# Tetragon Partners L.P.

> Tetragon Partners L.P. is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 4, 2026.

- CRD: 156040
- Filed as: TETRAGON PARTNERS L.P.
- Also doing business as: BANYAN SQUARE PARTNERS L.P. (RELYING ADVISER), CONTINGENCY CAPITAL LLC (RELYING ADVISER), EQUITIX EUROPEAN INFRASTRUCTURE I GP S.A.R.L. (AFFILIATED ADVISER), EQUITIX GP 2 LIMITED (AFFILIATED ADVISER), EQUITIX GP 3 LIMITED (AFFILIATED ADVISER), EQUITIX GP 4 LIMITED (AFFILIATED ADVISER), EQUITIX GP 5 LIMITED (AFFILIATED ADVISER), EQUITIX GP 6 LIMITED (AFFILIATED ADVISER), EQUITIX GP 7 LIMITED (AFFILIATED ADVISER), EQUITIX INVESTMENT MANAGEMENT LIMITED (AFFILIATED ADVISER), EQUITIX MA GP 17 LIMITED (AFFILIATED ADVISER), EQUITIX MA GP 2 LIMITED (AFFILIATED ADVISER), EQUITIX MA GP 20 LIMITED (AFFILIATED ADVISER), EQUITIX MA GP 21 LIMITED (AFFILIATED ADVISER), EQUITIX MA GP 8 LIMITED (AFFILIATED ADVISER), EQUITIX MA GP THOR LIMITED (AFFILIATED ADVISER), HAWKE'S POINT MANAGER L.P. (RELYING ADVISER), POLYGON RECOVERY MANAGER LP (RELYING ADVISER), TCI CAPITAL MANAGEMENT II LLC (RELYING ADVISER), TCI CAPITAL MANAGEMENT LLC (RELYING ADVISER), TETRAGON CREDIT INCOME PARTNERS II LTD. (RELYING ADVISER), TETRAGON CREDIT INCOME PARTNERS III LTD. (RELYING ADVISER), TETRAGON CREDIT INCOME PARTNERS IV LTD. (RELYING ADVISER), TETRAGON CREDIT INCOME PARTNERS V LTD. (RELYING ADVISER), TETRAGON GLOBAL EQUITIES L.P. (RELYING ADVISER), TETRAGON LIFE SCIENCES L.P. (RELYING ADVISER), TETRAGON PARTNERS UK LLP (RELYING ADVISER), TETRAGON PARTNERS US LP (RELYING ADVISER), WESTBOURNE RIVER PARTNERS L.P. (RELYING ADVISER)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: June 4, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/156040
- AdvisorCensus page: https://advisorcensus.com/firm/tetragon-partners-l-p-new-york-ny-156040

## Quick answers

**How is Tetragon Partners L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Tetragon Partners L.P. 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 Tetragon Partners L.P. located?**
Tetragon Partners L.P.'s principal office is in New York, NY, according to its Form ADV; the July 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Tetragon Partners L.P. registered with the SEC or a state?**
Tetragon Partners L.P. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 156040.

**How much does Tetragon Partners L.P. manage?**
Tetragon Partners L.P. reports $6,401,701,098 in regulatory assets under management in its Form ADV filing dated June 4, 2026 (100% discretionary).

**How have Tetragon Partners L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Tetragon Partners L.P.: Regulatory assets under management: $18,405,949,444 in the October 2021 data and $6,401,701,098 in the October 2026 data, down 65%. Total employees: 112 in October 2021 and 122 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Tetragon Partners L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (43); other (4).

**Which custodians does Tetragon Partners L.P. use?**
Tetragon Partners L.P.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BofA Securities, Inc. and UBS Securities LLC as custodians holding 10% or more of its separately managed account assets.

**Does Tetragon Partners L.P. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/156040

**What changed in Tetragon Partners L.P.'s recent Form ADV filings?**
In the July 2026 filing data: No longer lists the business name LCM Euro LLC (Relying Adviser). No longer lists the business name LCM Euro II LLC (Relying Adviser). No longer lists the business name LCM Asset Management LLC (Relying Adviser). Regulatory assets under management went from $12,894,557,040 to $6,401,701,098 (-50%).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- BofA Securities, Inc.
- UBS Securities LLC

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: $6,401,701,098
- Discretionary: $6,401,701,093
- Non-discretionary: $5

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 43 | $6,044,706,821 |
| Charitable organizations | Fewer than 5 | $356,994,272 |
| Other | 4 | $5 |

### 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
- Other

### Firm details
- Registered since: 2012 (14 years)
- Employees: 122 total, 48 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/156040

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Boston, MA
- London

### Websites listed on Form ADV (Item 1.I)
- [tetragoninv.com](https://tetragoninv.com)
- LinkedIn @banyan-square-partners
- LinkedIn @contingency-capital-llc
- LinkedIn @hawke's-point
- LinkedIn @tetragon-credit-partners
- LinkedIn @tetragoninv
- LinkedIn @westbourne-river-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $18,405,949,444 | 112 | March 31, 2021 |
| October 2022 | $21,568,884,282 | 122 | June 13, 2022 |
| October 2023 | $21,762,997,400 | 132 | March 31, 2023 |
| October 2024 | $19,691,442,790 | 129 | March 28, 2024 |
| October 2025 | $15,244,345,851 | 125 | July 7, 2025 |
| October 2026 | $6,401,701,098 | 122 | June 4, 2026 |

Regulatory assets under management: $18,405,949,444 in the October 2021 data and $6,401,701,098 in the October 2026 data, down 65%.
Total employees: 112 in October 2021 and 122 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- No longer lists the business name LCM Euro LLC (Relying Adviser).
- No longer lists the business name LCM Euro II LLC (Relying Adviser).
- No longer lists the business name LCM Asset Management LLC (Relying Adviser).
- Regulatory assets under management went from $12,894,557,040 to $6,401,701,098 (-50%).

### April 2026
- Added the business name Equitix MA GP 21 Limited (Affiliated Adviser).
- Added the business name Equitix GP 7 Limited (Affiliated Adviser).
- Added the business name Equitix GP 5 Limited (Affiliated Adviser).
- Employees performing advisory functions went from 47 to 48.
- Regulatory assets under management went from $15,244,345,851 to $12,894,557,040 (-15%).

### February 2026
- No longer lists the business name TFG Asset Management US LP (Relying Adviser).
- No longer lists the business name TFG Asset Management UK LLP (Relying Adviser).
- No longer lists the business name TFG Asset Management Global Equities L.P. (Relying Adviser).
- Added the business name Tetragon Partners US LP (Relying Adviser).
- Added the business name Tetragon Partners UK LLP (Relying Adviser).
- Added the business name Tetragon Global Equities L.P. (Relying Adviser).
- Changed its legal name from TFG Asset Management L.P. to Tetragon Partners L.P..
- Changed its office addresses in Boston, MA.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Tetragon Partners L.P. (CRD 156040): Form ADV filing data as of October 2026.