JD Vance steps off the stage in Munich. He’s hearing applause but the room sits in stunned silence. The penny had dropped. America’s security umbrella, an essential pillar of European economic prosperity, was no longer guaranteed. Since then, defence has moved to one of the most actively sought investment themes in European private markets. What is the pace of change in LP mandates to invest, or will structural barriers exist? What are the exit dynamics, and how durable is the growth runway beyond the current rearmament cycle?
