Tomales Bay Capital, L.P. (“Tomales Bay Capital” or the “Firm”), formerly Tomales Bay
Capital, LLC, was formed in November 2015 and became a Delaware limited partnership in July
2020. Anduril Capital, LLC, a Delaware limited liability company, serves as the Firm’s general
partner, and is wholly owned by Iqbaljit Kahlon, the Firm’s principal owner. Tomales Bay Capital
became a registered investment adviser with the United States Securities and Exchange
Commission (“SEC”) in October 2019.
Tomales Bay Capital is an investment management firm that provides advisory services on a
discretionary basis to privately-offered pooled investment vehicles, including special purpose
vehicles and series funds that invest in a single private investment (collectively, the “Funds” and
each a “Fund”). Additionally, Tomales Bay Capital manages co-investment vehicles. In the future,
Tomales Bay Capital may form additional funds, including feeder and parallel funds, co-
investment vehicles and special purpose vehicles.
An affiliate of Tomales Bay Capital serves as a managing member or general partner for the Funds
(collectively, the “General Partners” and each a “General Partner”). While the General Partners
retain management authority over the business and affairs, including investment decisions, of their
respective Funds, Tomales Bay Capital has been delegated the role of investment adviser. The
General Partners Advisers are under common control with the Firm and, together with Tomales
Bay Capital,
operate as part of a single advisory business and are subject to the Investment
Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to the Firm’s registration in
accordance with SEC guidance.
Please see Item 8.A. for additional information regarding the Firm’s investment strategy.
Tomales Bay Capital’s investment management and advisory services to the Funds are provided
pursuant to the terms of the applicable offering documents or governing documents (“Governing
Documents”), which set forth investment strategies and limitations. Investors in the Funds
(“Investors”) cannot obtain services tailored to their individual specific needs.
At its discretion, Tomales Bay Capital or the respective General Partner may enter into one or
more “side letters” or similar agreements with certain Investors pursuant to which Tomales Bay
Capital or the respective General Partner, as applicable, grants to such Investor specific rights,
benefits or privileges that are not made available to Investors generally.
The Firm may, from time to time, permit one or more co-investors to invest alongside a Fund in
amounts determined by the Firm. Such co-investors may invest on different terms from those
applicable to Investors in the Fund including with respect to management fees and carried interest.
Tomales Bay Capital does not participate in a wrap fee program.
As of December 31, 2023, Tomales Bay Capital manages approximately $2,151,870,552 in client
assets on a discretionary basis.