Global Defense & Security Select Fund Offshore SICAV-RAIF S.C.Sp.

Two named GPs managing a $87M defense and security-focused fund with no prior SEC filings signals either a newly formed partnership between Gorman and Vogel or managers transitioning from operating within private networks into formalized fund structures; the 06b exemption (pre-existing relationships only) reinforces that capital is being sourced from existing relationships rather than through broad institutional fundraising, which means the fund is not building a broad brand but consolidating a closed investor syndicate.

Filing in May 2026 positions this raise into a period when geopolitical instability and defense budget cycles create recurring LP appetite for hard-asset and security-adjacent strategies, though the timing also coincides with post-election policy uncertainty that may either accelerate or delay defense spending allocation decisions depending on which stakeholders have committed.

Verify whether Gorman and Vogel have signed key-man protections and whether either GP has concurrent or competing defense-sector raises in market; also confirm whether the SICAV-RAIF structure carries side pocket or gating provisions given the illiquid nature of defense and security assets, and whether the fund has already reached a specified close or is actively fundraising despite the May 2026 filing date.