Meritage Group LP

Meritage Group LP provides discretionary investment management to private pooled investment funds rather than individual retail clients, managing approximately $14.09 billion of regulatory assets under management as of December 31, 2025. The firm serves as investment manager and/or general partner to those Private Investment Funds and pursues investments in public and private equity, credit and real estate on behalf of those pooled vehicles.

Meritage describes a fundamentally oriented, longer-term investment approach that may include both long and short positions, derivatives, hedging and leverage, and that implements strategies both directly and through External Managers and Sub‑Advisers. The brochure details its process for selecting External Managers (including due diligence on track record, correlation, fees and liquidity), notes the use of alternative data in research, and clarifies that investment choices and any tailoring are made at the fund level rather than for individual investors.

Compared with many investment-manager peers, Meritage operates from multiple offices and explicitly documents its practice of selecting and allocating to other advisers and Sub‑Advisers, including the use of seed and programmatic joint‑venture arrangements in real estate and other strategies. The firm also discloses that certain Private Investment Funds currently qualify for an exemption from registration as a commodity pool operator and that a firm principal holds an ownership interest in an SEC‑registered adviser that is also registered as a CPO/CTA; the brochure further notes the firm began managing the Private Investment Funds’ program effective January 1, 2007 and provides audited financial statements and periodic performance reporting to investors.