FRAUD ALERT - VIGILANCE REQUESTED

Sienna draws attention to the risks of identity theft by individuals inciting private investors (individuals) to invest in fraudulent financial schemes. Sienna's employees do not directly approach private investors (individuals) and therefore urge the utmost vigilance by not responding to any investment and/or placement solicitation via emails, phone calls, or exchanges on social media/instant messaging. If you have transferred funds to a scammer, immediately contact your bank to block the transfer or request the return of the funds sent. You can report these practices via the government website: www.internet-signalement.gouv.fr

Male Worker Metal Cutting Spark On Tank Bottom Steel Plate With Flash Of Cutting Light Close Up Wear Protective Gloves And Mask

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

Scroll

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.

Find out more

Track-record

+16 years
mid-market specialist since 2010
+160 SMEs and ETIs
directly funded
~ €1 bn
of funding deployed

Private Credit  serving the needs of the defence sector

A private credit fund dedicated to defence financing can address the enormous needs of the sector, in research of important investments. Defence spending levels among European countries are set to increase significantly today. This includes the ReArm Europe plan up to 2030, as well as the announcement by NATO countries to increase their spending to 5% by 2035. This will lead to additional orders and require increased production capacity and a robust industrial base. When increasing production capacity, building a new factory or purchasing machine tools, debt is often more appropriate than equity.

Speech by Olivia Noirot-Nérin, Head of Corporate Debt Funds, at IPEM on 26 September 2025, Palais des Congrès, Paris.

Play
Technology Network2
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, 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’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.

Parlement
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.

Decoding, analysis, interviews

All news

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

Contact us

Capture D'écran 2025 08 22 114929

Estelle Merger-Lévis

Sales Director for Institutional clients

+33 (0)6 61 84 64 01

Add contact

Estelle Merger-Lévis joined Sienna IM in 2025 as Sales Director for Institutional Clients. She was previously Head of Sales and a member of the Executive Committee at Schelcher Prince Gestion and Arkea Investment Services. Estelle joined the Arkea Group in 2012 to lead the international development of Schelcher Prince Gestion and Federal Finance Gestion. Prior to that, she spent 15 years in investment banking, working on the trading floors of CA CIB and CDC in France and London. In 2006, she was appointed Head of Structured Products Sales for the BeNeLux region at Natixis CIB. Estelle is a graduate of ESTP Paris and holds a Master of Science from the University of Birmingham as well as a Master in International Finance from HEC.

Capture D'écran 2025 09 04 133308

Laure Mahé

Investor Relations Officer

+33 (0) 1 53 76 99 91

Add contact

Laure joined Sienna Private Credit in December 2022 as an Institutional Client 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. 

 

Capture D'écran 2025 08 22 164821

Raphaëlle Atlani

Investor Relations Officer

+33 (0) 1 53 76 99 70

Add contact

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.

Capture D'écran 2025 08 22 115735

Philippe Roca

Fund Manager, Private Credit

Add contact

Philippe Roca’s current role is Director of Corporate Debt Funds within our Private Credit branch (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.

Capture D'écran 2025 08 22 115351

Olivia Noirot-Nérin

Fund Manager, Private Credit

+33153769984

Add contact

Olivia has over 20 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).