AdvisorCensus / Financial advisors / Carrhae Capital
Carrhae Capital is an SEC-registered investment advisory firm in London, United Kingdom, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 11, 2026.
Quick answers
From the filingHow is Carrhae Capital compensated?
On its Form ADV (Item 5.E, October 2026), Carrhae Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
Where is Carrhae Capital located?
Carrhae Capital's principal office is in London, United Kingdom, according to its Form ADV; the September 2026 filing also lists 2 other offices (Schedule D, Section 1.F).
Is Carrhae Capital registered with the SEC or a state?
Carrhae Capital is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161900.
How much does Carrhae Capital manage?
Carrhae Capital reports $6,086,321,550 in regulatory assets under management in its Form ADV filing dated August 11, 2026 (100% discretionary).
How have Carrhae Capital's assets and staff changed since 2021?
In the Form ADV data for Carrhae Capital: Regulatory assets under management: $788,165,759 in the October 2021 data and $6,086,321,550 in the October 2026 data, up 672%. Total employees: 11 in October 2021 and 27 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Carrhae Capital serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (11); pension and profit sharing plans (but not the plan participants or government pension plans) (1).
Which custodians does Carrhae Capital use?
Carrhae Capital's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Goldman Sachs & Co. LLC as a custodian holding 10% or more of its separately managed account assets.
Does Carrhae Capital 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/161900
Does Carrhae Capital state an account minimum?
Its Form ADV Part 2A brochure dated August 11, 2026 says: "The minimum Fund investment will be $5,000,000; however, the Fund Board or Directors retain sole discretion to waive the minimum investment requirement."
What changed in Carrhae Capital's recent Form ADV filings?
In the September 2026 filing data: Updated its list of owners and control persons (Schedule A).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAccount minimum: $5,000,000 (the brochure says it may be waived or negotiated)
The brochure's wording
The minimum Fund investment will be $5,000,000; however, the Fund Board or Directors retain sole discretion to waive the minimum investment requirement.
As stated in the firm's Form ADV Part 2A brochure dated August 11, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$6,086,321,550 as of October 2026, filing dated August 11, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
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
Registration and firm details
Items 1, 2, 5- Legal name
- Carrhae Capital, LLP
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2012 (14 years)
- Employees
- Total: 27. Performing investment advisory functions: 17.
- Wrap fee program participation
- No.
- Custodians (Schedule D, Section 5.K(3))
-
Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.
- Other offices (Schedule D, Section 1.F)
-
2 other offices, as of the September 2026 filing
- States registered or notice-filed
- Not reported.
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $6,086,321,550 | 27 | August 11, 2026 |
| October 2025 | $3,298,091,135 | 22 | May 30, 2025 |
| October 2024 | $1,759,545,391 | 19 | September 17, 2024 |
| October 2023 | $1,063,391,265 | 14 | September 12, 2023 |
| October 2022 | $913,155,565 | 14 | March 9, 2022 |
| October 2021 | $788,165,759 | 11 | March 18, 2021 |
Regulatory assets under management: $788,165,759 in the October 2021 data and $6,086,321,550 in the October 2026 data, up 672%.
Total employees: 11 in October 2021 and 27 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- September 2026
- Updated its list of owners and control persons (Schedule A).
- April 2026
- Employees performing advisory functions went from 10 to 17.
- Regulatory assets under management went from $3,298,091,135 to $6,086,321,550 (+85%).
- November 2025
- Updated its list of owners and control persons (Schedule A).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Carrhae Capital (CRD 161900): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/carrhae-capital-london-161900