Growth Debt Fund

A direct lending fund supporting companies that strengthen Europe’s strategic autonomy, resilience and security

European Autonomy & Sovereignty Growth Debt Fund

  • Born out of TMF's advisory activities, the European Autonomy & Sovereignty Growth Debt Fund is a fund initiative currently being developed with a focus on providing growth debt to European companies contributing to strategic autonomy, resilience, security and defence. The proposed strategy seeks to provide flexible, predominantly non-dilutive growth capital to established companies, supporting their continued development while limiting equity dilution.

Proposed Investment Strategy

  • European private credit strategy targeting loan investments of approximately €5m – €75m, generally with maturities of up to 3 years.
  • Focus on established bootstrapped, PE- and VC-backed, and publicly listed companies with demonstrated product-market fit and visible growth prospects.
  • Intended to address financing opportunities arising from accelerating innovation cycles, increasing investment requirements and structural demand across sectors relevant to European autonomy, resilience, security and defence.
  • Primarily interest-bearing debt instruments, potentially complemented by warrants, revenue-linked payments or other contractual return components, where appropriate. Transactions may incorporate collateral, covenants and other customary lender protections.
  • Proposed 5-year initial fund term, including a 4-year investment period, with provision for an optional extension of up to 2 years.
  • Potential use of incentive-based positive covenants intended to encourage investments consistent with the strategy's objectives, subject to appropriate credit and risk considerations.


  • Important Notice: The European Autonomy & Sovereignty Growth Debt Fund is currently under development. The information above is provided for general informational purposes only and describes a proposed investment strategy that remains subject to change. It does not constitute an offer to sell, or a solicitation of an offer to acquire, any securities or interests in a fund, nor does it constitute investment, legal or tax advice. Any offering, if made, will be made solely on the basis of the relevant definitive offering documentation and in accordance with applicable laws and regulations.

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European scale-ups eligible for financing
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