Pharo
Pharo is a London-headquartered, privately held global macro investment firm founded in 2000 that manages five emerging-markets hedge funds (Macro, Trading, Gaia, Africa, Opportunities SPC) for institutional investors and sophisticated individuals across offices in London, New York, Hong Kong, and Abu Dhabi.
- Company typePrivate
- Founded2000
- HeadquartersLondon, United Kingdom
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Pharo does
Pharo is a privately held global investment management firm founded in 2000 by Guillaume Fonkenell and headquartered in London, with affiliated regulated entities in New York, Hong Kong, and Abu Dhabi (ADGM). It is authorised by the FCA (FRN 401546, since 2004) and operates as a Non-SNI MIFIDPRU Investment Firm providing discretionary portfolio management and related execution services.
The firm manages five hedge funds — Pharo Macro Fund, Pharo Trading Fund, Pharo Gaia Fund, Pharo Africa Fund, and Pharo Opportunities Fund (SPC) — focused on macroeconomic trends in emerging markets. Strategies generate exposure to foreign exchange, sovereign credit and interest rate markets across more than 70 countries in Asia, Central and Eastern Europe, the Middle East and Africa, Latin America, and developed markets. The investment process relies on internally developed proprietary technology described as enabling pattern and trend recognition, a state-of-the-art proprietary risk system that has been tested through multiple market crises (Tequila 1995, GFC 2008, EM crisis 2013–15), in-house research depth, quantitative analysts and execution traders working collaboratively, and bottom-up regional analysis.
The business model is a B2B institutional asset management model. Revenue is generated through management fees and performance/incentive fees on the five pooled funds, paid by qualified investors. Distribution is restricted under FCA rules to Professional Clients and Eligible Counterparties, including pension funds, insurance companies, other professional investors, and certified high net worth and sophisticated individuals; the funds are classified as unregulated collective investment schemes (UCIS). The firm does not publicly disclose pricing and operates with no retail channel, relying on direct institutional relationships, a password-protected client portal, and a regulated multi-jurisdictional distribution infrastructure (Citco Fund Services as administrator).
Pharo firmographics
Firmographics- Name
- Pharo
- Legal name
- Pharo Management (UK) LLP
- Website
- https://pharo.com
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Pharo is a London-headquartered, privately held global macro investment firm founded in 2000 that manages five emerging-markets hedge funds (Macro, Trading, Gaia, Africa, Opportunities SPC) for institutional investors and sophisticated individuals across offices in London, New York, Hong Kong, and Abu Dhabi.
- Ownership category
- akta.pro rank
Pharo industry classification
Industry- Product category
- Hedge Fund Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Multi-Strategy Macro / Macro Pod Platforms (FSAHABAJ)
- akta.pro secondary industry
- Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)
Keywords
Where Pharo is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices4 records
Markets served
Pharo business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Discretionary Portfolio Management Fees: Pharo generates revenue through management fees and performance fees from its five hedge funds: Pharo Macro Fund, Pharo Trading Fund, Pharo Gaia Fund, Pharo Africa Fund, and Pharo Opportunities Fund SPC. The firm is classified as a Non-SNI MIFIDPRU Investment Firm and provides discretionary portfolio management services and related execution services.
- Performance/Incentive Fees: Variable remuneration is paid on a discretionary basis and takes into consideration the Firm's financial performance as well as the financial performance of each business unit. The firm maintains fixed and variable components of remuneration.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels1 record
Pharo product offering
Product offeringCore offering
Pharo is a global investment management firm that operates five hedge funds (Pharo Macro Fund, Pharo Trading Fund, Pharo Gaia Fund, Pharo Africa Fund, and Pharo Opportunities Fund) providing discretionary portfolio management services focused on macroeconomic trends in emerging markets. The firm trades foreign exchange, sovereign credit, and interest rate markets across more than 70 countries in Asia, Central and Eastern Europe, the Middle East and Africa, Latin America, and developed markets. Investment is restricted to Professional Clients, Eligible Counterparties, and certified high net worth and sophisticated individuals under FCA regulations.
Product overview
Pharo is a global investment management firm offering five hedge funds: Pharo Macro Fund, Ltd., Pharo Trading Fund, Ltd., Pharo Gaia Fund, Ltd., Pharo Africa Fund, Ltd., and Pharo Opportunities Fund, SPC. The firm provides discretionary portfolio management services focused on emerging markets, trading foreign exchange, sovereign credit, and interest rate markets across over 70 countries in Asia, Central and Eastern Europe, the Middle East and Africa, Latin America, and developed markets. The funds are designed for professional and institutional investors and are classified as unregulated collective investment schemes (UCIS).
Differentiator
Problem solved
Functional benefit
Brands
- Pharo Macro Fund, Ltd. One of the five funds managed by Pharo.
- Pharo Trading Fund, Ltd.
- Pharo Gaia Fund, Ltd.
- Pharo Africa Fund, Ltd.
- Pharo Opportunities Fund, SPC
Products and services
- Pharo Macro Fund, Ltd. A pooled investment vehicle managed by Pharo providing discretionary exposure to macroeconomic trends in emerging markets across foreign exchange, sovereign credit, and interest rate markets across multiple regions. Available to Professional Clients and Eligible Counterparties.
- Pharo Trading Fund, Ltd. A pooled investment vehicle managed by Pharo providing discretionary exposure to macroeconomic trends in emerging markets across foreign exchange, sovereign credit, and interest rate markets across multiple regions. Available to Professional Clients and Eligible Counterparties.
- Pharo Gaia Fund, Ltd. A pooled investment vehicle managed by Pharo providing discretionary exposure to macroeconomic trends in emerging markets across foreign exchange, sovereign credit, and interest rate markets across multiple regions. Available to Professional Clients and Eligible Counterparties.
- Pharo Africa Fund, Ltd. A pooled investment vehicle managed by Pharo providing discretionary exposure to macroeconomic trends focused on Africa, spanning foreign exchange, sovereign credit, and interest rate markets across multiple regions. Available to Professional Clients and Eligible Counterparties.
- Pharo Opportunities Fund, SPC A segregated portfolio company structure managed by Pharo providing discretionary exposure to macroeconomic trends in emerging markets across foreign exchange, sovereign credit, and interest rate markets across multiple regions. Available to Professional Clients and Eligible Counterparties.
Quantifiable outcome
- Never imposed gates, suspended redemptions, or resorted to side pockets since founding in 2000
- +1 more outcomes
Companies that use Pharo
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
Pharo technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature2 records
Pharo partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Citco Fund Services (Curacao) B.V.coreCitco Fund Services serves as the Administrator for the Pharo Funds. They process personal information and provide fund administration services including processing redemptions, transfers, additional subscription requests, and payment of distributions.
- Leo RegTech LimitedcoreDesignated EU Representative of Pharo Group in accordance with Article 27 of the EU GDPR. Acting through its French branch at 128 rue de la Boétie 75008, Paris, France. Handles communications and enquiries from supervisory authorities and data subjects on data protection matters.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Pharo competitors and assessment
Company assessmentDirect peers
- Brevan Howard: London-based global macro hedge fund manager with strong emerging markets and rates focus. Directly comparable to Pharo given its macro orientation, institutional client base, and presence in London and other global financial centers.
- Caxton Associates: New York-based global macro hedge fund manager with significant emerging markets exposure across FX, rates, and credit. Highly comparable to Pharo in strategy, institutional LP base, and multi-office global structure.
- Moore Capital Management: Global macro and emerging markets-focused hedge fund founded by Louis Bacon. Comparable to Pharo through its discretionary global macro approach, EM specialization, and institutional investor focus.
- Discovery Capital Management: Connecticut-based hedge fund manager with global macro and credit strategies. Comparable to Pharo through its discretionary macro approach and institutional client base, though with more developed-markets tilt.
Broad incumbents
- Bridgewater Associates: Largest global macro hedge fund manager in the world with significant emerging markets exposure through Pure Alpha and All Weather funds. Comparable to Pharo in macro strategy category but materially larger in AUM and broader in mandate.
- Man Group: Publicly-listed London-based alternative investment manager with significant macro and emerging markets exposure. Comparable to Pharo through EM macro strategies but operates at much larger scale across multiple asset classes.
- Citadel LLC: Largest multi-strategy hedge fund with global macro as one of its core strategies. Represents the mega-platform competitive pressure on mid-sized specialists like Pharo across talent, fees, and institutional distribution.
- Millennium Management: Largest multi-strategy hedge fund platform with global macro pods. Represents the dominant structural competitor pressuring mid-sized macro specialists like Pharo on talent retention and fee economics.
Regional players
- Dymon Asia Capital: Singapore-based macro hedge fund manager with Asia-focused emerging markets strategies. Comparable to Pharo through EM macro approach but primarily Asia regional rather than truly global emerging markets.
Emerging players
- ADM Capital: Asia-focused alternative investment manager with EM credit and special situations strategies. Partially comparable to Pharo through EM focus and institutional client base, but with private credit rather than macro orientation.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Pharo social profiles
Digital presencePharo financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pharo leadership team
Management profileNumber of profiles
Profiles6 records
Pharo funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pharo M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pharo
What does Pharo do?
Pharo is a global investment management firm that operates five hedge funds (Pharo Macro Fund, Pharo Trading Fund, Pharo Gaia Fund, Pharo Africa Fund, and Pharo Opportunities Fund) providing discretionary portfolio management services focused on macroeconomic trends in emerging markets. The firm trades foreign exchange, sovereign credit, and interest rate markets across more than 70 countries in Asia, Central and Eastern Europe, the Middle East and Africa, Latin America, and developed markets. Investment is restricted to Professional Clients, Eligible Counterparties, and certified high net worth and sophisticated individuals under FCA regulations.
Is Pharo a public or private company?
Pharo is a private company. It is classified as management employee owned and is currently operating.
When was Pharo founded?
Pharo was founded in 2000. It employs 51 to 100 people.
Where is Pharo based?
Pharo is headquartered in London, United Kingdom, in the Europe region.
How does Pharo make money?
Two revenue lines are on record. Discretionary Portfolio Management Fees are the primary driver. The others are performance/Incentive Fees.
Who are Pharo's main competitors?
Direct peers on record are Brevan Howard, Caxton Associates, Moore Capital Management and Discovery Capital Management. Broad incumbents are Bridgewater Associates, Man Group, Citadel LLC and Millennium Management. Dymon Asia Capital is listed as a regional player. ADM Capital is listed as an emerging player.
Does Pharo have an API?
No public API is recorded for Pharo.
What industry is Pharo in?
Pharo's product category is Hedge Fund Management. Its primary akta.pro industry code is FSAHABAJ, Multi-Strategy Macro / Macro Pod Platforms, with a secondary code of FSAAAJAJ, Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns). Its NAICS code is 523940 and its SIC code is 6282.