Key Takeaways
- • The NATO Innovation Fund (NIF) has appointed Nur Özdemir, a former European Investment Bank (EIB) and European Investment Fund (EIF) investor, to lead its fund of funds programme, filling a vacancy created when founding partner Thorsten Claus departed in summer 2024.
- • The €1 billion NIF invests across deeptech, defence startups, and venture capital funds, including portfolio positions in OTB Ventures and Vsquared Ventures, making the fund of funds leadership role strategically critical to capital deployment.
- • The hiring marks a leadership stabilization effort for the NIF following organizational challenges and the extended absence of dedicated fund of funds partnership oversight since mid-2024.
- • Özdemir's background at the EIB Group positions him to leverage institutional investor networks and co-investment frameworks to amplify NIF's reach into European venture capital ecosystems.
Summary
The NATO Innovation Fund has hired Nur Özdemir, a veteran European institutional investor with experience at both the European Investment Bank and its investment arm, the European Investment Fund, to oversee its fund of funds programme. The appointment, confirmed by Sifted, addresses a nine-month leadership gap following the departure of Thorsten Claus, the programme's founding partner, who left in summer 2024 amid broader organizational issues at the fund.
The NIF, a €1 billion venture vehicle backed by 24 NATO countries, deploys capital across two primary mandates: direct investments in deeptech and defence-focused startups, and indirect exposure through fund commitments to managers including OTB Ventures and Vsquared Ventures. The fund of funds programme represents a material component of this strategy, making the vacant partnership role a significant operational priority. Özdemir's appointment signals renewed focus on executing this mandate.
The hire strengthens NIF's institutional credibility within European capital markets. Özdemir's prior tenure at the EIB Group—the continent's leading multilateral development finance institution—provides access to co-investment networks, sovereign wealth fund relationships, and established protocols for deploying capital across venture ecosystems. This background is relevant given the NIF's position as a relatively recent entrant to the institutional venture capital landscape, requiring both operational discipline and stakeholder alignment to execute its defence and deeptech investment thesis effectively.
The appointment occurs as the NIF continues establishing operational stability following documented governance challenges. The extended vacancy in fund of funds leadership suggests previous succession planning gaps. Özdemir's installation should enable the NIF to resume or accelerate commitments to external VC vehicles, diversifying portfolio construction and distributing capital across multiple manager platforms and geographies rather than concentrating dry powder in direct deployment alone.
The NIF, a €1 billion venture vehicle backed by 24 NATO countries, deploys capital across two primary mandates: direct investments in deeptech and defence-focused startups, and indirect exposure through fund commitments to managers including OTB Ventures and Vsquared Ventures. The fund of funds programme represents a material component of this strategy, making the vacant partnership role a significant operational priority. Özdemir's appointment signals renewed focus on executing this mandate.
The hire strengthens NIF's institutional credibility within European capital markets. Özdemir's prior tenure at the EIB Group—the continent's leading multilateral development finance institution—provides access to co-investment networks, sovereign wealth fund relationships, and established protocols for deploying capital across venture ecosystems. This background is relevant given the NIF's position as a relatively recent entrant to the institutional venture capital landscape, requiring both operational discipline and stakeholder alignment to execute its defence and deeptech investment thesis effectively.
The appointment occurs as the NIF continues establishing operational stability following documented governance challenges. The extended vacancy in fund of funds leadership suggests previous succession planning gaps. Özdemir's installation should enable the NIF to resume or accelerate commitments to external VC vehicles, diversifying portfolio construction and distributing capital across multiple manager platforms and geographies rather than concentrating dry powder in direct deployment alone.
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