Clients
Varde Management serves 121 clients, 118 of them pooled investment vehicles. The average client has about $133 million with the firm.
- Pooled investment vehicles118 clients89%
- Other3 clients11%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Pooled investment vehicles | 118 | $14,341,420,785 | 88.9% | $121.5M |
| Other | 3 | $1,786,717,063 | 11.1% | $595.6M |
| Total | 121 | $16,128,137,848 | 100% | $133.3M |
- Clients
- 118
- Regulatory AUM
- $14,341,420,785
- Share
- 88.9%
- Avg. per client
- $121.5M
- Clients
- 3
- Regulatory AUM
- $1,786,717,063
- Share
- 11.1%
- Avg. per client
- $595.6M
Total
- Clients
- 121
- Regulatory AUM
- $16,128,137,848
- Share
- 100%
- Avg. per client
- $133.3M
What it does
Varde Management provides portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.
Varde Management advises 46 private funds.
100.0% of assets ($16.13B across 121 accounts) are managed with discretion. 49% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
The filed percentages total 101%. The values below are shown as filed.
- Non-exchange-traded equity securities
- 90%
- Non-investment grade corporate bonds
- 2%
- Securities issued by registered investment companies or business development companies
- 3%
- Cash and cash equivalents
- 5%
- Other (Includes Other Loans and Other Balance Sheet Assets.)
- 1%
Custodians
Varde Management has custody of $10.72B for 118 clients.
- All other custodians$16.13B100%
Ownership and leadership
- Owns 10% to 25% of Varde Management, L.P.
Timothy Mooney
Control person · since January 2016
- Owns 5% to 10% of Varde Management, L.P.
George Hicks
Control person · since March 2006
- Owns 5% to 10% of Varde Management, L.P.
Ilfryn Carstairs
Control person · since January 2011
- Owns 5% to 10% of Varde Management, L.P.
Francisco Milone
Control person · since January 2018
- Owns 5% to 10% of Varde Management, L.P.
Haseeb Malik
Control person · since January 2019
- Owns 5% to 10% of Varde Management, L.P.
Andrew Malone
Control person · since January 2022
- Owns 5% to 10% of Varde Management, L.P.
Shannon Gallagher
Control person · since January 2024
- Owns 5% to 10% of Varde Management, L.P.
James Dunbar
Control person · since January 2022
- Owns 5% to 10% of Varde Management, L.P.
Carlos Sanz Esteve
Control person · since January 2022
- Owns 5% to 10% of Varde Management, L.P.
Anthony Iannazzo
Control person · since January 2024
- Owns 5% to 10% of Varde Management, L.P.
Melissa Dolski
Control person · since October 2025
Leadership
- Anthony IannazzoChief Operating Officer and Limited Partner
- Kevin MedinaGlobal Chief Compliance Officer
- Ilfryn CarstairsCo-Executive Chair and Limited Partner
- Melissa DolskiLimited Partner
- James DunbarLimited Partner
- Shannon GallagherLimited Partner
- George HicksCo-Executive Chair and Limited Partner
- Haseeb MalikLimited Partner
- Andrew MaloneGeneral Counsel and Limited Partner
- Francisco MiloneLimited Partner
- Timothy MooneyLimited Partner
- Marcia PageChair Emerita and Limited Partner
- Carlos Sanz EsteveLimited Partner
Staff
- 197 employees
- 64 in advisory functions
Reported holdings
Varde Management’s reported 13F holdings total $68.4M across 5 positions, and the ten largest make up 100.0% of it.
- $68.4M
- Reported 13F value
- 5
- Positions
- 100.0%
- In the 10 largest
- +38.8%
- Value vs. prior quarter
- Ziff Davis Inc.47.8%
- Surgery Partners Inc.24.6%
- Echostar Corp. · CL A23.6%
- Ziprecruiter Inc. · CL A2.0%
- Trump Media & Technology Group Corp.Put1.9%
Together, the ten largest are 100.0% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $68.4M is not its $16.13B in regulatory assets and does not represent any individual client's portfolio.
Fees
Varde Management is paid through a percentage of assets under management and performance-based fees.
Varde Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Varde Management has 1 office, with 2 listed addresses across 2 states.
Minnesota · 1 listed address
- 350 N 5th Street, Minneapolis
New York · 1 listed address
- 520 Madison Avenue, 34th Floor, New YorkHQ
Registration details
- Legal name
- Varde Management, L.P.
- Headquarters
- 520 Madison Avenue, 34th Floor, New York, NY 10022
- Phone
- 212-321-3780
- Website
- www.varde.com
- SEC file
- 801-69821
- Structure
- Delaware limited partnership
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Varde Management have?
Varde Management has 121 clients and manages $16.1 billion for them, as of June 2026. They include 118 pooled investment vehicles and 3 other clients.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 26 June 2026
What services does Varde Management offer?
Varde Management provides portfolio management for pooled vehicles and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How many financial advisors does Varde Management have?
Varde Management has 0 investment adviser representatives registered with state securities authorities, out of 197 employees, and 64 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Varde Management invest in?
At the end of its last fiscal year, Varde Management’s separately managed accounts held 90% non-exchange-traded equities, 5% cash and equivalents, 3% registered funds (mutual funds, ETFs, BDCs), 2% high-yield corporate bonds and 1% includes other loans and other balance sheet assets.. It advises 46 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Varde Management?
Varde Management’s direct owners are George Hicks, Ilfryn Carstairs, Timothy Mooney, Francisco Milone, Haseeb Malik, Andrew Malone, Shannon Gallagher, James Dunbar, Carlos Sanz Esteve, Anthony Iannazzo and Melissa Dolski, each holding 25% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 26 June 2026
How does Varde Management get paid?
Varde Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file