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Securing the future: There is no sustainability without peace and no peace without defence capacity

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The intensification of conflicts and geopolitical tensions on the doorstep of the European Union is leading to a significant increase in military needs and defence spending. Nearly 1000 billion euros have been announced as part of the Rearm Europe plan to reconstitute a defence tool that is up to the new challenges. After 30 years of underinvestment, Europe must strengthen its strategic autonomy, by accelerating production and modernising its equipment. Rebuilding inventories has become a priority in the face of rising orders and the challenges of fragmented supply chains. Securing supplies and reducing dependencies on imports are key to ensuring industrial resilience.

At the same time, European cooperation is being strengthened, with joint initiatives such as the European Defence Fund and the European Defence Industrial Strategy. Supporting the subcontractors of the major industrial groups in the defence ecosystem means ensuring defence capacity and the sustainability of peace on the continent.

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Track-record

+15 years
mid-market specialist since 2010
+160 SMEs and ETIs
directly funded
~ €1 bn
of funding deployed

Our commitment: to support the European SMEs and Mid-caps of the DITB*

Since 2010, Sienna IM has been financing mid-market companies to help them grow sustainably. SMEs and mid-caps in the defence ecosystem are at the heart of the defence supply chain, with more than 10,000 companies in Europe. Their role is essential, particularly in France, Germany, Italy and Spain, where activity is the most dense. They often have important activities for the civilian sector, enriching each other and allowing the dissemination of the most advanced technologies in the various sectors, and are driving forces in the territories, both in terms of the number and quality of jobs (230,000 in France) and their technicality.

However, this market remains very fragmented, with a strong dependence of large groups on these suppliers. The unprecedented increase in production capacity expected of DTIB companies will require the mobilization of all the players involved in their financing, including front-line asset managers.

Speech by Olivia Noirot-Nérin, Director of Corporate Debt Funds, at the conference on financing the defense industry organized by the Ministry of Economy and Finance and the Ministry of the Armed Forces on March 20, 2025, at Bercy (in French).

*DITB: Defence Industrial and Technological Base

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Secure financing adapted to the DITB sector

We offer financial solutions tailored to the needs of companies, guaranteeing secure support for their development.

Financing organic growth

Financing production and manufacturing acceleration

Financing of external growth/LBO

Approche des risques
Adapted risk approach

At Sienna IM, we rigorously apply ESG criteria to all companies, including those in the defence sector, ensuring transparency, compliance with international commitments, and accountability for sustainable investments.

  1. Compliance with Sienna IM’s exclusion policy : compliance with international commitments, exclusion of prohibited weapons, and analysis of controversies.
  2. Encouragement of good practices : implementation of incentive clauses and financial adjustments related to ESG criteria.
  3. Transparency and monitoring : continuous evaluation of ESG performance and regular reporting.

Our mission: to reconcile sovereignty, security and sustainable development.

Integration ESG
ESG Integration

ESG is integrated into all of our investment processes and thus determines our approach by favouring a rigorous selection of projects, excluding controversial activities and respecting strict sector criteria. We promote responsible practices through financial incentives and adjustments linked to ESG performance. Regular monitoring, based on defined indicators and annual checks, guarantees the transparency and effectiveness of our commitments. This approach makes it possible to reconcile sovereignty, security, and sustainable development within the defence industry.

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Privileged access to the ecosystem

We provide targeted financial support to SMEs and mid-caps, with investments of €10M to €20M and support for companies generating a turnover between €20M and €500M. We favour structures with less than 3000 employees, operating in strategic sectors such as defense and B2B innovation.

Our pan-European approach, with a focus on France, Italy and Germany, aims to ensure sustainable and secure growth for businesses that are critical to the economy.

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Warning

This content is exclusively intended for professional investors, as defined by MID Directive II. The information presented on this website is provided for information purposes only and does not constitute a recommendation, solicitation, offer, or investment advice. The investment strategy presented is in the pre-marketing phase; certain elements characterizing it are subject to change without notice and at any time, until the finalization of the documentation and the marketing of the fund, in accordance with the regulations in force.

Defence-related topics contacts

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Philip 2024 Bw

Philippe Roca

Head of Corporate Debt Funds, Private Credit

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Philippe Roca’s current role is Head of Corporate Debt Funds at Sienna Private Credit (formerly Acofi). He began his career as an auditor at Arthur Andersen in 1993.  He joined BNP Paribas in 1999 and then moved to IXIS in 2005 to develop structured financing optimisation products for institutional clients and large corporate groups. He left Natixis in 2009 to work on designing and running Corporate Funding Association, a cooperative banking project for corporates in the eurozone. Philippe joined Alfafinance in 2011 and Sienna Private Credit (formerly Acofi) in 2014 after the two companies merged. He is an HEC graduate.

Olivia Noirot Nerin 2024 (2)

Olivia Noirot-Nérin

Director of Corporate Debt Funds - Private Credit

+33153769984

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Olivia has nearly 21 years of experience, both in France and internationally, in financing, corporate finance, restructuring and transaction services. Having worked at Deloitte and E&Y at the beginning of her career, Olivia has worked with real asset investment funds and private equity firms (Rive Private Investment, Eiffel Invest, Oaktree Capital), either within their investments, advising them, or raising financing. Before joining Sienna IM, she was, since 2018, Deputy Managing Director in charge of finance and a member of the Supervisory Board of Simaero, a company specializing in training airline pilots on flight simulators. Olivia is a graduate of ESCP Europe and an auditor of the IHEDN (1st National Session).

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Laure Mahé

Investor Relations Officer, Private Credit

+33 (0) 1 53 76 99 91

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Laure joined Sienna Private Credit in December 2022 as an Investor Relations Officer. She started her career at HSBC AM and then at Allianz Global Investors as a Tender Officer for both institutional and retail clients. In 2021, Laure joined CAPZA as Senior Product Manager for private debt and private equity funds. Laure is a graduate of Neoma Business School. 

 

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Raphaëlle Atlani

Investor Relations Officer, Private Credit

+33 (0) 1 53 76 99 70

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After working for 2y in the sales Team at Egamo, Raphaëlle joined Sienne Private Credit in October 2022. Raphaëlle graduated from IAE Aix en Provence (accreditation AMBA & EQUIS). She has a Master degree in Marketing & Brand Management.