Valiant Capital Management, L.P.

Valiant Capital Management, L.P. advises pooled investment vehicles and serves qualified-purchaser investors on a discretionary basis, operating a set of master-feeder funds (the Core Funds and India Funds) as well as the Peregrine private-growth funds and providing discretionary sub-advisory services to separately managed accounts. The firm manages its funds and accounts under a single discretionary framework and reports roughly $3.83 billion in regulatory assets under management.

The firm’s investment process is research-intensive and global in scope, with the Core Funds pursuing long and short positions across the capital structure while the India Funds focus on a concentrated, long-only India strategy and the Peregrine Funds target private growth-stage companies in technology, consumer and services. Valiant routinely uses a broad toolkit — including equity and equity-related instruments, convertible and fixed-income securities, and derivatives such as swaps, options and futures — and its disclosures indicate it may employ these derivatives, hedging and short-selling strategies in both pooled vehicles and in its sub-advised separately managed accounts.

What distinguishes Valiant from many peers is its active use of commodity-linked instruments and futures-related trading alongside its equity strategies and its explicit reliance on futures commission merchants and other counterparties, activity that resembles commodity-pool/trading-advisor functions uncommon among similar investment managers. The firm also combines liquid long/short public strategies with concentrated regional (India) mandates and parallel private-growth funds, and it documents bespoke structuring features for side-pocket and co‑investment allocations that can lead to different economic and liquidity terms across investors.