# Nephila Capital Ltd.

> Nephila Capital Ltd. is an SEC-registered investment advisory firm in Hamilton, Bermuda, registered since 2004, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 20, 2026.

- CRD: 132780
- Filed as: NEPHILA CAPITAL LTD.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Hamilton, Bermuda
- Filing period: October 2026
- Form ADV filing dated: March 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/132780
- AdvisorCensus page: https://advisorcensus.com/firm/nephila-capital-ltd-hamilton-132780

## Quick answers

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

**Where is Nephila Capital Ltd. located?**
Nephila Capital Ltd.'s principal office is in Hamilton, Bermuda, according to its Form ADV.

**Is Nephila Capital Ltd. registered with the SEC or a state?**
Nephila Capital Ltd. is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 132780.

**How much does Nephila Capital Ltd. manage?**
Nephila Capital Ltd. reports $12,876,891,944 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary).

**How have Nephila Capital Ltd.'s assets and staff changed since 2021?**
In the Form ADV data for Nephila Capital Ltd.: Regulatory assets under management: $20,131,839,248 in the October 2021 data and $12,876,891,944 in the October 2026 data, down 36%. Total employees: 58 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 Nephila Capital Ltd. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (39).

**Does Nephila Capital Ltd. 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/132780

**What changed in Nephila Capital Ltd.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $11,416,758,491 to $12,876,891,944 (+13%). 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
- Other

### Regulatory assets under management (Item 5.F)
- Total: $12,876,891,944
- Discretionary: $12,876,891,944
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 39 | $12,876,891,944 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2004 (22 years)
- Employees: 27 total, 9 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- nephila.com
- nephilaclimate.com
- LinkedIn linkedin.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $20,131,839,248 | 58 | March 19, 2021 |
| October 2022 | $20,446,684,459 | 44 | March 31, 2022 |
| October 2023 | $18,829,944,477 | 40 | July 4, 2023 |
| October 2024 | $14,371,072,726 | 32 | March 25, 2024 |
| October 2025 | $11,416,758,491 | 27 | March 21, 2025 |
| October 2026 | $12,876,891,944 | 27 | March 20, 2026 |

Regulatory assets under management: $20,131,839,248 in the October 2021 data and $12,876,891,944 in the October 2026 data, down 36%.
Total employees: 58 in October 2021 and 27 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $11,416,758,491 to $12,876,891,944 (+13%).
- Updated its list of owners and control persons (Schedule A).

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Nephila Capital Ltd. (CRD 132780): Form ADV filing data as of October 2026.