insight
insight
In 2025, several Danish institutional investors have made tangible changes to how long-term capital is allocated. These developments span both listed and private markets and include adjustments to defence-related investment policies as well as selective commitments to alternative and growth-oriented assets.
When
In listed markets, PFA expanded the group of defence-related stocks it can invest in during May 2025, reopening exposure to a number of aerospace and defence companies that had previously been excluded. In June 2025, AkademikerPension followed suit by lifting a self-imposed ban on investing in several major European defence companies, citing changes in the security environment and Europe’s defence needs.
At the same time, pension investors have shown a willingness to deploy capital through venture-style structures in advanced technologies. In April 2025, PensionDanmark described its DKK 75m investment in Sparrow Quantum as a venture investment, highlighting a growing openness to non-listed, higher-growth assets.
Against this backdrop, the establishment of ETNA stands out as a concrete private-markets development in the defence and security domain. ETNA is a Copenhagen-headquartered private equity fund dedicated to strengthening European resilience by investing in companies within defence, cyber security, and the protection of critical infrastructure, with a pan-European mandate.
ETNA was established in December 2025 and is backed by PensionDanmark, AP Pension, and AkademikerPension. Together, the three pension funds committed approximately EUR 220m (approx. DKK 1.6bn) at launch. ETNA is headquartered in Copenhagen, Denmark, and operates an additional office in Munich, Germany.
Private equity investment fund
December 2025
Copenhagen, Denmark (HQ)
Munich, Germany
Approx. DKK 1.6bn (~EUR 214m) in total:
Defence, cyber security, and protection of critical infrastructure
Pan-European
Primarily majority stakes, with flexibility for minority and growth equity investments
The creation of ETNA shows how large pension investors can engage with defence and security-related sectors through a structured private equity setup. For pension funds, this provides a clear framework for how capital is invested, governed and managed over time, rather than relying solely on exposure through listed shares.
Private equity also enables a more hands-on ownership approach. This can be particularly relevant in defence, cyber security and critical infrastructure, where companies often operate in regulated environments, face long sales cycles, and must meet extensive compliance and certification requirements. ETNA’s stated approach includes a focus on established, profitable companies alongside selective investments in proven scale-ups, often in partnership with existing owners and management teams.
ETNA’s investment focus targets a segment of the European defence and security ecosystem that frequently sits between early-stage innovation and large prime contractors. Many companies in this segment already serve defence or security-related customers but require additional capital and ownership support to scale operations, strengthen governance, or expand into new markets.
In this context, a buyout-oriented strategy with a long-term perspective aligns well with the characteristics of defence-adjacent markets, where growth is often gradual and closely linked to trust, certification and sustained operational performance.
ETNA is part of a wider set of developments seen during 2025. In listed markets, PFA and AkademikerPension both adjusted investment policies to allow broader exposure to European defence stocks. In private markets, Danish institutional capital has also been deployed through venture-style structures, including PensionDanmark’s investment in quantum technology.
Taken together, these developments point to a broader reassessment of how defence, security and strategically relevant technologies are financed, and to a widening set of instruments through which long-term institutional capital can engage. By supporting the scaling of defence-related companies and technologies, such investments contribute to strengthening defence innovation and industrial capacity across Denmark, Europe and the wider NATO ecosystem.
Denmark can serve as an effective landing pad for international investors and companies seeking to leverage Denmark’s world-class business framework conditions, specialised talent and its high-ranking innovation ecosystem, while targeting opportunities across the European market. The country combines an open and stable economy, close public-private collaboration and easy access to European customers and partners.
Interested in learning more about investment and business opportunities in Denmark’s defence and dual-use ecosystem? Invest in Denmark provides free and fully confidential assistance to international companies exploring opportunities in Denmark, including site selection support, partner introductions and help navigating relevant authorities and ecosystems. Reach out to Invest in Denmark to set up a one-to-one meeting with one of our advisers here:
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