# TRG Management LP

> TRG Management LP is an SEC-registered investment advisory firm in New York, NY, registered since 2006, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 138083
- Filed as: TRG MANAGEMENT LP
- Also doing business as: BALAM FUND I GP, L.P., TRG ADVISORS INDIA PRIVATE LIMITED, TRG ALLOCATION LLC (RELYING ADVISER), TRG BRASIL SERVICOS E PARTIPACOES LTDA., TRG MANAGEMENT ARGENTINA SRL, TRG MANAGEMENT PERU SRL, TRG MANAGEMENT SINGAPORE PTE LTD, TRG MANAGEMENT UK LLP, TRG MANAGEMENT URUGUAY SRL, TRG RENEWABLE RESOURCES NEW ZEALAND, TRG RENEWABLE RESOURCES URUGUAY, TRG VENTURE CAPITAL INTERNATIONAL PARTNERSHIP G.P. LIMITED (RELYING ADVISOR)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/138083
- AdvisorCensus page: https://advisorcensus.com/firm/trg-management-lp-new-york-ny-138083

## Quick answers

**How is TRG Management LP compensated?**
On its Form ADV (Item 5.E, October 2026), TRG Management LP reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.

**How much does TRG Management LP charge?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 0.55% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is TRG Management LP located?**
TRG Management LP's principal office is in New York, NY, according to its Form ADV; the April 2026 filing also lists 9 other offices (Schedule D, Section 1.F).

**Is TRG Management LP registered with the SEC or a state?**
TRG Management LP is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 138083.

**How much does TRG Management LP manage?**
TRG Management LP reports $6,717,919,567 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (64% discretionary).

**How have TRG Management LP's assets and staff changed since 2021?**
In the Form ADV data for TRG Management LP: Regulatory assets under management: $5,326,681,949 in the October 2021 data and $6,717,919,567 in the October 2026 data, up 26%. Total employees: 97 in October 2021 and 102 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does TRG Management LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (43).

**Which custodians does TRG Management LP use?**
TRG Management LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Citigroup as a custodian holding 10% or more of its separately managed account assets.

**Does TRG Management 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/138083

**What changed in TRG Management LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 74 to 54. 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
- Fixed fees (other than subscription fees)
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 0.55% to 2% a year (a range, as the brochure states it)

> Management Fees charged to the Funds are generally charged quarterly or semi-annually, may be charged in arrears or in advance, and typically range between 0.55% and 2.0% per annum

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Citigroup

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: $6,717,919,567
- Discretionary: $4,322,768,984
- Non-discretionary: $2,395,150,583

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 43 | $4,359,752,429 |
| Other investment advisers | Fewer than 5 | $36,228,000 |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $2,263,299,910 |
| Corporations or other businesses not listed above | Fewer than 5 | $58,639,228 |

### 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: 2006 (20 years)
- Employees: 102 total, 54 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
- Boston, MA
- Buenos Aires
- Gurgaon
- Lima
- London
- Montevideo
- Mumbai
- Rotorua
- Sao Paulo

### Websites listed on Form ADV (Item 1.I)
- rohatyngroup.com
- LinkedIn @THE-ROHATYN-GROUP
- YouTube @UCCvuJGn99U-IYAS5IFg0OYw

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,326,681,949 | 97 | March 31, 2021 |
| October 2022 | $6,595,366,472 | 97 | July 27, 2022 |
| October 2023 | $6,375,507,669 | 118 | March 31, 2023 |
| October 2024 | $8,452,795,213 | 160 | April 29, 2024 |
| October 2025 | $6,521,119,612 | 143 | March 31, 2025 |
| October 2026 | $6,717,919,567 | 102 | March 31, 2026 |

Regulatory assets under management: $5,326,681,949 in the October 2021 data and $6,717,919,567 in the October 2026 data, up 26%.
Total employees: 97 in October 2021 and 102 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 74 to 54.
- Updated its list of owners and control persons (Schedule A).

### December 2025
- No longer lists the business name Rohatyn Management South Africa Proprietary Limited (Relying Adviser).
- No longer lists the business name TRG Mezzanine Partners 3 GP Partnership.
- No longer lists the business name TRG Mezzanine Partners GP Proprietary Limited.
- No longer lists the business name TRG Mezzanine Partners Proprietary Limited.
- No longer lists the business name TRG Private Equity Kenya Limited.
- No longer lists an office in Johannesburg.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. TRG Management LP (CRD 138083): Form ADV filing data as of October 2026.