INDEPENDENT VERDICT
TIG Arbitrage Associates L.P. is a particularly useful example of why a private-fund review cannot stop at a Form D headline. Its September 18, 2026 Form D/A reports $145,049,456 sold to 47 investors, yet parent-company disclosures describe the broader TIG Arbitrage strategy as managing approximately $1.8 billion at December 31, 2025, while TIG Advisors' June 30, 2026 Form 13F reports approximately $2.257 billion across 109 reportable holdings. Those numbers are not interchangeable and should not be presented as contradictions. The Form D belongs to one Delaware issuer; the $1.8 billion figure describes AlTi's broader event-driven strategy; and the 13F table reports specified long U.S. securities for TIG Advisors together with included TIG master funds rather than the net asset value of one feeder. The deeper story is also historical: AlTi states that the current TIG Arbitrage strategy dates to 1993, whereas this particular TIG Arbitrage Associates L.P. Form D identifies January 3, 2011 as its first sale. TIG then became part of publicly listed AlTi Global through the 2023 business combination involving Tiedemann, TIG and Alvarium. These layers make the fund highly verifiable, but they also make simplistic comparisons of "fund size" potentially misleading.
THREE REGULATORY NUMBERS — AND WHY THEY DO NOT MATCH
The latest reviewed Form D/A identifies TIG Arbitrage Associates L.P., CIK 0001507816, as a Delaware limited partnership and hedge fund using the same 22 Vanderbilt Avenue, 27th Floor, New York address now disclosed for TIG Advisors within AlTi Global. TFI Partners, LLC is identified as general partner and TIG Advisors, LLC as investment manager. The filing relies on Rule 506(b) and Section 3(c)(7), states an indefinite offering, records a January 3, 2011 first sale and reports $145,049,456 sold to 47 investors as of September 18, 2026. The more revealing comparison comes from a different SEC filing system. TIG Advisors' Form 13F for June 30, 2026 reports 109 entries with an aggregate value of $2,257,290,080 and specifically includes TIG Arbitrage Associates Master Fund, L.P. and TIG Arbitrage Enhanced Master Fund, L.P. as included managers. The Arbitrage Associates Master Fund separately filed a Form 13F notice stating that its holdings were being reported by TIG Advisors. This shows an identifiable master-level reporting architecture and helps explain why a feeder or investor-facing vehicle's Form D amount sold should not be expected to equal either 13F securities value or total strategy AUM.
FROM A 1993 ARBITRAGE STRATEGY TO A NASDAQ-LISTED PARENT
The ownership history is more important here than a generic manager biography. AlTi's SEC filings state that TIG was founded in 1980 as a platform supporting alternative investment managers and that the current version of the TIG Arbitrage strategy launched in 1993 with approximately $6 million. TIG later became part of the transaction combining Tiedemann Wealth Management Holdings, the TIG entities and Alvarium; the business combination closed on January 3, 2023, and the listed company subsequently adopted the AlTi Global name. AlTi now explicitly describes TIG Advisors as its subsidiary and its internally managed TIG Arbitrage product as an event-driven strategy. This means the current legal and website penetration does not lead to an independent boutique website alone: the relevant corporate parent is AlTi Global, a Nasdaq-listed financial-services organization. AlTi's legal disclosures identify TIG Advisors, LLC at 22 Vanderbilt Avenue, New York, with CRD 138306 and SEC File No. 801-65608, matching the regulatory identity appearing in TIG's own filings. The website-to-manager-to-parent-company chain is therefore directly confirmable rather than inferred from a similar brand name.
THE 0-TO-30-DAY MERGER WINDOW IS THE REAL STRATEGY DIFFERENTIATOR
TIG Arbitrage is not marketed as a broad equity hedge fund. AlTi describes the strategy as event-driven global merger arbitrage focused on events occurring during roughly the final 0-to-30-day portion of the merger process, with special emphasis on complex, hostile and "up-for-sale" situations where intensive primary research may create an informational advantage. That narrow catalyst window matters because the core risk is deal completion rather than ordinary long-term earnings growth. A regulatory intervention, financing failure, shareholder vote, competing bid, litigation event or deterioration in the target can rapidly change the merger spread. Historical scale also moved materially: AlTi reported approximately $3.0 billion for TIG Arbitrage at December 31, 2022, approximately $2.4 billion at December 31, 2023 and approximately $1.8 billion at December 31, 2025. Those changes deserve attention because they may reflect investor flows, investment performance, strategy capacity, market conditions or combinations of those factors; the public figures alone do not establish which driver dominated. In June 2025 AlTi also announced that TIG Arbitrage access was being expanded through the iCapital Marketplace for eligible wealth-management investors, adding a newer distribution channel to a strategy historically associated with institutional alternative investing.
WHAT THE PUBLIC 13F REVEALS — AND WHAT IT HIDES
TIG's 2026 Form 13F is valuable because it provides much more position-level visibility than investors usually get from a private hedge fund, but it should be interpreted carefully. The June filing reports roughly $2.26 billion of 13F securities and names two TIG master funds as included managers, yet a merger-arbitrage portfolio can contain important economic exposures that are not captured simply by reading the long-equity table. Deal hedges, shorts, derivatives, financing positions, foreign instruments, cash and other exposures can materially alter the net economics of an announced transaction. The 13F number can also exceed or differ from strategy AUM because gross reportable securities value is not the same concept as net investor capital. For TIG specifically, the correct diligence question is therefore not "Which of the three numbers is right" but "Which legal and accounting layer does each number measure" The 2026 filings provide unusually strong evidence that the answer involves feeder-level capital, master-fund holdings and strategy-level assets being reported under separate regulatory frameworks.
FINAL ASSESSMENT
TIG Arbitrage Associates has one of the deeper verifiable histories in this research batch: the strategy lineage reaches back to 1993 according to AlTi, the reviewed issuer has offered interests since 2011, TIG Advisors is an SEC-registered investment adviser, the manager became part of publicly traded AlTi through the 2023 business combination, the flagship strategy is described in AlTi's SEC reports, and the current portfolio has an additional transparency layer through Form 13F. The important unresolved questions are correspondingly more sophisticated than basic entity verification. An investor should determine where TIG Arbitrage Associates L.P. sits relative to TIG Arbitrage Associates Master Fund, how capital moves between feeder and master structures, how the Enhanced Master Fund differs from the primary master, how gross 13F exposure compares with net strategy exposure, and what drove the reduction in reported strategy AUM from approximately $3.0 billion in 2022 to $1.8 billion in 2025. Those questions are specific to TIG's structure and cannot be answered by the Form D alone. None of the SEC filings, adviser registration, AlTi ownership or Nasdaq listing represents SEC approval of the investment strategy.
SEC SNAPSHOT
Brand: TIG / TIG Arbitrage Reviewed Issuer: TIG Arbitrage Associates L.P. CIK: 0001507816 SEC File No.: 021-153801 Form D/A Filing Date: September 18, 2026 SEC Accession No.: 0000919574-26-006371 Entity Type: Limited Partnership Jurisdiction: Delaware Year Organized: More Than Five Years Ago Principal Business Address: 22 Vanderbilt Avenue, 27th Floor, New York, New York 10017 Phone: 212-759-0340 Industry Classification: Pooled Investment Fund / Hedge Fund Federal Exemption: Rule 506(b) Investment Company Act Exclusion: Section 3(c)(7) First Sale Date: January 3, 2011 Offering Duration: More Than One Year Offering Amount: Indefinite Amount Sold: $145,049,456 Investors: 47 Minimum Investment Reported on Form D: $0 Sales Commissions: $0 Estimated Finders' Fees: $0 Estimated
General Partner: TFI Partners, LLC Investment Manager: TIG Advisors, LLC Form D Signer: Whitney Fogle Lewis Signer Title: Chief Legal Officer, US
MANAGER / PARENT PENETRATION
Investment Adviser: TIG Advisors, LLC CRD: 138306 SEC Adviser File No.: 801-65608 Principal Place of Business: 22 Vanderbilt Avenue, 27th Floor, New York, New York 10017 Current Parent Group: AlTi Global, Inc. Current Parent Status: Publicly listed global wealth and alternatives manager AlTi Formation: 2023 business combination involving Tiedemann, TIG and Alvarium TIG Historical Foundation: 1980 Current TIG Arbitrage Strategy Launch According to AlTi: 1993 Initial Strategy AUM Reported by AlTi for 1993: Approximately $6 million
Website / Legal Entity Match: Confirmed through AlTi Global legal disclosures CRD Match: Confirmed SEC 801 Number Match: Confirmed Current New York Address Match: Confirmed Form D Investment Manager Match: Confirmed Parent-Company Relationship: Confirmed by AlTi and SEC corporate filings
THE THREE DIFFERENT SIZE METRICS
TIG Arbitrage Associates L.P. Form D Amount Sold Date: September 18, 2026 Amount: $145,049,456 Meaning: Securities sold by this specific exempt-offering issuer Not Equivalent To: Total TIG Arbitrage strategy AUM
TIG Arbitrage Strategy AUM Date: December 31, 2025 Amount Reported by AlTi: Approximately $1.8 billion Meaning: AlTi-reported assets of the broader TIG Arbitrage strategy Not Equivalent To: One feeder's Form D subscriptions
TIG Advisors Form 13F Value Report Date: June 30, 2026 Filing Date: August 14, 2026 Information Table Entries: 109 Reported Value: $2,257,290,080 Meaning: Reportable 13F securities held under TIG Advisors reporting structure Not Equivalent To: Net Fund NAV or total strategy AUM
Important Research Conclusion: The $145 million, $1.8 billion and $2.26 billion figures measure different regulatory layers and should not be presented as conflicting versions of the same number.
MASTER-FUND / REPORTING STRUCTURE
TIG Arbitrage Associates Master Fund, L.P. Form 13F File No.: 028-13433 2026 Reporting Method: Form 13F Notice Reported By: TIG Advisors, LLC
TIG Arbitrage Enhanced Master Fund, L.P. Form 13F File No.: 028-16696 Included Manager in TIG Advisors June 2026 Form 13F: Yes
TIG Advisors, LLC Form 13F File No.: 028-11896 June 2026 Included Managers: 2 June 2026 Information Table Entries: 109
Structural Interpretation: Public filings establish a master-fund reporting relationship, but the exact subscription, ownership and economic relationship among every feeder and master vehicle should be confirmed from the current offering documents rather than inferred solely from Form 13F.
STRATEGY HISTORY AND AUM EVOLUTION
Current TIG Arbitrage Strategy Launch: 1993 Approximate AUM at Launch According to AlTi: $6 million
Reported Strategy AUM: June 30, 2022: Approximately $3.2 billion December 31, 2022: Approximately $3.0 billion March 31, 2023: Approximately $2.9 billion December 31, 2023: Approximately $2.4 billion December 31, 2025: Approximately $1.8 billion
Important Diligence Point: The public decline in reported AUM is observable, but available headline disclosures alone do not establish whether performance, redemptions, distributions, capacity management or other factors caused the change.
DISTINCTIVE INVESTMENT PROCESS
Primary Strategy: Event-Driven Global Merger Arbitrage Manager Location: New York Primary Event Window Described by AlTi: Approximately 0-to-30 days in the merger process Research Emphasis: Hard catalyst events Specific Situation Types Highlighted by AlTi: Complex transactions Hostile transactions Companies up for sale Transactions requiring primary research Merger-process events with identifiable catalysts
2025 Distribution Development: AlTi announced access to a TIG Arbitrage strategy through the iCapital Marketplace for eligible wealth-management investors.
CORE INVESTOR QUESTIONS
- Does TIG Arbitrage Associates L.P. invest substantially all capital into TIG Arbitrage Associates Master Fund, L.P.
- What economic differences exist between the main Master Fund and TIG Arbitrage Enhanced Master Fund
- Which legal vehicle receives a new investor's subscription
- How should the $145.05 million Form D amount sold be reconciled with approximately $1.8 billion of strategy AUM
- Why does the June 2026 13F report approximately $2.26 billion of long reportable securities when AlTi reported $1.8 billion of strategy AUM at year-end 2025
- What percentage of the portfolio's economic exposure is invisible in Form 13F because of shorts, derivatives, foreign securities or other instruments
- What were the principal drivers of TIG Arbitrage AUM declining from approximately $3.0 billion in 2022 to approximately $1.8 billion in 2025
- What gross and net exposure limits apply during periods of unusually high merger activity
- How are failed-deal losses controlled when a spread widens abruptly
- How are hostile transactions and regulatory-sensitive mergers sized differently from lower-risk announced deals
- What management and incentive fee schedules apply to the specific investor vehicle
- Do iCapital-access investors receive exposure through the same legal vehicle and economics as institutional investors
- What redemption, lock-up, gate and suspension rights apply to TIG Arbitrage Associates
- How are opportunities allocated between the standard and enhanced master structures
ENTITY-SPECIFIC RISKS
Merger-spread risk can change abruptly if regulators challenge or delay a transaction. Hostile and contested transactions can remain unresolved longer than initially expected. A failed transaction can cause the target share price to fall significantly toward its unaffected value. Gross securities exposure visible on Form 13F can materially exceed net investor capital and should not be interpreted as NAV. The fund structure involves multiple reporting layers, making feeder-level Form D amounts unsuitable as a proxy for the entire strategy. The strategy's publicly reported AUM declined materially between 2022 and year-end 2025, and the cause should be investigated through current investor materials. Short and derivative exposures are not fully revealed by the public 13F long-holdings table. The 0-to-30-day event focus concentrates the investment process around transaction completion and catalyst timing. Standard and enhanced master-fund structures can carry different leverage or exposure characteristics that require document-level verification. Broader AlTi Global scale does not mean the parent company guarantees TIG fund obligations.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission Form D/A filed September 18, 2026 for TIG Arbitrage Associates L.P. U.S. Securities and Exchange Commission Form 13F filed August 14, 2026 by TIG Advisors, LLC for the quarter ended June 30, 2026. U.S. Securities and Exchange Commission Form 13F Notice filed by TIG Arbitrage Associates Master Fund, L.P. SEC Form ADV record for TIG Advisors, LLC, CRD 138306 / SEC File No. 801-65608. AlTi Global SEC corporate filings describing TIG Arbitrage strategy history, ownership and AUM. AlTi Global legal disclosures identifying TIG Advisors as a registered subsidiary. AlTi Global public announcement regarding 2025 TIG Arbitrage access through iCapital.
IMPORTANT FORM D NOTICE
Form D is a notice of an offering relying on an exemption from SEC registration and is not an SEC approval, endorsement, license or safety determination. Form 13F reports certain securities positions and should not be interpreted as a complete hedge-fund portfolio, net asset value or performance statement. Form ADV confirms an adviser's regulatory registration and disclosures but does not represent SEC approval of its investment strategy. FilingDossier independently compares issuer, adviser, holdings and parent-company records to distinguish these regulatory layers.