Form D · Hedge Fund

Carrhae Capital Master Fund Ltd

Grand Cayman, E9 · CIK 0001538561

Offering snapshot reported Mar 20, 2026 · SEC filing

Reported sold
$207M
Indefinite offering
Investors reported
2
Form D · investor count
Minimum accepted
$5M
Reported outside-investor minimum
First sale
Dec 12, 2011
As reported in this filing

Fundraising history

Reported sold
Reported amount sold by Form D filing date$0$165M$330MJan 4, 2012: $150,000,000.00Jan 4, 2012Jan 4, 2013: $330,014,080.00Jan 6, 2014: $150,000,000.00Mar 24, 2014: $150,000,000.00Mar 24, 2015: $150,000,000.00Mar 24, 2016: $207,000,000.00Mar 24, 2017: $207,000,000.00Mar 23, 2018: $207,000,000.00Mar 22, 2019: $207,000,000.00Mar 23, 2020: $207,000,000.00Mar 23, 2021: $207,000,000.00Mar 23, 2022: $207,000,000.00Mar 23, 2023: $207,000,000.00Mar 22, 2024: $207,000,000.00Mar 21, 2025: $207,000,000.00Mar 20, 2026: $207,000,000.00Mar 20, 2026

Dates are filing dates, not cash receipt dates. Decreases are reported revisions, not evidence of withdrawals. Separate offering histories are not added together.

What changed?

Latest filing versus its linked predecessor, where available.

No comparable changes in the displayed metrics.

Filing history

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FiledFiling typeReported soldChange vs linked filingInvestorsSource
Mar 20, 2026Amendment$207,000,000$0vs Mar 21, 20252SEC filing
Mar 21, 2025Amendment$207,000,000$0vs Mar 22, 20242SEC filing
Mar 22, 2024Amendment$207,000,000$0vs Mar 23, 20232SEC filing
Mar 23, 2023Amendment$207,000,000$0vs Mar 23, 20222SEC filing
Mar 23, 2022Amendment$207,000,000$0vs Mar 23, 20212SEC filing
Mar 23, 2021Amendment$207,000,000$0vs Mar 23, 20202SEC filing
Mar 23, 2020Amendment$207,000,000$0vs Mar 22, 20192SEC filing
Mar 22, 2019Amendment$207,000,000$0vs Mar 23, 20182SEC filing
Mar 23, 2018Amendment$207,000,000$0vs Mar 24, 20172SEC filing
Mar 24, 2017Amendment$207,000,000$0vs Mar 24, 20162SEC filing
Mar 24, 2016Amendment$207,000,000$57,000,000vs Mar 24, 20152SEC filing
Mar 24, 2015Amendment$150,000,000$0vs Mar 24, 20141SEC filing
Mar 24, 2014Amendment$150,000,000$0vs Jan 6, 20141SEC filing
Jan 6, 2014Amendment$150,000,000-$180,014,080vs Jan 4, 20131SEC filing
Jan 4, 2013Amendment$330,014,080$180,014,080vs Jan 4, 201239SEC filing
Jan 4, 2012Initial$150,000,000No comparison1SEC filing

Offering details

Securities
Pooled investment fund
Exemptions
06b, 3C, 3C.7
Duration over one year
Yes
Business combination
No
Sales commissions
$0
Finders' fees
$0
Form D file number
021-171128

Source: Form D, filed Mar 20, 2026. Minimum accepted may differ from a standard advertised minimum.

Fund connections

The linked fund shows its most recently reported ADV details.

Matched by reported Form D file number

CARRHAE CAPITAL MASTER FUND LTD

Investment adviser: CARRHAE CAPITAL, LLP

Gross asset value
$2.83B
Beneficial owners
29
ADV minimum commitment
$5M

Reported in Form ADV on Aug 11, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator MORGAN STANLEY FUND SERVICES (CAYMAN) LTD. GEORGE TOWN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor ERNST & YOUNG LTD GEORGE TOWN, Cayman Islands
Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No
Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No
Prime broker GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States
Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

ERNST & YOUNG LTD
PCAOB 1655

Filing source

Form ADV 2122766 · Aug 11, 2026 · Schedule D 7.B.(1), fund 805-1835230174

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

People & organizations

Current and past Form D appearances. These existing records do not establish a person's current role or uniquely identify them across issuers.

People and organizations reported in Form D filings
NameReported role
Carrhae Capital Llp Promoter
Richard Coles Director
Sean Flynn Director
Patrick Harrigan Director
Adrian Headon Director
Robin Howes Director
Monina Monette Windsor Director

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:
C/O Carrhae Capital Master Fund Ltd Ugland House, Po Box 309
Grand Cayman, E9, KY1-1104