Zephyr Management, L.P.
SEC-registered
Private Fund Manager · Small ($100M–$1B)
CRD 129683
· SEC file 801-128453
· New York, NY
· www.zephyrpeacock.com
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ADV data as of Mar 17, 2026
- Regulatory AUM
- $256M
- Discretionary
- $244M
- Clients
- 34
- Avg AUM / client
- $7.5M
- Accounts
- 34
- Employees
- 22
AUM over time
$109M
$575M
Mar 30, 2012
Mar 17, 2026
Reported AUM from Form ADV filings, plotted by filing date · as of Mar 17, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 3 | $673K | 0.26% |
| Pooled investment vehicles (non-investment companies) | 30 | $244M | 95.1% |
| Other | 1 | $12.0M | 4.67% |
Private funds (24)
View all →Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $192M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Zephyr Peacock India Growth Fund master | Private Equity Fund | India | $68.8M | 85 |
| Zephyr Peacock India Fund Iii Limited | Private Equity Fund | Mauritius | $27.5M | 60 |
| Zephyr Mantra Llc | Private Equity Fund | Delaware | $16.1M | 1 |
| Zephyr Peacock India Iii Fund | Private Equity Fund | India | $12.2M | 89 |
| Zephyr Waterfield Aggressive Fund | Hedge Fund | Bermuda | $11.7M | 48 |
| Zephyr Waterfield Conservative Fund | Hedge Fund | Bermuda | $9.8M | 39 |
| Zephyr Waterfield All Equities Fund | Hedge Fund | Bermuda | $7.0M | 26 |
| Acorn Africa Llc | Private Equity Fund | Delaware | $6.6M | 27 |
| Zephyr Waterfield Balanced Fund | Hedge Fund | Bermuda | $3.8M | 17 |
| Zephyr Acorn Venture Fund Lp | Private Equity Fund | Delaware | $3.7M | 22 |
| Zephyr Waterfield Aki Fund | Hedge Fund | Bermuda | $3.6M | 1 |
| Zephyr Waterfield Quantum Fund | Hedge Fund | Bermuda | $3.5M | 1 |
| Zephyr Waterfield Pm Fund | Hedge Fund | Bermuda | $3.4M | 3 |
| Zephyr Waterfield U.S. Funds, Llc (Aggressive Fund) | Hedge Fund | Delaware | $2.8M | 4 |
| Zephyr Peacock India Fund Ii Limited | Private Equity Fund | Mauritius | $2.7M | 69 |
People (4)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Barry, Thomas, Corcoran | Chairman, Cco And Limited Partner | Dec 1994 (32y) | ≈ 0% – 3.75% via Zephyr Management, Inc. | |
| Keriazes, Constantina | Secretary And Limited Partner | Oct 2001 (25y) | Less than 5% | |
| Raina, Pankaj, Ravinder | Limited Partner | Jan 2022 (5y) | 10% – 25% | |
| Gulati, Mukul | Ceo, Cio, President And Limited Partner | Jul 2022 (4y) | 25% – 50% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Zephyr Management, Inc. | General Partner | Jan 1995 | A | Less than 5% |
Undisclosed: 0% – 40% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Barry, Thomas, Corcoran: 50% – 75% of Zephyr Management, Inc. × 0% – 5% direct ≈ 0% – 3.75% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (24, $192M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Zephyr Peacock India Growth Fund | Private Equity Fund | $68.8M | $140K | 85 |
| Zephyr Peacock India Fund Iii Limited | Private Equity Fund | $27.5M | $100K | 60 |
| Zephyr Mantra Llc | Private Equity Fund | $16.1M | $1.0M | 1 |
| Zephyr Peacock India Iii Fund | Private Equity Fund | $12.2M | $100K | 89 |
| Zephyr Waterfield Aggressive Fund | Hedge Fund | $11.7M | $25.0K | 48 |
| Zephyr Waterfield Conservative Fund | Hedge Fund | $9.8M | $25.0K | 39 |
| Zephyr Waterfield All Equities Fund | Hedge Fund | $7.0M | $25.0K | 26 |
| Acorn Africa Llc | Private Equity Fund | $6.6M | $10.0K | 27 |
| Zephyr Waterfield Balanced Fund | Hedge Fund | $3.8M | $25.0K | 17 |
| Zephyr Acorn Venture Fund Lp | Private Equity Fund | $3.7M | $20.0K | 22 |
| Zephyr Waterfield Aki Fund | Hedge Fund | $3.6M | $25.0K | 1 |
| Zephyr Waterfield Quantum Fund | Hedge Fund | $3.5M | $25.0K | 1 |
| Zephyr Waterfield Pm Fund | Hedge Fund | $3.4M | $25.0K | 3 |
| Zephyr Waterfield U.S. Funds, Llc (Aggressive Fund) | Hedge Fund | $2.8M | $25.0K | 4 |
| Zephyr Peacock India Fund Ii Limited | Private Equity Fund | $2.7M | $100K | 69 |
| Zephyr Waterfield Megatrends Fund | Hedge Fund | $2.5M | $25.0K | 16 |
| Acorn Africa Ii Llc | Private Equity Fund | $2.1M | $10.0K | 28 |
| Zephyr Peacock India Fund Ii | Private Equity Fund | $1.1M | $100K | 41 |
| Zephyr Edpartners Llc | Private Equity Fund | $1.0M | $10.0K | 24 |
| African Agricultural Capital Fund Llc | Private Equity Fund | $820K | $100K | 4 |
| Zp Maverix Spv, Llc | Private Equity Fund | $691K | $1.0M | 1 |
| Zephyr Waterfield U.S. Funds, Llc (Megatrends Fund) | Hedge Fund | $182K | $25.0K | 1 |
| Acorn Yum Holding Llc | Private Equity Fund | $122K | $10.0K | 19 |
| Zp Ii Trimax Co Investment Trust | Private Equity Fund | $3.3K | $10.0K | 44 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/17/2026 | 6.7 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
- • Other fees
- • A % OF INVESTED CAPITAL AND A % OF CAPITAL RAISED
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Other services
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 17, 2026.
View current Form ADV (SEC/IAPD) ↗