European venture capital fund closings, September 2026

In September 2026, the Close Index tracked 15 European venture capital funds that publicly announced a closing.

14 of these disclosed a specific closing amount, totaling €1.5 billion. The DTCP Defence Fund I alone accounts for approximately 30% of this volume, with €455 million at first close (according to DTCP). Based in Hamburg, the fund manager is targeting the defense technology sector with this vehicle.

The median disclosed closing amount is considerably smaller, at €55 million.

Eight of the month’s closings are designated as “first closes,” indicating that these funds generally remain open to further commitments. By number of funds, the primary focus is clearly on the early-stage segment.

The UK leads with five funds, followed by Germany and Italy with three each. Public investors play a prominent role in this month’s closings; nine of the 15 funds cite a public investor. Ranging from the EIF and the British Business Bank to Lazio Innova.

Advent Life Sciences Growth Fund received a £75 million commitment from the British Business Bank, but as no closing announcement was identified in September, it is not included in the count.

The focus on early-stage investments is a positive sign, especially given that gaps are emerging in this space. Antler reports a decline in the number of active European early-stage investors since 2022, which could make it harder for young companies to secure funding. At the same time, it remains notable that Europe continues to struggle with the availability of large-scale late-stage investment vehicles.

The “Close Index” tracks publicly announced fund closings starting from €10m; however, it cannot guarantee complete coverage. Closings are assigned to the month of their public announcement. Amounts disclosed in other currencies are converted into euros using the ECB exchange rate on the announcement date.