Europe faces a choice: investing in our security
The world is going through a period of increasing geopolitical tensions and power politics. Europe can no longer rely entirely on the United States for its security. This calls for substantial investments in a modern, scalable, and technologically advanced defense industry.
Based on this conviction, we launched the Defense & Security Sector Fund on June 30 during an event at the NBC Congress Center in Nieuwegein. Led by Bas van Werven, known from BNR, various experts discussed geopolitical developments and the need to invest in companies that contribute to Europe’s security.
Europe must take on more responsibility
According to foreign affairs commentator Bernard Hammelburg, the discussion about NATO’s role is anything but new. Hammelburg built an impressive career as a foreign correspondent, regularly reported from conflict zones, and served as a correspondent in the United States for many years. He is currently a foreign affairs commentator at BNR.
He emphasizes that Donald Trump is not the first U.S. president to criticize the contribution of European NATO countries. Presidents such as Richard Nixon and Ronald Reagan also believed that Europe should take more responsibility for its own defense.
According to Hammelburg, the difference is that the United States is now explicitly stating that not every international conflict is automatically an American problem. The idea that Europe serves as a buffer against threats from Russia, as it previously did against the Soviet Union, has thus fundamentally changed.
According to Hammelburg, this means that Europe must invest much more in its own security. It must no longer depend on the United States, but instead build a strong defense industry on its own and invest in innovative technologies and smart weapons systems.
He also believes that pension funds should take a different view of investments in the defense sector. Ultimately, it’s all about the security of our society.
Peter van Uhm: “We have to make choices now”
Former Commander of the Armed Forces Peter van Uhm agreed with Hammelburg’s analysis. In his view, Europe must accept that it will have to operate with increasing autonomy. Achieving full independence from the United States will take years, but the first steps must be taken now.
At the same time, Van Uhm also sees positive developments. The defense sector is growing strongly, order books are well-filled, and demand for innovative solutions is rising rapidly.
He believes these investments are necessary. He refers to the annual report of the Military Intelligence and Security Service, which states that Russia could be capable of initiating a regional conflict with NATO within a year after the end of the war in Ukraine.
According to Van Uhm, we should not only listen to Vladimir Putin’s words but, above all, look at his actions. Putin does not always do what he says. But what he does, he has always said he would do. And Putin has always said that he wants to rectify the historic blunder of the collapse of the Soviet Union. And that includes the Baltic States, which are part of NATO.
Van Uhm also views the construction of a new rail link and a large military barracks near the Finnish border as signs that call for vigilance.
Moreover, he believes that security goes beyond defense alone. Food supply, water, energy, digital security, and critical infrastructure also deserve attention. We are hit where we are most vulnerable.
Choices shape the future
Van Uhm emphasized his message with a personal story from the book *The Choice* by Edith Eger.
During her imprisonment in Auschwitz, young Edith manages to get her hands on a loaf of bread. She is then faced with a difficult choice: should she keep the bread for herself, share it with her sister, or distribute it among all the women in the barracks? She chooses the latter.
Everyone gets only a small piece, but the gesture gives them hope. When the prisoners are later evacuated and Edith collapses from exhaustion, it is her fellow prisoners who lift her up and carry her away. They remember that she had previously shared her bread with everyone.
According to Van Uhm, this shows that choices have consequences, not only in the moment, but also in the long term.
That lesson took on extra meaning for him when his son, First Lieutenant Dennis van Uhm, was killed in 2008 along with Private First Class Mark Schouwink by a roadside bomb during a mission in Afghanistan. Just one day earlier, Van Uhm had been appointed Commander of the Armed Forces.
In the days that followed, a debate arose in the media over whether he could still carry out his duties. Van Uhm made a conscious decision to take control of the situation himself. During a press conference, which was also followed by military personnel in Afghanistan, he spoke not only about his personal loss but, above all, about the importance of the mission and the responsibility the Netherlands bore.
According to him, that decision shifted the public debate and brought calm within the organization.
He concluded his remarks with a clear message: if we take responsibility today to invest in our security, we can truly make a difference tomorrow.
Investing in Defense & Security
Bouke Marsman, Managing Partner at Marktlink Capital, concluded the event by outlining the vision behind the Defense & Security Sector Fund.
The defense industry is one of the fastest-growing markets in the world. In the coming years, governments will allocate hundreds of billions of euros to defense, cybersecurity, and related technologies. Private equity and venture capital funds play a key role in this by providing capital, knowledge, and expertise to innovative companies that are often not yet publicly traded.
Through the Defense & Security Sector Fund, Marktlink Capital invests via a funds-of-funds strategy in three to four specialized funds active within this sector. The fund has a target size of €100 million and offers investors the opportunity to diversify their investments in a market that is expected to grow significantly in the coming years.
