# Zephyr Management, L.P.

> Zephyr Management, L.P. is an SEC-registered investment advisory firm in New York, NY, registered since 2023, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 17, 2026.

- CRD: 129683
- Filed as: ZEPHYR MANAGEMENT, L.P.
- 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)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/129683
- AdvisorCensus page: https://advisorcensus.com/firm/zephyr-management-l-p-new-york-ny-129683

## Quick answers

**How is Zephyr Management, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Zephyr Management, 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 Zephyr Management, L.P. located?**
Zephyr Management, L.P.'s principal office is in New York, NY, according to its Form ADV.

**Is Zephyr Management, L.P. registered with the SEC or a state?**
Zephyr Management, L.P. is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 129683.

**How much does Zephyr Management, L.P. manage?**
Zephyr Management, L.P. reports $256,304,361 in regulatory assets under management in its Form ADV filing dated March 17, 2026 (95% discretionary).

**How have Zephyr Management, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Zephyr Management, L.P.: 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. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Zephyr Management, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (30); high net worth individuals (3); other (1).

**Does Zephyr Management, L.P. 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/129683

**What changed in Zephyr Management, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: 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%).

## 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: $256,304,361
- Discretionary: $244,326,861
- Non-discretionary: $11,977,500

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 3 | $673,294 |
| Pooled investment vehicles (other than investment companies and business development companies) | 30 | $243,653,567 |
| Other | 1 | $11,977,500 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Other

### Firm details
- Registered since: 2023 (3 years)
- Employees: 22 total, 13 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- medium.com/@zmlp
- tumblr.com/zephyrmanagement/808141237920088064/zephyr-management
- zephyrpeacock.com
- zmlp.com
- Pinterest @zephyr_management
- LinkedIn @zephyr-acorn
- LinkedIn @zephyr-management-l.p.
- LinkedIn @zephyr-peacock-india
- LinkedIn @zephyr-wealth-management
- X @ZephyrPeacock
- YouTube @zephyrpeacockindia9895

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | Not reported | March 22, 2021 |
| October 2022 | Not reported | Not reported | July 18, 2022 |
| October 2023 | $173,812,028 | 23 | July 10, 2023 |
| October 2024 | $190,890,927 | 23 | March 27, 2024 |
| October 2025 | $215,756,088 | 20 | March 24, 2025 |
| October 2026 | $256,304,361 | 22 | March 17, 2026 |

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.

## Changes in the filing (last 12 months)

### 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%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Zephyr Management, L.P. (CRD 129683): Form ADV filing data as of October 2026.