# Zephyr Management

Zephyr Management is a Private Equity based in New York, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 1994
- **Assets under management:** Undisclosed
- **Website:** www.zmlp.com
- **LinkedIn:** https://www.linkedin.com/company/zephyr-management-l.p

## Regulatory record

- **CRD number:** 129683
- **SEC file number:** 801-128453
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-17T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/129683

## About

Zephyr Management is an SEC-registered investment adviser in NEW YORK, NY, registered since 2023. The firm manages $256 million in assets, with $244 million on a discretionary basis. It has 22 employees and 13 investment advisers.

## Sectors

- Venture (General)
- Private Equity

## People

- Thomas B. Keesee Jr. — Chairman
- Donald Zephyr — President

## Questions

### Who runs investment decisions at Zephyr Management?

Donald Zephyr and Thomas B. Keesee Jr. have led Zephyr Management since its 1994 founding. Keesee serves as Chairman and Zephyr as President. The firm's regional investment teams in Africa, South Asia, and Latin America operate with significant autonomy over sourcing and portfolio management within mandates set by the New York office.

### How does Zephyr Management source proprietary deal flow?

Zephyr historically relies on dedicated regional investment teams embedded in its target markets across sub-Saharan Africa, South Asia, and Latin America. These teams cultivate origination networks that are difficult for global funds to replicate. The firm's longevity in specific markets — dating to the 1990s — provides access to founders and intermediaries who value continuity of partnership.

### Which geographies does Zephyr Management target?

Zephyr concentrates on sub-Saharan Africa, South Asia, and select Latin American markets. Documented activity includes investments in Nigeria, Kenya, South Africa, India, and Bangladesh. The firm runs separate regional fund vehicles rather than deploying from a single global pool.

### What investment stages does Zephyr Management cover?

The firm covers the full spectrum from seed and start-up venture through expansion and late-stage growth equity. Its strategy encompasses early-stage venture capital alongside later-stage private equity, with stage emphasis varying by regional fund mandate and local market maturity.

### What is Zephyr's posture on co-investments alongside external GPs?

Zephyr has historically participated in co-investment structures and syndicated deals, particularly with development finance institutions and regional investment partners. The firm's architecture — New York-based capital formation with autonomous regional teams — facilitates co-investment alongside local fund managers and institutional co-investors in its target markets.

## Related profiles

- [Zephiro Investments](https://altss.com/profile/zephiro-investments)
- [Zephyrus Lab](https://altss.com/profile/zephyrus-lab)

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Last updated: 2026-06-03T20:00:00.000Z

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