# Caledonia US, LP

> Caledonia US, LP is an SEC-registered investment advisory firm in New York, NY, registered since 2018, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 28, 2026.

- CRD: 291463
- Filed as: CALEDONIA US, LP
- Also doing business as: CALEDONIA (PRIVATE) INVESTMENTS PTY LIMITED
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: September 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/291463
- AdvisorCensus page: https://advisorcensus.com/firm/caledonia-us-lp-new-york-ny-291463

## Quick answers

**How is Caledonia US, LP compensated?**
On its Form ADV (Item 5.E, October 2026), Caledonia US, LP reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Caledonia US, LP located?**
Caledonia US, LP's principal office is in New York, NY, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Caledonia US, LP registered with the SEC or a state?**
Caledonia US, LP is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 291463.

**How much does Caledonia US, LP manage?**
Caledonia US, LP reports $3,659,525,025 in regulatory assets under management in its Form ADV filing dated September 28, 2026 (100% discretionary).

**How have Caledonia US, LP's assets and staff changed since 2021?**
In the Form ADV data for Caledonia US, LP: Regulatory assets under management: $6,975,575,180 in the October 2021 data and $3,659,525,025 in the October 2026 data, down 48%. Total employees: 31 in October 2021 and 26 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Caledonia US, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (10).

**Does Caledonia US, LP report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/291463

**What changed in Caledonia US, LP's recent Form ADV filings?**
In the October 2026 filing data: Employees performing advisory functions went from 10 to 9. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $3,659,525,025
- Discretionary: $3,659,525,025
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 10 | $3,659,525,025 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2018 (8 years)
- Employees: 26 total, 9 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Sydney

### Websites listed on Form ADV (Item 1.I)
- caledonia.com.au
- caledoniafund.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $6,975,575,180 | 31 | September 24, 2021 |
| October 2022 | $5,227,576,627 | 34 | March 29, 2022 |
| October 2023 | $4,163,612,716 | 33 | August 25, 2023 |
| October 2024 | $4,984,240,041 | 31 | February 22, 2024 |
| October 2025 | $5,275,234,450 | 31 | March 17, 2025 |
| October 2026 | $3,659,525,025 | 26 | September 28, 2026 |

Regulatory assets under management: $6,975,575,180 in the October 2021 data and $3,659,525,025 in the October 2026 data, down 48%.
Total employees: 31 in October 2021 and 26 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Employees performing advisory functions went from 10 to 9.
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 9 to 10.
- Regulatory assets under management went from $4,497,537,387 to $3,659,525,025 (-19%).

### December 2025
- Employees performing advisory functions went from 10 to 9.
- Regulatory assets under management went from $5,275,234,450 to $4,497,537,387 (-15%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Caledonia US, LP (CRD 291463): Form ADV filing data as of October 2026.