principal advising on entry pricing and exit routes for the equity sleeve.

Early discussion · Not confirmed
03

Private Debt Specialist

Strategic Advisory Board · Non-Executive

Credit underwriter advising on the debt sleeve, half of the fund.

Sourcing · Not confirmed
Experts

Non-board, engaged per mandate. Day rates, never success fees.

01

Independent Due Diligence

Engaged Partner · Non-Board

External, non-Ukrainian technology bridge providing on-the-ground validation and pre-vetting; the independent check that state-linked sourcing cannot supply.

Engaged · Scoping terms
02

Front-Line Operational Truth

Operational Advisor · Non-Board

Ukrainian combat veteran with front-line service in drone, EW, and C4ISR operations. Deliberately held outside the board so technology assessment stays free of governance conflict.

Strong interest · Not committed

Advisors and experts are paid in cash, never in carried interest. Every appointment activates at fund launch.

05 — Engage

Initiate a confidential conversation.

The full briefing environment, covering thesis detail, strategy, sector focus, structure, risk framework and the document room, is available to qualified investors on request.

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