--- title: "Global Defense Offshore: reported sales rise without a funding ratio | Altss Blog" description: "Global Defense Offshore’s Q3 Form D amendments show $19.85 million more reported sales, while indefinite offering amounts leave no percentage-funded…" canonical: "https://altss.com/blog/global-defense-offshore-form-d-indefinite-offering-sales" --- [Altss Research](https://www.linkedin.com/company/altss) 3 min read Updated Oct 22, 2026 Share # Global Defense Offshore: reported sales rise without a funding ratio Global Defense Offshore’s Q3 Form D amendments show $19.85 million more reported sales, while indefinite offering amounts leave no percentage-funded denominator. [Back to blog](https://altss.com/blog) Share [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=) [X](https://x.com/intent/tweet?url=&text=Global%20Defense%20Offshore%3A%20reported%20sales%20rise%20without%20a%20funding%20ratio) Copy link Global Defense & Security Select Fund Offshore reported $201.025 million sold in its August 7, 2026 Form D amendment, up $19.85 million from its linked July notice. Its reported investor count also increased. Both notices left the total offering amount and remaining amount indefinite. The filings therefore support a comparison of reported sales, while providing no finite target against which to measure percentage funded. The legal issuer is Global Defense & Security Select Fund Offshore SICAV-RAIF S.C.Sp., a Luxembourg special limited partnership. Its [August amendment](https://www.sec.gov/Archives/edgar/data/2133514/000101297526000740/0001012975-26-000740.txt) explicitly names the [July 10 accession](https://www.sec.gov/Archives/edgar/data/2133514/000101297526000649/0001012975-26-000649.txt) as its predecessor. Both identify the same issuer CIK, 2133514, and SEC file number, 021-584376. This is a matched comparison within one offering, rather than two similarly named funds. The [issuer’s submission history](https://data.sec.gov/submissions/CIK0002133514.json) also lists an October 13 amendment. That falls outside this selected Q3 comparison, so August 7 is a historical observation rather than a current fundraising snapshot. ## A measurable change without a completion ratio The two Q3 notices report: - July 10: $181.175 million sold and 231 investors already invested, with offering and remaining amounts indefinite. - August 7: $201.025 million sold and 256 investors already invested, with both amount fields still indefinite. Subtracting the earlier reported sales amount gives $19.85 million; the investor-count difference is 25. Neither calculation needs a fundraising target. A percentage-funded calculation does: the notices supply no finite total offering amount to use as its denominator. Indefinite should remain an unavailable numerical denominator, rather than becoming zero or a synthetic target. The increase is a change between issuer-reported snapshots, not an independently measured cash inflow between the filing dates. The aggregate count does not identify the investors behind the change or allocate the additional reported sales among them. Both notices report a $150,000 minimum investment accepted; that is not an observed ticket for any particular LP. ## Indefinite amount does not establish indefinite duration The same filings separately answer “No” when asked whether the issuer intends the offering to last more than one year. An indefinite offering amount can therefore appear alongside an intention for an offering of no more than one year. Calling this vehicle evergreen from the amount field would collapse two different disclosures. The duration response is itself a filed intention, rather than proof of an actual closing date, the fund’s legal life or its redemption terms. Both amendments also retain a May 6, 2026 first-sale date; the Q3 amendment dates do not establish a Q3 launch. ## Keep the vehicle and investment roles attached The notices identify J.P. Morgan Private Investments Inc. as portfolio manager, Waystone Management Company (Lux) S.A. as alternative investment fund manager, and Global Defense and Security Select GP, S.a r.l. as general partner. These are distinct disclosed roles attached to the same Luxembourg issuer. The issuer selects Other Investment Fund within the pooled-investment-fund category. Its name alone does not establish a defense-sector portfolio, the underlying investments or how it relates economically to another similarly named vehicle. The reported sales belong to this offering record, rather than a verified J.P. Morgan platform fundraising total. Altss’s [earlier Form D notice comparison](https://altss.com/blog/october-2026-form-d-private-fund-notices-filing-first-sale-parallel-vehicles) showed why an indefinite offering amount prevents a percentage-funded calculation without a finite denominator. This linked pair adds a positive finding: reported sales and participation can still change measurably. For this selected Q3 case, the defensible record is the $19.85 million reported-sales increase, the 25-investor count increase and the separately stated duration intention—not a completion ratio or an inferred LP allocation. 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