Varde Management, L.P. is an SEC-registered investment adviser based in New York, NY that reports managing 46 hedge funds on Form ADV. It reports $16.1 billion in regulatory assets under management. Its private funds, of all types, hold $14.3 billion in gross assets. Its disclosed U.S. stock holdings returned an estimated +45.8% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated +214.3% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.
- Regulatory assets under management
- $16.1 billionForm ADV Item 5.F
- Gross assets of private funds
- $14.3 billionAll private fund types, Form ADV
- Hedge funds managed
- 4646 private funds in total
- Employees
- 197Form ADV Item 5.A
- Registration
- SEC-registered adviserCRD 148949
- Latest Form ADV
- 06/26/2026Disciplinary disclosures: none reported
Estimated 13F portfolio performance
Est. 2026 YTD+45.8%Through Q2 2026 · S&P 500 +9.5%
Est. 2-year return+214.3%Q3 2024 – Q2 2026
S&P 500+37.2%Same quarters, price only
13F holdings$67.1 million4 positions, 2026-06-30
| Quarter | Est. 13F return | S&P 500 |
|---|---|---|
| Q2 2026 | +15.4% | +14.8% |
| Q1 2026 | +26.3% | -4.6% |
| Q4 2025 | +30.1% | +2.4% |
| Q3 2025 | +38.6% | +7.8% |
| Q2 2025 | +6.8% | +10.4% |
| Q1 2025 | +10.8% | -4.5% |
| Q4 2024 | +5.5% | +2.1% |
| Q3 2024 | -4.3% | +5.4% |
Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures
Largest disclosed holdings
- Ziff Davis Inc$32.7 million
- Surgery Partners Inc$16.9 million
- Echostar Corp$16.2 million
- Ziprecruiter Inc$1.4 million
As of 2026-06-30, from 13F filing by Varde Management, L.P..
Private equity funds filing Form D (1)
Fund
First sale
Raised
Investors
Minimum
Offering
MPowered Capital Access Fund II, L.P.
Minneapolis, MN
First sale—
Raised$0
Investors0
Minimum$1
Offering506(b)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private investment funds filing Form D (2)
Fund
First sale
Raised
Investors
Minimum
Offering
Varde Subscription Line Fund, L.P.
Minneapolis, MN
First saleMay 2025
Raised$340M
Investors2
Minimum$100K
Offering506(b)
Varde Subscription Line Fund (Offshore), L.P.
Minneapolis, MN
First saleMay 2025
Raised$300M
Investors1
Minimum$100K
Offering506(b)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private funds reported on Form ADV (38)
Fund
Gross assets
Minimum
Owners
Adviser
The Värde Fund XIII, L.P.
Cayman IslandsHedge fund
Gross assets$2.8B
Minimum$10.0M
Owners238
AdviserVarde Management, L.P.
VP Dislocation Fund II, L.P.
Cayman IslandsHedge fund
Gross assets$2.2B
Minimum$500K
Owners862
AdviserVarde Management, L.P.
The Värde Dislocation Fund, L.P.
Cayman IslandsHedge fund
Gross assets$1.6B
Minimum$10.0M
Owners149
AdviserVarde Management, L.P.
Värde Investment Partners, L.P.
Delaware, United StatesHedge fund
Gross assets$1.6B
Minimum$5.0M
Owners171
AdviserVarde Management, L.P.
Värde Investment Partners (Offshore) Master, L.P.
Cayman IslandsHedge fund
Gross assets$1.5B
Minimum$5.0M
Owners138
AdviserVarde Management, L.P.
The Värde Fund XII (Master) L.P.
Delaware, United StatesHedge fund
Gross assets$901M
Minimum$10.0M
Owners217
AdviserVarde Management, L.P.
Värde Credit Partners Master, L.P.
Cayman IslandsHedge fund
Gross assets$773M
Minimum$250K
Owners139
AdviserVarde Management, L.P.
The Värde Fraser Fund, L.P.
Cayman IslandsHedge fund
Gross assets$600M
Minimum$1.0
Owners1
AdviserVarde Management, L.P.
The Värde Cardinal Fund, L.P.
Delaware, United StatesHedge fund
Gross assets$541M
Minimum$1.0
Owners2
AdviserVarde Management, L.P.
The Värde Asia Credit Fund Master, L.P.
Cayman IslandsHedge fund
Gross assets$493M
Minimum$5.0M
Owners27
AdviserVarde Management, L.P.
The Värde Skyway Master Fund, L.P.
Cayman IslandsHedge fund
Gross assets$417M
Minimum$100K
Owners29
AdviserVarde Management, L.P.
The Värde Skyway 2020 Fund, L.P.
Cayman IslandsHedge fund
Gross assets$366M
Minimum$1.0
Owners21
AdviserVarde Management, L.P.
The Värde Mortgage Fund II (Master), L.P.
Delaware, United StatesHedge fund
Gross assets$350M
Minimum$10.0M
Owners24
AdviserVarde Management, L.P.
The Värde Specialty Finance Fund, L.p
Cayman IslandsHedge fund
Gross assets$345M
Minimum$10.0M
Owners14
AdviserVarde Management, L.P.
The Värde Mortgage Fund III Master, L.P.
Delaware, United StatesHedge fund
Gross assets$303M
Minimum$10.0M
Owners10
AdviserVarde Management, L.P.
The Värde Fund XI (Master), L.P.
Delaware, United StatesHedge fund
Gross assets$298M
Minimum$10.0M
Owners126
AdviserVarde Management, L.P.
The Värde Private Debt Opportunities Fund (Onshore), L.P.
Delaware, United StatesHedge fund
Gross assets$284M
Minimum$10.0M
Owners16
AdviserVarde Management, L.P.
The Värde Asset Lending Fund II (Offshore), L.P.
Delaware, United StatesHedge fund
Gross assets$272M
Minimum$10.0M
Owners7
AdviserVarde Management, L.P.
The Sunvard Opportunity Fund, L.P.
Delaware, United StatesHedge fund
Gross assets$244M
Minimum$160M
Owners2
AdviserVarde Management, L.P.
The Värde Raya Fund, L.P.
Cayman IslandsHedge fund
Gross assets$216M
Minimum$1.0
Owners1
AdviserVarde Management, L.P.
The Värde Fund VI-A, L.P.
Delaware, United StatesHedge fund
Gross assets$201M
Minimum$1.0M
Owners2
AdviserVarde Management, L.P.
The Värde Asia Credit Fund II Master, L.P.
Cayman IslandsHedge fund
Gross assets$190M
Minimum$5.0M
Owners6
AdviserVarde Management, L.P.
The Värde Tc Fund, L.P.
Cayman IslandsHedge fund
Gross assets$186M
Minimum$1.0
Owners6
AdviserVarde Management, L.P.
The Värde Fund XIV (Master), L.P.
Delaware, United StatesHedge fund
Gross assets$175M
Minimum$10.0M
Owners14
AdviserVarde Management, L.P.
The Värde Europe Master Fund, L.P.
Cayman IslandsHedge fund
Gross assets$162M
Minimum$10.0M
Owners65
AdviserVarde Management, L.P.
The Värde Cre Lending Fund, L.P.
Delaware, United StatesHedge fund
Gross assets$152M
Minimum$5.0M
Owners3
AdviserVarde Management, L.P.
Salute Venture II LP
Delaware, United StatesHedge fund
Gross assets$150M
Minimum$1.0
Owners2
AdviserVarde Management, L.P.
The Värde Yarra Fund, L.P.
Delaware, United StatesHedge fund
Gross assets$150M
Minimum$1.0
Owners3
AdviserVarde Management, L.P.
Salute Venture LP
Delaware, United StatesHedge fund
Gross assets$131M
Minimum$1.0
Owners6
AdviserVarde Management, L.P.
The Värde European Real Estate Fund, L.P.
Delaware, United StatesHedge fund
Gross assets$111M
Minimum$10.0M
Owners46
AdviserVarde Management, L.P.
Mpowered Capital Access Fund I, L.P.
Delaware, United StatesHedge fund
Gross assets$109M
Minimum$1.0
Owners67
AdviserVarde Management, L.P.
The Värde Fund X (Master), L.P.
Delaware, United StatesHedge fund
Gross assets$89.9M
Minimum$10.0M
Owners134
AdviserVarde Management, L.P.
The Värde Scratch and Dent Master I-A, L.P.
Delaware, United StatesHedge fund
Gross assets$28.3M
Minimum$10.0M
Owners18
AdviserVarde Management, L.P.
The Värde Liquid Credit Fund, L.P.
Delaware, United StatesHedge fund
Gross assets$18.6M
Minimum$1.0M
Owners2
AdviserVarde Management, L.P.
The Värde Fund XIV (Parallel Master), L.P.
Delaware, United StatesHedge fund
Gross assets$14.5M
Minimum$10.0M
Owners14
AdviserVarde Management, L.P.
The Värde Scratch and Dent Master, L.P.
Delaware, United StatesHedge fund
Gross assets$5.0M
Minimum$10.0M
Owners21
AdviserVarde Management, L.P.
VP Dislocation Fund II A-1, L.P.
Cayman IslandsHedge fund
Gross assets$0
Minimum$500K
Owners0
AdviserVarde Management, L.P.
The Värde Fraser Fund (Parallel), L.P.
Cayman IslandsHedge fund
Gross assets$0
Minimum$1.0
Owners1
AdviserVarde Management, L.P.
As reported in the adviser's Form ADV filed Oct 29, 2024. Funds also listed from Form D are shown above.
Fund vehicles: feeder funds and single-deal vehicles (6)
Fund
Gross assets
Minimum
Owners
Adviser
Värde Co-Investment D-1, L.P.
Delaware, United StatesHedge fund
Gross assets$146M
Minimum$1.0
Owners2
AdviserVarde Management, L.P.
Värde Co-Investment 2017a Parallel, L.P.
Cayman IslandsHedge fund
Gross assets$70.6M
Minimum$1.0
Owners7
AdviserVarde Management, L.P.
Värde Co-Investment 2015a, L.P.
Cayman IslandsHedge fund
Gross assets$65.8M
Minimum$1.0
Owners12
AdviserVarde Management, L.P.
Värde Co-Investment D-5, L.P.
Delaware, United StatesHedge fund
Gross assets$21.0M
Minimum$1.0
Owners2
AdviserVarde Management, L.P.
Värde Co-Investment 2017a, L.P.
Cayman IslandsHedge fund
Gross assets$13.1M
Minimum$1.0
Owners2
AdviserVarde Management, L.P.
Värde Co-Investment 2016a, L.P.
Cayman IslandsHedge fund
Gross assets$5.4M
Minimum$1.0
Owners8
AdviserVarde Management, L.P.
Feeder funds invest through a master fund; single-deal vehicles (SPVs, co-investments, series) hold one investment.
From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. AltMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures