On June 16, Weinberg Capital Partners announced the creation of WCP Eiréné Development, a new fund targeting SMEs in the defense industrial and technological base (DITB). The announcement was covered on BFM Business’s Good Morning Business program, broadcast on location from the Eurosatory trade show.
Complementary to WCP Eiréné, this vehicle focuses on the small-cap segment through LBO and growth capital transactions, with ticket sizes between €5 and €15 million, targeting a total fund size of €120 million.
Lionel Mestre, Partner, and David Lebain, Senior Director, will lead the fund, supported by a dedicated team for the deployment of this new vehicle.
The fund is targeting 10 to 15 holdings in France and Europe, through both majority and minority stakes.
This new vehicle is open to professional and equivalent investors, with a minimum ticket of €100,000.
Investments in unlisted assets carry specific risks, including the risk of total or partial loss of invested capital, illiquidity risk, and a long investment horizon. Past performance is not indicative of future performance, and no return is guaranteed. Before making any subscription decision, and for any further information regarding the characteristics, risks, fees, and terms of the proposed solutions, investors are invited to carefully review the applicable regulatory documentation relating to the WCP Eiréné Development fund, available upon request from Weinberg Capital Partners.
This document is a promotional communication and does not constitute investment advice, a personalized recommendation, or an offer to subscribe. It has no contractual value.
If you would like to support DITB SMEs and contribute to French and European sovereignty, please contact Alix de Solms (alix.desolms@weinbergcapital.com).
Watch Serge Weinberg’s interview on Good Morning Business HERE. (In French only)
Read the Les Echos article “Weinberg Capital mise à nouveau sur la défense avec un deuxième fonds pour les PME” HERE. (In French only)
From June 15 to 19, the WCP Eiréné team took part in Eurosatory for the first time, the world’s leading trade show for land and airland defense. Held every two years at the Paris Nord Villepinte Exhibition Centre, this year’s edition brought together more than 2,600 exhibitors from 68 countries and nearly 50,000 visitors.
For this first participation, Weinberg Capital Partners was present with WCP Eiréné portfolio companies (SEMIP-CODECHAMP, Chesneau Serret x LGB, and Magellium Artal Group) on a shared booth, an opportunity to give concrete form to the ecosystem the fund supports and to showcase the expertise of its portfolio companies to major players in the sector.
Alexandre Finkelstein and David Rottembourg, directors of Semip-Codechamp and Magellium Artal Group, share their views on their joint participation in the trade fair.
Two engaging speaking sessions
Lionel Mestre, Partner, took part in the GICAT conference on “The State of the Art and Outlook for the Financing and Investment Continuum in the Defense Industry and Its Innovation,” alongside Hubert Raymond (GICAT), Olivia Noirot-Nerin (Sienna Investment Managers), Jacques Darcy (European Investment Fund), and Thomas Schmitz (AUDACIA).
The discussions highlighted the structural challenges facing DITB companies (payment delays, debt levels, ramping up production) as well as encouraging signs: growing engagement from financing players and a tangible shift in perception. Financing defense is no longer taboo!
David Lebain, Senior Director, spoke alongside IGA Nicolas Grangier, Head of the Economic Security Department at the DGA, and Alexandre Finkelstein, CEO of SEMIP-CODECHAMP, on the theme “Supporting the Ramp-Up of the Defense Industrial Base.” This session illustrated what it concretely means to be a partner to a DITB SME: understanding its business in depth, aligning on shared goals, clarifying roles, and above all, building a long-term relationship of trust.
For Alexandre Finkelstein, WCP Eiréné’s entry into SEMIP-CODECHAMP’s capital was an obvious choice: a guarantee of remaining under French control, respect for operational autonomy, and a deep understanding of industry challenges. “We don’t regret this choice,” he said.
Highlights beyond the conferences
Serge Weinberg spoke with Patrick Martin, President of MEDEF, at the WCP Eiréné booth about financing companies in the defense sector.
Several WCP Eiréné fund investors also took part in a tour of the show, made possible by the GICAT teams. Wednesday concluded with a cocktail reception bringing together more than 120 people at the WCP Eiréné booth.
Through the conferences and meetings, the WCP Eiréné fund team was able to concretely demonstrate what drives them: supporting high-potential technology SMEs, providing them with the resources they lack, and helping them reach the next level.
Far more than just a showcase, Eurosatory 2026 was a decisive event in further anchoring Weinberg Capital Partners’ commitment to the DITB.
See you in 2028 for the next edition!
Created in 2015 by La Tribune, the Paris Air Forum has established itself as the must-attend annual event for decision-makers in aerospace, space, and defense. Each edition brings together business leaders, institutional players, and investors around the sector’s major transformations. Once again this year, financing the defense industrial and technological base (DITB) emerged as one of the central themes of the debates, reflecting a geopolitical and budgetary landscape that has been profoundly reshaped.
On June 12, Serge Weinberg took part in a panel discussion moderated by Philippe Mabille, alongside David Black (Renaissance Strategic Advisors), Stéphane Boujnah (Euronext), Nathalie Grimbert (DGA), and Marwan Lahoud (Messier, Maris et Associés). At the heart of the discussion: how to mobilize private capital to support the industrial ramp-up that European governments are calling for?
The context is unprecedented. Since the outbreak of war in Ukraine in 2022, European governments have launched a massive rearmament effort. France has set a target of raising its defense spending to 3% of GDP by 2030, up from 2.1% today. At the European level, the ReArm Europe plan aims to mobilize up to €800 billion over the coming years. This momentum is creating unprecedented demand for industrial players and raising the question of how to finance the SMEs and mid-sized companies that structure the supply chains.
For a long time, ESG considerations led part of the financial community to steer clear of the defense sector. But since the meeting held at Bercy in March 2025, attitudes have been shifting: financing defense is no longer a taboo subject, it has become an openly embraced priority, including for players who had previously kept their distance.
Serge Weinberg pointed to a reality often overlooked by the general public: behind major prime contractors such as Airbus, Safran, and Thales, hundreds of SMEs and mid-sized companies form the backbone of the manufacturing chains. As tier-1, tier-2, or tier-3 subcontractors, these companies produce the components, embedded systems, and maintenance solutions without which no ramp-up in production would be possible.
Yet these companies face specific needs: strengthening their equity base to invest in production capacity, structuring their governance to meet the growing demands of their prime contractors, and, in some cases, accelerating their growth through external acquisitions. This is precisely where private equity has a role to play.
This is the conviction that Weinberg Capital Partners has held for nearly six years, through a dedicated defense strategy embodied by the WCP Eiréné fund, whose final close at €275 million was announced in 2025. Since then, this strategy has been further strengthened with the launch of WCP Eiréné Development, a new fund focused on small-cap LBO and growth capital, which expands our capacity to support DITB companies, particularly the smaller ones, which are often the least well served by traditional financing channels.
