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Hyperion Plans €500 Million Second Defense Fund for 2026 After Deploying 40% of Debut Vehicle

The firm is positioning to scale investments in a European defense market gearing up for consolidation.

Overview

  • Co-founders Pablo Casado and Ricardo Gómez-Acebo unveiled the plan at an investor day in Madrid, framing the next vehicle at up to €500 million.
  • Hyperion’s first fund raised €150 million in 2024 and has invested about 40%, with a target to add roughly €50 million this year to reach as much as 75% deployment.
  • Current holdings include Pangea Aerospace, Sateliot, Gutmar, Brok-air, ATS Aviation, and the acquisition of Gestair alongside Corporación Financiera Azuaga.
  • Former NATO secretary general Anders Fogh Rasmussen sits on Hyperion’s international advisory council and attended the event.
  • Backers cited by the firm include public bodies CDTI and Fond-Ico, corporates Indra, Sapa and Prosegur, and anchor investor Nortia Investment Holding, with CDTI investing up to €28.5 million and Fond-Ico around €10 million.