Zephyr Management, L.P. is an investment advisor founded in 1994 that creates and manages private equity funds and private marketable securities funds. The firm specializes in emerging markets, focusing on private equity financing for small and medium-sized companies in India and early-stage enterprises in Sub-Saharan East Africa. Additionally, through its Zephyr Wealth division and in collaboration with Waterfield Advisors Private Limited, Zephyr manages funds that invest in liquid publicly-traded assets such as exchange-traded funds and mutual funds. Zephyr also offers separately managed business accounts and investment advisory services to high-net-worth individuals, which include discretionary and non-discretionary portfolio monitoring, financial counseling, and retirement plan consulting. The firm primarily serves institutional and pooled investment vehicles, alongside high-net-worth individuals and family offices.
Fee Structure
Zephyr Management, L.P. offers different investment management fee structures depending on the specific fund or service:
- Emerging Markets Private Equity Funds — Typically charge an annual management fee of 2.0% based on capital commitments during the investment period and capital invested thereafter, plus a 20% performance allocation (carried interest) on profits. Certain funds also charge a one-time 5% fee on the aggregate cost of underlying portfolio investments.
- Zephyr Wealth Funds — Charge a fixed management fee of 0.75% or 0.90% of the net asset value annually, payable monthly, plus an administrative services fee of 0.10% per year of the net asset value.
- Zephyr Wealth Separately Managed Accounts — Charge an ongoing asset-based fee calculated using the market value of assets in the client's account on the last day of the previous month.