Pharo

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).

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

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

• Emerging markets investing
• Hedge fund management
• Macroeconomic trading
• Discretionary portfolio management
• Institutional investment management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. 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.
2. 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

Core 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

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Citco Fund Services (Curacao) B.V.coreImplementation/ SI/ Consulting PartnerCitco 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 LimitedcoreImplementation/ SI/ Consulting PartnerDesignated 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

Direct 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

• LinkedInlinkedin.com/company/pharo-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pharo