Investment adviser · CRD 159752

NIPUN CAPITAL, L.P.

Investment adviser filing (IA)

FOSTER CITY, CA, United States · Form ADV filed Mar 30, 2026

Regulatory AUM: $2.03B
Client accounts: 13
Employees: 18
Advisory professionals: 10

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Pooled investment vehicles	10	$1,330,379,697	65.6%
Other investment advisers	Fewer than 5	$696,336,404	34.4%

Filing source

Form ADV 2081325 · Mar 30, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

6 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

NIPUN EMERGING MARKETS ALPHA MASTER FUND, L.P.Hedge Fund · Last reported Mar 30, 2026$972MGross asset value

Feeder funds

Fund administrator SS&C TECHNOLOGIES, INC SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG, LLP SAN FRANCISCO, California, United States

Custodian CITIBANK NA NEW YORK, New York, United States Related to adviser: No

Custodian JP MORGAN CHASE NEW YORK, New York, United States Related to adviser: No

Custodian J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States Related to adviser: No

Custodian MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No

Prime broker J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States

Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG, LLP
PCAOB 42

J.P. MORGAN SECURITIES LLC
SEC 8-35008

MORGAN STANLEY & CO. LLC
SEC 8-15869

J.P. MORGAN SECURITIES LLC
CRD 79 · SEC 8-35008

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-1846940573
Reported beneficial owners: 21
Minimum commitment: $5M
Form D file number: 021-257397
Form D file number: 021-265803

Form ADV 2081325 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NIPUN ASIA TOTAL RETURN MASTER FUND, L.P.Hedge Fund · Last reported Mar 30, 2026$273MGross asset value

Feeder funds

Fund administrator SS&C TECHNOLOGIES, INC SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP SAN FRANCISCO, California, United States

Custodian BOFA SECURITIES, INC. NEW YORK, New York, United States Related to adviser: No

Custodian CITIBANK NA NEW YORK, New York, United States Related to adviser: No

Custodian GOLDMAN SACHS & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No

Custodian JP MORGAN CHASE NEW YORK, New York, United States Related to adviser: No

Custodian J.P. MORGAN SECURITIES LLC NEW YOTK, New York, United States Related to adviser: No

Custodian MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No

Custodian UBS SECURITIES LLC SAN FRANCISCO, California, United States Related to adviser: No

Prime broker BOFA SECURITIES, INC. NEW YORK, New York, United States

Prime broker GOLDMAN SACHS & CO. LLC SAN FRANCISCO, California, United States

Prime broker J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States

Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States

Prime broker UBS SECURITIES LLC SAN FRANCISCO, California, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

BOFA SECURITIES, INC.
SEC 8-69787

GOLDMAN SACHS & CO. LLC
SEC 8-129

J.P. MORGAN SECURITIES LLC
SEC 8-35008

MORGAN STANLEY & CO. LLC
SEC 8-15869

UBS SECURITIES LLC
SEC 8-22651

BOFA SECURITIES, INC.
CRD 283942 · SEC 8-69787

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

J.P. MORGAN SECURITIES LLC
CRD 79 · SEC 8-35008

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

UBS SECURITIES LLC
CRD 7654 · SEC 8-22651

Fund details & source

Fund ID: 805-7440032821
Reported beneficial owners: 2
Minimum commitment: $5M
Form D file number: 021-217640
Form D file number: 021-219405

Form ADV 2081325 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NIPUN EMERGING MARKETS SMALL CAP MASTER FUND, L.P.Hedge Fund · Last reported Mar 30, 2026$70.8MGross asset value

Feeder funds

Fund administrator SS&C TECHNOLOGIES, INC SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG, LLP SAN FRANCISCO, California, United States

Custodian JP MORGAN CHASE NEW YORK, New York, United States Related to adviser: No

Custodian MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG, LLP
PCAOB 42

MORGAN STANLEY & CO. LLC
SEC 8-15869

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-4969337590
Reported beneficial owners: 8
Minimum commitment: $5M
Form D file number: 021-522103
Form D file number: 021-529582

Form ADV 2081325 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NIPUN EM ALPHA PLUS FUND, LTD.Hedge Fund · Last reported Mar 30, 2026$13.7MGross asset value

Form D fundraising filings

Nipun EM Alpha Plus Fund, Ltd.

Fund administrator SS&C TECHNOLOGIES, INC SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG, LLP SAN FRANCISCO, California, United States

Custodian MORGAN STANLEY SMITH BARNEY LLC MENLO PARK, California, United States Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG, LLP
PCAOB 42

MORGAN STANLEY SMITH BARNEY LLC
SEC 8-68191

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-3802013620
Reported beneficial owners: 1
Minimum commitment: $5M
Form D file number: 021-560248

Form ADV 2081325 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NIPUN CHINA TOTAL RETURN MASTER FUND, L.P.Hedge Fund · Last reported Mar 31, 2021$30.4MGross asset value

Feeder funds

NIPUN CHINA TOTAL RETURN FUND, L.P.

Fund administrator SS&C TECHNOLOGIES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP SAN FRANCISCO, California, United States

Custodian GOLDMAN SACHS & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No

Custodian MERRILL LYNCH PROFESSIONAL CLEARING CORP. SAN FRANCISCO, California, United States Related to adviser: No

Custodian UBS SECURITIES LLC SAN FRANCISCO, California, United States Related to adviser: No

Prime broker GOLDMAN SACHS & CO. LLC SAN FRANCISCO, California, United States

Prime broker MERRILL LYNCH PROFESSIONAL CLEARING CORP. SAN FRANCISCO, California, United States

Prime broker UBS SECURITIES LLC SAN FRANCISCO, California, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

GOLDMAN SACHS & CO. LLC
SEC 8-129

MERRILL LYNCH PROFESSIONAL CLEARING CORP.
SEC 8-33359

UBS SECURITIES LLC
SEC 8-22651

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

MERRILL LYNCH PROFESSIONAL CLEARING CORP.
CRD 16139 · SEC 8-33359

UBS SECURITIES LLC
CRD 7654 · SEC 8-22651

Fund details & source

Fund ID: 805-2257903417
Reported beneficial owners: 8
Minimum commitment: $5M
Form D file number: 021-328305

Form ADV 1523041 · Mar 31, 2021 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

NIPUN CHINA ALPHA MASTER FUND, L.P.Hedge Fund · Last reported Mar 26, 2019$5.83MGross asset value

Feeder funds

NIPUN ASIA CHINA ALPHA FUND, L.P.

Fund administrator SS&C TECHNOLOGIES, INC SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor ERNST & YOUNG LLP SAN FRANCISCO, California, United States

Custodian MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

ERNST & YOUNG LLP
PCAOB 42

MORGAN STANLEY & CO. LLC
SEC 8-15869

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-5228529492
Reported beneficial owners: 7
Minimum commitment: $5M
Form D file number: 021-294902

Form ADV 1296903 · Mar 26, 2019 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Mar 30, 2026. View historical filings

Reported services

Pooled investment vehicle management · Business portfolio management

Compensation

Percentage of assets · Performance-based

Principal office

950 TOWER LANE, SUITE 1625
FOSTER CITY, CA, 94404, United States

CRD 159752

Filing source

Form ADV 2081325 · Mar 30, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.