The EIF invests €40 million in Nazca Aerospace and Defense

The European Investment Fund (EIF), the arm of the EIB Group specialized in investments in small and medium-sized enterprises (SMEs) and mid-cap companies, is investing €40 million in the Nazca Aerospace and Defense INNVIERTE I FCR fund, managed by Nazca Capital. This follows the investment already made by CDTI in this fund, whose primary objective is to invest in innovative companies developing dual-use solutions (civil and defense).

Nazca Aerospace and Defense will drive the modernization, growth, and technological autonomy of the aerospace, defense, security, and dual-use technology sectors in Spain and Europe. Its investment philosophy focuses on identifying strategic companies with strong technological or industrial potential that require capital, professional management, and scale to accelerate their national and international development and expansion. With a target size of €600 million, it is one of the largest private equity funds in Spain specializing in the aerospace and defense sector.

The EIF and Nazca Capital formalized this cooperation at a signing event held in Madrid, attended by CDTI Innovación and with the participation of Marco Marrone, Chief Investment Officer of the EIF; Teresa Riesgo, Secretary General of Innovation and Chair of Innvierte; and Carlos Carbó, Chairman of Nazca Capital.

Marco Marrone, Chief Investment Officer of the EIF, highlighted: “With this investment, the EIF strengthens its collaboration with Nazca and CDTI to drive innovation and the development of cutting-edge civil and defense technologies. This collaboration will reinforce the European aerospace and defense industry, contributing to the competitiveness and strategic autonomy of the European Union.”

Carlos Carbó, Chairman of Nazca, commented: “With the support of CDTI and the European Investment Fund, the Nazca Aerospace and Defense Innvierte I Fund becomes a key instrument for channeling investment into companies that strengthen critical capabilities, foster innovation, and promote industrial consolidation within an increasingly essential ecosystem for Europe’s strategic sovereignty and competitiveness.”

The EIF investment contributes to the cross-cutting public policy objective of the EIB Group to strengthen Europe’s security and defense industry, as well as its strategic priority to accelerate digitalization and technological innovation. The operation also contributes to TechEU, the EIB Group program aimed at accelerating innovation in the EU, which seeks to mobilize €250 billion in investments by 2027 for startups, scale-ups, and innovative companies across Europe. This investment is supported by the EU’s InvestEU program, specifically through its Defense Equity Facility.

The EIB Group and its support for European security and defense

Since 2024, the EIB Group has significantly intensified its support for the development of European security and defense capabilities. Its activities in this area are now a permanent cross-cutting public policy objective of the Group, in addition to being one of its eight strategic priorities for 2024–2027.

The Group has revised its lending policy to broaden eligibility criteria and the range of security and defense projects it can finance. It has also established a Security and Defense Office to ensure a rapid and effective response to project proposals.

The EIB Group aims to allocate 3.5% of its total financing planned for 2025 (approximately €3.5 billion) to projects related to security and defense.

For more information on the EIB’s support for the European security and defense sector, click here.

Caption, from left to right: Carlos Carbó, Chairman of Nazca; Teresa Riesgo, Secretary General of Innovation and Chair of Innvierte; and Marco Marrone, Chief Investment Officer of the EIF.

General Information

European Investment Fund (EIF)

The EIF is part of the EIB Group. Its primary mission is to support European microenterprises and SMEs by facilitating access to finance. The EIF designs and develops venture capital and growth instruments, guarantees, and microfinance instruments specifically targeting this market segment. Through its activities, it contributes to key EU policy objectives, such as competitiveness and growth, innovation and digitalization, social impact, skills and human capital, climate action, and environmental sustainability.

InvestEU

The InvestEU program provides long-term financing to the European Union by mobilizing significant private and public funds in support of sustainable recovery. It also helps drive private investment in EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under a single umbrella the various financial instruments the EU currently has available to support investment in its member states, making financing for investment projects in Europe simpler, more efficient, and more flexible. The program has three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. The full budget guarantee supports the investment projects of the implementing partners, increases their risk-bearing capacity, and aims to mobilize at least €372 billion in additional investment.

Innvierte

Innvierte is an initiative of CDTI Innovación, framed within the Spanish Strategy for Science, Technology, and Innovation 2021–2027 approved by the Council of Ministers. Its objective is to promote business innovation by supporting venture capital investment in technology-based or innovative companies. To date, CDTI Innovación has committed €2.898 billion through Innvierte Economía Sostenible SICC SME SA in 65 investment vehicles, which have invested in over 636 companies, and €761 million in 199 companies via direct co-investment.

CDTI Innovación

The Center for the Development of Technology and Innovation (CDTI) is the state innovation agency of the Ministry of Science, Innovation, and Universities, aimed at promoting technological innovation in the business sector. CDTI’s mission is to ensure that the Spanish business ecosystem generates and transforms scientific and technical knowledge into globally competitive, sustainable, and inclusive growth. In 2024, under a new strategic plan, CDTI provided over €2.3 billion in support to Spanish companies and startups.

Nazca Capital

Nazca is a private equity fund management company specialized in investing in Spanish family-owned companies that are not publicly listed, with 25 years of experience and more than 110 executed transactions. Nazca currently manages three distinct investment strategies: investments under €30 million through its sixth fund, Nazca Small Caps II; investments between €30 million and €150 million through its Nazca Opportunities platform, which consolidates investments from different family offices; and its aerospace and defense investment strategy via the Nazca Aerospace and Defense INNVIERTE I FCR Fund, currently fundraising with the objective of reaching €600 million.