Zephyr Management, L.P.

• A percentage of assets under your management
• Performance-based fees
• Other

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

See the firm's brochure (dated March 17, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$256,304,361 as of October 2026, filing dated March 17, 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

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for individuals and/or small businesses
• Portfolio management for pooled investment vehicles (other than investment companies)
• Other

Also doing business as

ZEPHYR ACORN LLC, ZEPHYR PEACOCK MANAGEMENT LIMITED, ZP INDIA ADVISORY PRIVATE LIMITED, ZPIGF II MANAGER, LLC

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2023 (3 years)

Employees

Total: 22. Performing investment advisory functions: 13.

Wrap fee program participation

No.

States registered or notice-filed

1 state or jurisdiction

NY

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

None 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

Regulatory assets under management: $173,812,028 in the October 2023 data and $256,304,361 in the October 2026 data, up 47%.

Total employees: 23 in October 2023 and 22 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.

1. April 2026
   • Added the business name Zpigf II Manager, LLC.
   • Employees performing advisory functions went from 12 to 13.
   • Regulatory assets under management went from $215,756,088 to $256,304,361 (+19%).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.