NATO Innovation Fund Adds BP Ventures Partner to Rebuild Team

The €1 billion NATO Innovation Fund hired Erin Hallock as a new partner following multiple senior departures. Hallock joins from BP Ventures, the investment arm of energy giant BP.

At BP Ventures, Hallock managed investments in digital technologies and deep tech. NIF says her experience will support its focus on dual-use technologies serving both defense and civilian markets.

NATO launched the fund in 2023 with backing from 24 allied nations. Countries invested through sovereign funds and defense ministries acting as limited partners.

NIF's portfolio includes German unmanned robotics company ARX Robotics and space technology firm Isar Aerospace. The fund also backs several venture capital firms, including Vsquared and OTB Ventures.

The organization has faced significant challenges over two years. Four of the five original founding partners departed. A Sifted investigation in June detailed allegations of potential conflicts of interest within the fund.

Tech investor Klaus Hommels stepped down as NIF chair in September. Former vice chair Fiona Murray replaced him while Hommels moved into an advisory position.

NIF brought on two other partners earlier this year. Ulrich Quay joined from BMW, where he led corporate investment management and joint ventures. Sander Verbrugge came from Dutch deeptech investor Innovation Industries, where he worked as a partner. The new hires aim to stabilize leadership after the wave of exits depleted the investment team.