# TB Alternative Assets Ltd.

> TB Alternative Assets Ltd. is an SEC-registered investment advisory firm in Grand Cayman, Cayman Islands, registered since 2015, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 26, 2026.

- CRD: 162014
- Filed as: TB ALTERNATIVE ASSETS LTD.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Grand Cayman, Cayman Islands
- Filing period: October 2026
- Form ADV filing dated: March 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/162014
- AdvisorCensus page: https://advisorcensus.com/firm/tb-alternative-assets-ltd-grand-cayman-162014

## Quick answers

**How is TB Alternative Assets Ltd. compensated?**
On its Form ADV (Item 5.E, October 2026), TB Alternative Assets Ltd. 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 TB Alternative Assets Ltd. located?**
TB Alternative Assets Ltd.'s principal office is in Grand Cayman, Cayman Islands, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is TB Alternative Assets Ltd. registered with the SEC or a state?**
TB Alternative Assets Ltd. is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 162014.

**How much does TB Alternative Assets Ltd. manage?**
TB Alternative Assets Ltd. reports $708,213,341 in regulatory assets under management in its Form ADV filing dated March 26, 2026 (100% discretionary).

**How have TB Alternative Assets Ltd.'s assets and staff changed since 2021?**
In the Form ADV data for TB Alternative Assets Ltd.: Regulatory assets under management: $1,370,000,000 in the October 2021 data and $708,213,341 in the October 2026 data, down 48%. Total employees: 18 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does TB Alternative Assets Ltd. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2); state or municipal government entities (including government pension plans) (1).

**Which custodians does TB Alternative Assets Ltd. use?**
TB Alternative Assets Ltd.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists The Bank of New York Mellon as a custodian holding 10% or more of its separately managed account assets.

**Does TB Alternative Assets 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/162014

**What changed in TB Alternative Assets Ltd.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 7 to 8. Regulatory assets under management went from $540,996,697 to $708,213,341 (+31%).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- The Bank of New York Mellon

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.

### Regulatory assets under management (Item 5.F)
- Total: $708,213,341
- Discretionary: $708,213,341
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $561,408,339 |
| State or municipal government entities (including government pension plans) | 1 | $146,805,002 |

### 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: 2015 (11 years)
- Employees: 14 total, 8 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 April 2026 filing
- Hong Kong

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,370,000,000 | 18 | March 30, 2021 |
| October 2022 | $1,129,000,000 | 17 | August 24, 2022 |
| October 2023 | $486,000,000 | 17 | June 28, 2023 |
| October 2024 | $445,633,162 | 16 | March 25, 2024 |
| October 2025 | $540,996,697 | 14 | March 19, 2025 |
| October 2026 | $708,213,341 | 14 | March 26, 2026 |

Regulatory assets under management: $1,370,000,000 in the October 2021 data and $708,213,341 in the October 2026 data, down 48%.
Total employees: 18 in October 2021 and 14 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 7 to 8.
- Regulatory assets under management went from $540,996,697 to $708,213,341 (+31%).

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

### December 2025
- Employees performing advisory functions went from 8 to 7.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. TB Alternative Assets Ltd. (CRD 162014): Form ADV filing data as of October 2026.