Elpis Impact x Blakeney

Your details

Email(Required)

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Organisation URL(Required)

I understand that my responses will be anonymised in any reporting or published outputs. I acknowledge that my individual responses will be accessible to Blakeney and Elpis Impact for analysis purposes and will be treated as strictly confidential.(Required)

I agree

Your organisation

Which best describes your organisation?(Required)

Investment fund (GP, LP or asset manager)

Operating company/business

Other

Which best describes your role?(Required)

General Partner (GP)

Limited Partner (LP)

Both GP and LP

Other

Where is your fund geographically located?(Required)

North America

Europe

Asia-Pacific

Middle East

Latin America

Where in North America?(Required)

United States

Canada

Where in Europe?(Required)

Northern Europe

Western Europe

Southern Europe

Central & Eastern Europe

Where in the Asia-Pacific?(Required)

Developed Asia

Emerging Asia

Where in the Middle East?(Required)

GCC

Israel

Where in Latin America?(Required)

Brazil

Mexico

Rest of LatAm

Your fund

What type of fund do you represent?(Required)

PE - Buyout

PE - Growth

Infrastructure

Private credit

Asset owner

Do you currently view defence and defence-adjacent industries as attractive growth opportunities?(Required)

Yes

Unsure/under review

Which of the wider defence markets do you see as particularly attractive?(Required)

Dual-use technologies

Defence supply chain and industrial base

Resilience and emergency response

Cybersecurity and intelligence

Space and strategic infrastructure

Core defence systems

Select all that apply.

In what timeframe are you considering starting to invest in defence or defence-adjacent sectors?(Required)

Already investing

Near term (next 6 months)

Medium term (6–12 months)

Long term (12+ months)

Not considering/never

What are your main barriers to investing in this sector?(Required)

Select between 1 and 2 choices.

Financial return uncertainty

External reputation risk

Internal values or mission alignment

Regulatory or policy constraints

Would investing in defence or defence-adjacent sectors require changes to your existing Responsible Investment (RI) policies?(Required)

Yes — material changes required

Yes — minor clarifications required

Unsure

Has your organisation updated or does it plan to update its policy on defence investments?(Required)

Yes – we have relaxed our restrictions

Yes – we have left them the same

Yes – we have tightened our restrictions

Yes – we have moved to a risk-based approach to defence investing

In progress – in discussion for the next 6 months

No – no change to policy needed

Unsure

Do you believe your organisation has a mature framework for evaluating defence-related investments?(Required)

Yes – well developed and tested

Somewhat – evolving

No – early stage

Unsure

How would you describe your overall stance on defence from a responsible investment perspective?(Required)

Generally opposed	Cautious/highly selective	Neutral	Generally supportive	Strongly supportive

To what extent do you agree or disagree with the following statements:

	Strongly disagree	Somewhat disagree	Neutral	Somewhat agree	Strongly agree
"Responsible investors should avoid defence due to ethical concerns."
"Responsible investors should support defence because democracy requires security."
"Investors have a responsibility to support companies genuinely building European defence capacity."

How important is European rearmament to your investment strategy over the next 5–10 years?(Required)

Very important	Moderately important	Slightly important	Not important	Not applicable

How concerned are you about “Europe-washing” (non-European companies overstating European credentials)?(Required)

Very concerned	Somewhat concerned	Slightly concerned	Not concerned

Does a potential acquisition’s customer base (range of governments to which it is prepared to sell) influence your investment decision?(Required)

Yes – significantly

Yes – marginally

Unsure

Which defence-related exposures would you consider?(Required)

Companies producing lethal systems

Supply-chain companies supporting lethal systems producers

Only companies producing or supplying non-lethal defence equipment or services

Adjacent sectors (cyber, space, AI, dual-use tech)

None of the above

Select all that apply.

How does your organisation’s appetite for defence exposure differ across asset classes?(Required)

	No appetite	Low appetite	Moderate appetite	High appetite	Already actively investing	N/A
PE - Growth
PE - Buyout
Private Credit
Infrastructure
Asset owner
Fund of Funds
Secondaries

In which asset class do you see the most attractive risk-adjusted opportunity set within defence-related sectors?(Required)

Private Equity - Growth

Private Equity - Buyout

Private Credit

Infrastructure

No clear preference

Fund of Funds

Secondaries

Which factor most strongly shapes your risk appetite when underwriting defence-related investments?(Required)

Reputational risk

Values alignment and end-use

Liquidity and exit pathways

Technology and execution risk

Regulatory and political risk

Would you support Article 8 funds investing in defence if the risk framework was robust and transparent?(Required)

Yes

Possibly, with conditions

Unsure

Your organisation

Where is your organisation headquartered?(Required)

Europe (excl. UK)

North America

Middle East

Africa

Asia-Pacific

Latin America

Other

Which sector best describes your organisation's primary activity?(Required)

Defence & aerospace (prime contractor)

Defence & aerospace (supplier/subcontractor)

Financial services & investment

Technology & cybersecurity

Energy & critical infrastructure

Professional & advisory services

Government & public sector

Other

Which best describes your role?(Required)

Board member/Non-executive director

C-suite (CEO, CFO, COO, etc.)

Strategy, risk or corporate affairs

Operations or supply chain

Legal or compliance

Communications or public affairs

Technology /IT/cybersecurity

Other

How many employees does your organisation have?(Required)

Fewer than 50

50–249

250–999

1,000–4,999

5,000+

Prefer not to say

Other

How would you describe your organisation's strategic posture toward the defence sector over the next 3 years?(Required)

Significantly increasing involvement	Moderately increasing	Maintaining current position	Reducing involvement	No current involvement

Which of the following geopolitical or macro factors are most influencing your organisation's approach to defence right now?(Required)

Select between 1 and 3 choices.

Russia-Ukraine conflict

Iran/Middle East conflict

Indo-Pacific tensions

NATO/allied spending commitments

Domestic government policy

Supply chain vulnerabilities

ESG/stakeholder pressure

Other (please describe):

Which technologies do you believe will most define the defence sector over the next decade? (Select up to 3)(Required)

Select between 1 and 3 choices.

AI & autonomous systems

Cybersecurity & electronic warfare

Space & satellite capability

Hypersonics

Quantum computing

Directed energy weapons

Other (please describe):

How confident are you in your organisation's ability to maintain a secure and resilient defence supply chain in the current geopolitical environment?(Required)

Not at all confident	Not very confident	Neutral	Moderately confident	Very confident

To what extent do you consider hostile state interference — including espionage, IP theft, or component compromise — a material risk to your organisation?(Required)

Not a risk	Not very risky	Neutral	Moderately risky	A critical risk

How well do you feel your national government is supporting the defence sector's needs?(Required)

Poorly	Not very well	Neutral	Moderately well	Very well

What should governments prioritise to better support the defence sector? (Select up to 2)(Required)

Select between 1 and 2 choices.

Increased procurement spending

Export support & trade facilitation

R&D funding & innovation partnerships

Regulatory simplification

Workforce & skills investment

Long-term industrial strategy

ESG

Has the current geopolitical climate caused your organisation to reassess its ESG commitments or exclusions as they relate to defence?(Required)

Yes, significantly

Yes, somewhat

No change

We are reviewing this

Not applicable to our organisation

To what extent do current ESG frameworks create friction for your organisation's engagement with the defence sector?(Required)

No friction at all	Little friction	Neutral	Some friction	Significant friction

On a scale of 1-10, how confident are you in your organisation's ability to manage reputational risk associated with defence sector involvement?(Required)

Please enter a number from 0 to 10.

Last page

What is the single greatest barrier your organisation faces when engaging with the defence sector?(Required)

Regulatory complexity

Reputational/ESG concerns

Skills & talent

Supply chain risk

Geopolitical uncertainty

Other

What is the single greatest barrier your organisation faces when engaging with government?(Required)

Slow or complex procurement processes

Lack of long-term strategic vision

Poor communication between government and industry

Access to decision-makers

Regulatory and compliance burden

Inconsistent policy across departments

Other

Follow up

Please tick if you would be willing to take part in a more in-depth research conversation:

One-to-one

Small group

Conversations may take place virtually or in London.