WORKING CAPITAL PARTNERS (OFFSHORE), LTD.

No prior EDGAR filings from Working Capital Advisors indicate this is either a first-time fund by this manager or a pre-existing operation raising its first offshore vehicle on the SEC record; the hedge fund classification and use of 06b exemption (pre-existing relationships only) mean the manager is relying entirely on established LP networks rather than broad marketing, consistent with a boutique structure or a breakaway team launching independently.

A May 2026 filing during a period of elevated volatility and post-rate-cycle uncertainty reflects timing common for hedge funds targeting allocators looking to diversify away from public equity beta; the offshore domicile also positions the manager to capture LP capital migrating toward non-US vehicles ahead of anticipated regulatory or tax policy changes.

Verify the identity and prior fund experience of the three named individuals—specifically whether Kwok and Darroch have previous hedge fund management history and whether any of the three have regulatory sanctions or prior SEC enforcement actions; confirm the role and capital commitment of each GP to the fund, as the four-person structure without a clear lead principal or portfolio manager title creates ambiguity about decision-making authority.