Portfolio

We believe that investing in alternatives can deliver stable returns to investors across credit, equity, interest rate, and inflation cycles. We target a 10-15% net Return on Equity for our shareholders and have delivered average annual net investment returns of 12.1% since Tetragon’s initial public offering in 2007.(14)

Invested in three ways

  • Ownership stakes in asset managers - GP stakes
    • 42%Ownership stakes in asset managers (Tetragon Partners)
  • LP investments in managed funds
    • 33%Investments in funds on the Tetragon Partners platform
    • 6%Investments in external funds
  • Direct investments
    • 19%Direct investments

As of 31 December 2025.

Focused on alternatives

Tetragon Partners manages, oversees and supervises Tetragon’s private equity investments in asset management companies.

Tetragon’s private equity and venture capital investments comprise several types of investments: Tetragon’s investments in Banyan Square Partners funds and co-investments; private equity investments with third-party managers; and direct private equity investments, including venture capital investments.

Tetragon invests in equities primarily through funds managed by Hawke’s Point, Westbourne River Partners, Tetragon Global Equities and Tetragon Life Sciences.

Tetragon makes direct investments from its balance sheet, targeting idiosyncratic opportunities that are typically single-strategy ideas, opportunistic and catalyst driven. These range from listed instruments to private investments and cover a broad range of assets. Tetragon’s investments in managed funds, including through Tetragon Partners, also enables co-investment opportunities and investment ideas which Tetragon may develop as direct investments.

Tetragon invests in credit primarily through Contingency Capital funds, Acasta Partners funds, Tetragon Credit Partners funds and LCM-managed CLOs.

Tetragon’s real estate investments are primarily through principal investment vehicles managed by BGO. These investments are geographically focused and include investments in the United States, Canada, Europe and Asia. The majority of Tetragon’s real estate investments are made through BGO funds, which generally take an opportunistic private-equity style investment approach.

As of 31 December 2025.

Diversified asset class exposure (20)

  • 27.3%Equitix
  • 7.7%BGO
  • 2.5%LCM
  • 4.1%Platform and other asset managers

  • 4.3%Banyan Square funds
  • 4.9%Other funds & co-investments
  • 12.2%Direct

  • 8.7%Hawke's Point funds & co-investments
  • 7.2%Westbourne River Event Fund - Low Net
  • 4.1%Westbourne River Event Fund - Long Bias
  • 1.8%Tetragon Life Sciences fund
  • 0.6%Other funds

  • 6.8%Other equities

  • 1.5%Contingency Capital funds
  • 1.3%Acasta funds
  • 1.0%Tetragon Credit Partners funds
  • 1.0%U.S. CLOs

  • 2.0%BGO funds and co-investments
  • 0.9%Other real estate

As of 31 December 2025.

Products/mandates listed are not necessarily open for new investment and are not an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction, but to illustrate the Tetragon Partners platform strategy.

Related links

Investment Strategy

Find out about Tetragon’s investment objective and strategy.

Investment Comittee

Tetragon’s Investment Committee is made up of Tetragon co-founders Reade Griffith and Paddy Dear, and Stephen Prince, Chief Executive Officer of Tetragon Partners.

Governance and structure

Tetragon reports against the Association of Investment Companies Corporate Governance Guide for Investment Companies.

Email, news and alerts

Stay up to date with our latest news 
and events delivered direct to your inbox

Sign up