Overview
                                    
                                    
                                        
                                             
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.