# PE firms backing Defence Tech (2026 list)

> 127 PE firms backing Defence Tech, 88% active in the last 12 months. Led by Gaingels, Pioneer Fund, Morgan Stanley Investment Management.

Source: https://millionrounds.com/lists/pe-firms-defensetech (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# PE firms backing Defence Tech

Updated 7 November 2026

PE firms we have observed in a defence Tech round in the last two years.

[See all 127 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-defensetech)The top 25

**127** investors on the list *+3* this week

**977** cheques in 12 months *+21%* against the market

**$113M** median round they joined *+1306%* against the market median

**88%** wrote a cheque in 12 months

**47%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen
- 2 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **551** **$2.9M** median round **Nov 2026** last seen
- 3 [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) *Deploying now* Private equity · United States **288** **$56M** median round **Oct 2026** last seen
- 4 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen
- 5 [TCV](https://millionrounds.com/fund/tcv) *Deploying now* Private equity · United States **200** **$100M** median round **Oct 2026** last seen
- 6 [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton) *Deploying now* Private equity · United States **198** **$64M** median round **Nov 2026** last seen
- 7 [Bond](https://millionrounds.com/fund/bond) *Deploying now* Growth equity · United States **154** **$47M** median round **Sept 2026** last seen
- 8 [Pritzker Group](https://millionrounds.com/fund/pritzker-group) *Deploying now* Private equity · United States **146** **$17M** median round **Nov 2026** last seen
- 9 [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) *Deploying now* Private equity · United States **136** **$400M** median round **Nov 2026** last seen
- 10 [Maven Capital Partners](https://millionrounds.com/fund/maven-capital-partners) *Deploying now* Private equity · United Kingdom **129** **$3.5M** median round **Oct 2026** last seen
- 11 [The Carlyle Group](https://millionrounds.com/fund/the-carlyle-group) *Deploying now* Private equity · United States **108** **$400M** median round **Aug 2026** last seen
- 12 [Blackstone Group](https://millionrounds.com/fund/blackstone-group) *Deploying now* Private equity · United States **98** **$200M** median round **Sept 2026** last seen
- 13 [Human Capital](https://millionrounds.com/fund/human-capital-2) *Deploying now* Growth equity · New Zealand **81** **$24M** median round **Oct 2026** last seen
- 14 [Space Capital](https://millionrounds.com/fund/space-capital-2) *Deploying now* Private equity · Italy **79** **$12M** median round **Oct 2026** last seen
- 15 [Breyer Capital](https://millionrounds.com/fund/breyer-capital) *Deploying now* Private equity · United States **69** **$24M** median round **Oct 2026** last seen
- 16 [Taiwania Capital](https://millionrounds.com/fund/taiwania-capital) *Deploying now* Growth equity · Taiwan **60** **$14M** median round **Jul 2026** last seen
- 17 [Advent International](https://millionrounds.com/fund/advent-international) *Deploying now* Private equity · United States **59** **$740M** median round **Oct 2026** last seen
- 18 [CPP Investments](https://millionrounds.com/fund/cpp-investments) *Deploying now* Growth equity **59** **$200M** median round **Oct 2026** last seen
- 19 [Bain Capital](https://millionrounds.com/fund/bain-capital) *Deploying now* Private equity · United States **58** **$50M** median round **Aug 2026** last seen
- 20 [Atlantic](https://millionrounds.com/fund/atlantic) *Deploying now* Private equity · Germany **53** **$35M** median round **Oct 2026** last seen
- 21 [Washington Harbour Partners Lp](https://millionrounds.com/fund/washington-harbour-partners-lp) *Deploying now* Private equity · United States **52** **$60M** median round **Nov 2026** last seen
- 22 [Raptor Group](https://millionrounds.com/fund/raptor-group) *Deploying now* Private equity · United States **50** **$15M** median round **Sept 2026** last seen
- 23 [Royal Bank of Canada](https://millionrounds.com/fund/royal-bank-of-canada) *Deploying now* Growth equity · Canada **46** **$100M** median round **Oct 2026** last seen
- 24 [Gresham House Ventures](https://millionrounds.com/fund/gresham-house-ventures) *Deploying now* Growth equity · United Kingdom **40** **$6.6M** median round **Sept 2026** last seen
- 25 [Dragoneer Investment](https://millionrounds.com/fund/dragoneer-investment-group) *Deploying now* Private equity · United States **39** **$500M** median round **Oct 2026** last seen

**102 more on this list**

All 127 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-defensetech)

## The Newest Cheques

Rounds this list's investors joined most recently

- **6** Nov **[Ocient](https://millionrounds.com/company/ocient)** Series C · $100M *With* [PSP Growth](https://millionrounds.com/fund/psp-growth)
- **5** Nov **[Soter Insure](https://millionrounds.com/company/soter-insure)** Series B *With* [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton)
- **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)
- **5** Nov **[Nyquis](https://millionrounds.com/company/nyquis)** Seed · $6.3M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2)
- **5** Nov **[CesiumAstro](https://millionrounds.com/company/cesiumastro)** Series D+ · $730M *With* [Sands Capital Management](https://millionrounds.com/fund/sands-capital)
- **5** Nov **[Zipline](https://millionrounds.com/company/zipline)** Growth · $1.5B *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)

## Stages This Year

806 rounds

- Venture **17%**
- Series A **13%**
- Series B **11%**
- Seed **10%**
- Debt **9%**
- Other **40%**

## What They Backed

Sectors, last 12 months

- AI **321**
- Aerospace & Space **84**
- Fintech **64**
- Defence Tech **64**
- Biotech **53**
- Big Data & Analytics **50**

## Cheques by Quarter

Led Joined

208 Q1 25

181 Q2 25

235 Q3 25

295 Q4 25

289 Q1 26

252 Q2 26

222 Q3 26

80 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai)
- [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech)
- [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data)
- [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech)
- [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics)
- [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction)
- [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy)
- [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai)
- [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders in government and defence

- The Hour of the Predator Giuliano da Empoli · 2025 3.94 from 5,140 ratings on Goodreads Government and defence About the book A chilling assessment of international politics in our time, from an internationally bestselling author whose work has sparked controversy and debate across the worldBlending the author’s personal insight with startling historical comparisons to the days of Machiavelli and the… On AmazonListen on Audible
- Written Out of History: The Forgotten Founders Who Fought Big Government Mike Lee · 2017 4.05 from 728 ratings on Goodreads Government and defence Company building About the book Senator Mike Lee tells the story of the Founders whose warnings about the dangers of an all-powerful federal government helped shape our Constitution--but are being ignored today. Today, most Americans are familiar only with the "big names" associated with the Founding -… On AmazonListen on Audible
- Unit X: How the Pentagon and Silicon Valley Are Transforming the Future of War Raj M. Shah · 2024 3.82 from 1,608 ratings on Goodreads Government and defence Company building Innovation About the book Shortlisted for the 2024 Financial Times Business Book of the Year “An exceedingly important book!”, General David Petraeus, US Army (Ret.), former Director of the CIA “Essential reading for understanding how technology will change the future of warfare.”, Chris Miller, New York… On AmazonListen on Audible
- The Sirens' Call: How Attention Became the World's Most Endangered Resource Christopher L. Hayes · 2025 3.93 from 8,942 ratings on Goodreads Government and defence About the book An Instant #1 New York Times BestsellerFrom the New York Times bestselling author and MSNBC and podcast host, a powerful wide-angle reckoning with how the assault from attention capitalism on our minds and our hearts has reordered our politics and the very fabric of our… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=government).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about PE firms backing Defence Tech

### Who are the most active PE firms backing Defence Tech?

By cheques observed, the most active are Gaingels, Pioneer Fund, Morgan Stanley Investment Management, General Atlantic and TCV.

### How many PE firms backing Defence Tech are there?

127 are on record. 88% made an investment in the last 12 months and 47% have led a round.

### Which stages do PE firms backing Defence Tech back?

Of the rounds with a named stage in the last 12 months, mostly Series A (18%) and Series B (16%).

### How big are the rounds PE firms backing Defence Tech join?

The typical (median) round among the leading investors here is $50M.

### Which sectors do PE firms backing Defence Tech back most?

In the last 12 months, mostly AI, Aerospace & Space and Fintech.

### Which PE firms backing Defence Tech lead the most rounds?

General Atlantic (32 led), TCV (17 led) and Bond (11 led).

### Where are PE firms backing Defence Tech based?

Among the most active, most are based in the United States (17), the United Kingdom (2) and New Zealand (1).

### What have PE firms backing Defence Tech invested in recently?

Recent rounds include Ocient (Series C, Nov 2026, with PSP Growth), Soter Insure (Series B, Nov 2026, with Franklin Templeton) and firmly (Series A, Nov 2026, with • Ark Invest).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)