INDEPENDENT VERDICT
TIG Arbitrage Associates L.P. is a long-running event-driven hedge-fund feeder whose current regulatory record is much richer than its $145.05 million Form D figure suggests. The September 18, 2026 amendment reports an indefinite Rule 506(b) offering, $145,049,456 sold to 47 investors, Section 3(c)(7) and a first sale dating to January 3, 2011. TFI Partners, LLC is the General Partner and TIG Advisors, LLC is expressly identified as Investment Manager. TIG Advisors is a fully SEC-registered adviser under CRD 138306 / SEC 801-65608 and now operates from AlTi Global's 22 Vanderbilt Avenue headquarters. AlTi's own 2026 annual report separately identifies TIG Arbitrage as its internally managed event-driven fund strategy, giving the manager/parent/strategy relationship unusually strong independent confirmation. The $145.05 million issuer-level Form D amount therefore represents one vehicle inside a broader master-feeder and enhanced-arbitrage platform rather than the entire TIG business.
THE UNIQUE STORY IS THAT TIG'S CURRENT OWNERSHIP, 13F REPORTING AND MASTER-FUND STRUCTURE CAN ALL BE CROSS-CHECKED FROM SEPARATE REGULATORY SOURCES
TIG's Q2 2026 Form 13F is filed under TIG Advisors but explicitly includes two other reporting managers: TIG Arbitrage Associates Master Fund, L.P. and TIG Arbitrage Enhanced Master Fund, L.P. The filing reports 109 entries with aggregate reportable value of approximately $2.257 billion. Separate 13F notices filed by the master funds direct readers back to TIG Advisors as the reporting manager, directly confirming that the master funds sit inside the investment-management structure rather than merely sharing a brand. AlTi Global's own 13F then says AlTi may be deemed to have shared investment discretion with TIG Advisors and certain TIG funds, while noting that TIG and its funds file separately. This creates a rare three-level verification chain — listed parent, SEC-registered adviser and underlying master funds — that is stronger than relying on a Form D or marketing page alone.
THE $2.26 BILLION 13F BOOK ALSO SHOWS WHY TIG SHOULD BE UNDERSTOOD AS AN ACTIVE EVENT-DRIVEN PLATFORM RATHER THAN A STATIC LONG-EQUITY FUND
TIG's June 30, 2026 13F contained 109 reportable positions and showed substantial quarter-to-quarter turnover. Publicly visible positions included a roughly $525.6 million SPDR series-trust position, approximately $168.4 million in TopBuild, $104.2 million in Janus Henderson, $99.6 million in Norfolk Southern, $97.8 million in Roku, $67.9 million in Penumbra, $66.7 million in Warner Bros. Discovery, $64.2 million in Kenvue and $62.7 million in Chart Industries. Several of these companies were involved in strategic transactions, takeover speculation or corporate events, consistent with AlTi's explicit description of TIG Arbitrage as event-driven. Independent UK Takeover Code filings provide even more direct evidence: TIG/AlTi submitted Form 8.3 disclosures in 2026 relating to companies including Senior plc and JTC plc, a filing regime triggered by reportable positions during takeover situations. Those records show live merger-event participation rather than merely retrospective claims about strategy.
THE FEEDER AND ENHANCED VEHICLES MUST BE KEPT SEPARATE BECAUSE THEIR FORM D NUMBERS MEASURE DIFFERENT CAPITAL POOLS
TIG Advisors' latest adviser reporting identifies at least seven confirmed private-fund relationships. Besides TIG Arbitrage Associates L.P., these include TIG Arbitrage Associates (Cayman) Ltd., TIG Arbitrage Enhanced L.P., TIG Arbitrage Enhanced Ltd., PM Manager Fund SPC - Segregated Portfolio 14 and two TIG Opportunities vehicles. The Cayman Arbitrage Associates vehicle reported $26,364,686 sold to five investors in June 2026. The Enhanced domestic vehicle's cumulative filing history reached roughly $455 million by May 2026, while Enhanced Ltd. separately reported roughly $173 million. Those figures should not be summed with the $145.05 million domestic Associates feeder and labeled "TIG AUM." The adviser's own March 2026 regulatory AUM is approximately $1.99 billion across 12 client accounts, while the 13F is approximately $2.26 billion of reportable positions. Form D sales, RAUM and 13F market values are fundamentally different measurements.
THE ALTI RELATIONSHIP IS MATERIAL BECAUSE TIG IS NOW EMBEDDED INSIDE A PUBLICLY REPORTING GLOBAL WEALTH AND ALTERNATIVES COMPANY
Current TIG filings give the manager's address as "c/o AlTi Global, Inc." at 22 Vanderbilt Avenue, and AlTi's annual report describes TIG Advisors as its subsidiary. AlTi states that TIG Arbitrage is the internally managed fund within its alternatives platform, while its other externally managed strategic-manager investments cover separate strategies such as real-estate bridge lending, European long/short equities and Asian credit/special situations. This distinction matters because investors searching TIG may encounter broader AlTi assets or external-manager AUM that do not belong to the TIG Arbitrage strategy. Parent-level resources, governance and shared investment discretion are relevant; unrelated AlTi strategies are not TIG portfolio assets.
FINAL ASSESSMENT
TIG Arbitrage Associates has at least eight entity-specific evidence points that materially strengthen its research profile: the domestic feeder dates back to 2011; it has reported $145.05 million sold to 47 investors; TIG Advisors is SEC registered under CRD 138306; TFI Partners is the disclosed GP; AlTi publicly identifies TIG Arbitrage as its internally managed event-driven strategy; the Q2 2026 13F reports approximately $2.257 billion across 109 entries; the Associates and Enhanced master funds are explicitly included in TIG's 13F architecture; and UK Takeover Code filings show active positions around live corporate transactions. The main diligence questions are therefore economic rather than identity-related: current master-fund NAV, how Associates and Enhanced differ in leverage and exposure, domestic/offshore allocation, merger-break risk, gross and net exposure, liquidity and the relationship between feeder subscriptions and the much larger reportable securities book.
SEC SNAPSHOT
Issuer: TIG ARBITRAGE ASSOCIATES L.P. CIK: 0001507816 SEC Form: Form D/A Accession No.: 0000919574-26-006371 File No.: 021-153801 Film No.: 261389069 Filing Date: September 18, 2026 Jurisdiction: Delaware Principal Address: 22 Vanderbilt Avenue, 27th Floor, New York, NY 10017 Telephone: 212-759-0340 Industry: Pooled Investment Fund Fund Classification: Hedge Fund Investment Company Registered: No Investment Company Act Exclusion: Section 3(c)(7) Offering Exemption: Rule 506(b) Security Types: Equity / Pooled Investment Fund Interests Offering Amount: Indefinite Amount Sold: $145,049,456 Investors: 47 Minimum Investment: $0 First Sale: January 3, 2011 Offering Duration Over One Year: YES Business Combination Transaction: NO Sales Commissions: $0 Finder's Fees: $0 General Partner: TFI Partners, LLC Investment Manager: TIG Advisors, LLC Management Fees: Customary management fees disclosed Signer: Whitney Fogle Lewis Signer Title: Chief Legal Officer, US
MANAGER / REGULATORY PENETRATION
Investment Adviser: TIG Advisors, LLC CRD: 138306 SEC File No.: 801-65608 SEC Registered Investment Adviser: YES 2026 Principal Office: 22 Vanderbilt Avenue, 27th Floor, New York, NY 10017 Parent: AlTi Global, Inc. AlTi Subsidiary Relationship Confirmed: YES AlTi Shared Investment Discretion Disclosure: YES TIG Files Separate Form 13F: YES
Latest Reviewed ADV Amendment: March 27, 2026 Regulatory AUM: Approximately $1.99 billion Client Accounts: 12
Associates Form D $145.05M Equal to Adviser RAUM: NO
MASTER-FUND PENETRATION
TIG Arbitrage Associates Master Fund, L.P. CIK: 0000913998 13F File No.: 028-13433 Master Fund Form 13F Relationship Confirmed: YES Reports Through TIG Advisors 13F: YES
TIG Arbitrage Enhanced Master Fund, L.P. CIK: 0001633435 13F File No.: 028-16696 Master Fund Form 13F Relationship Confirmed: YES Reports Through TIG Advisors 13F: YES
Domestic Associates Vehicle: TIG Arbitrage Associates L.P. 2026 Amount Sold: $145,049,456 Investors: 47
Cayman Associates Vehicle: TIG Arbitrage Associates (Cayman) Ltd. 2026 Amount Sold: $26,364,686 Investors: 5 Jurisdiction: Cayman Islands Investment Manager: TIG Advisors, LLC
Associates Domestic + Cayman Simple Form D Total: Approximately $171.41 million
That Figure Proven to Equal Master Fund NAV: NO
ENHANCED STRATEGY PENETRATION
Domestic Vehicle: TIG Arbitrage Enhanced, L.P.
Latest 2026 Cumulative Form D Amount: Approximately $455 million
2026 Incremental Increase Reported: Approximately $71.49 million
Offshore Vehicle: TIG Arbitrage Enhanced, Ltd.
2026 Reported Form D Amount: Approximately $173 million
Enhanced Master Fund: TIG Arbitrage Enhanced Master Fund, L.P.
Enhanced and Associates Same Legal Strategy: NO
Enhanced and Associates Share Same Investment Manager: YES
Enhanced Likely Uses Different Risk / Leverage Profile: YES, but exact current limits require offering documents
Amounts Automatically Additive as One Fund: NO
13F PENETRATION
Reporting Manager: TIG Advisors, LLC
Q2 2026 Report Date: June 30, 2026
Filing Date: August 14, 2026
13F Entries: 109
13F Reported Value: $2,257,290,080
Included Reporting Managers: TIG Arbitrage Associates Master Fund, L.P. TIG Arbitrage Enhanced Master Fund, L.P.
Selected Q2 2026 Reported Positions:
SPDR Series Trust: Approximately $525.6 million
TopBuild Corp: Approximately $168.4 million
Janus Henderson Group: Approximately $104.2 million
Norfolk Southern: Approximately $99.6 million
Roku: Approximately $97.8 million
Penumbra: Approximately $67.9 million
Warner Bros. Discovery: Approximately $66.7 million
Kenvue: Approximately $64.2 million
Chart Industries: Approximately $62.7 million
Q2 2026 Portfolio Turnover Publicly Estimated: High / approximately 90%+ by third-party 13F analysis
13F Equals Fund NAV: NO
13F Shows Complete Short Book: NO
13F Shows All Swaps / Derivatives: NO
13F Values Can Include Multiple TIG Master Funds: YES
EVENT-DRIVEN / TAKEOVER PENETRATION
AlTi Official Classification: TIG Arbitrage = Event-Driven Fund
Merger-Arbitrage / Corporate-Event Orientation: Strongly supported
2026 UK Takeover Code Form 8.3 Filings Include: Senior plc JTC plc
Form 8.3 Trigger: Reportable position/dealing during takeover situation
Parent Listed in Takeover Disclosure: AlTi Global, Inc., solely in capacity as parent company
TIG Advisor / Fund Exposure Connection: YES
Takeover Filing Proves Merger Completion: NO
Takeover Position Guarantees Spread Profit: NO
RELATED PRIVATE FUND PLATFORM
Confirmed in Latest Adviser Reporting:
TIG Arbitrage Associates L.P. TIG Arbitrage Associates (Cayman) Ltd. TIG Arbitrage Enhanced L.P. TIG Arbitrage Enhanced Ltd. PM Manager Fund, SPC - Segregated Portfolio 14 TIG Opportunities SPC - SP 2 TIG Opportunities L.P. - Series 2
PM Manager Fund SPC SP14: Reported 2026 Form D Capital: Approximately $218 million
TIG Opportunities SPC - SP2: Reported Capital: Approximately $50 million
TIG Opportunities LP - Series 2: Reported Capital: Approximately $2 million
All Confirmed TIG Vehicles Share Same Portfolio: NO
FORM D / ADV / 13F METRIC SEPARATION
TIG Arbitrage Associates LP Form D: $145.05M cumulative securities sold
TIG Advisors ADV: Approximately $1.99B regulatory AUM
TIG Advisors Q2 2026 13F: Approximately $2.257B reportable securities
AlTi External Strategic Managers: Approximately $5.5B aggregate AUM as of December 31, 2025
These Four Figures Measure the Same Thing: NO
Associates Form D: Issuer-level cumulative subscriptions
ADV RAUM: Adviser-wide regulatory assets
13F: Reportable long securities and specified options
AlTi External Manager AUM: Separate third-party strategic managers, not TIG Arbitrage assets
Simple Addition: NOT APPROPRIATE
OWNERSHIP / PARENT PENETRATION
Parent: AlTi Global, Inc.
Public Company Reporting: YES
TIG Advisors Subsidiary Relationship: Confirmed by AlTi 10-K
Internally Managed AlTi Alternative Fund: TIG Arbitrage
External Strategic Managers Are TIG Funds: NO
Shared Corporate Headquarters: 22 Vanderbilt Avenue, New York
TIG Form 13F Filed c/o AlTi: YES
AlTi Form 13F Recognizes Potential Shared Investment Discretion: YES
WEBSITE / ENTITY PENETRATION
Official Current Regulatory Web Presence: AlTi Global legal / regulatory pages
TIG Advisors SEC Registration Confirmed: YES
CRD 138306 Confirmed: YES
SEC 801-65608 Confirmed: YES
TIG Arbitrage Associates LP SEC Issuer Confirmed: YES
TFI Partners GP Role Confirmed: YES
TIG Advisors Investment Manager Role Confirmed: YES
Associates Master Fund Confirmed: YES
Enhanced Master Fund Confirmed: YES
AlTi Parent Relationship Confirmed: YES
Current Complete Fund Portfolio Publicly Disclosed: NO
Current Master NAV Publicly Disclosed: NO
Current Gross Exposure Publicly Disclosed: NO
Current Net Exposure Publicly Disclosed: NO
Current Fund-Level Auditor Independently Confirmed From Reviewed Sources: NO
Current Administrator Independently Confirmed From Reviewed Sources: NO
Current Prime Brokers Independently Confirmed From Reviewed Sources: NO
CORE INVESTOR QUESTIONS
What is the current NAV of TIG Arbitrage Associates Master Fund How much master-fund capital comes through the domestic Associates feeder How much enters through the Cayman vehicle Are domestic and Cayman investors economically pari passu How does TIG Arbitrage Enhanced differ from TIG Arbitrage Associates Does Enhanced use greater leverage Does Enhanced target larger gross merger exposure What are the maximum position and deal-concentration limits How much of current NAV is committed to announced mergers How much is invested in other event-driven situations How are merger-break probabilities modeled What is the average gross merger spread What percentage of transactions require regulatory approvals How much exposure is subject to antitrust review How much UK Takeover Code exposure is currently held What hedging instruments are used Does the fund short acquirer shares in stock-for-stock deals What borrowing and financing facilities are used What is current gross exposure What is current net exposure What management fee applies What incentive allocation applies What fee and leverage differences exist between Associates and Enhanced What liquidity and redemption terms apply Who are the current administrator, auditor, custodian and prime brokers How are investment opportunities allocated among Associates, Enhanced and other TIG vehicles How does AlTi's shared investment discretion affect governance and conflicts
PRIMARY EVIDENCE REVIEWED
SEC Form D/A for TIG Arbitrage Associates L.P. filed September 18, 2026. SEC Form 13F-HR for TIG Advisors LLC for the quarter ended June 30, 2026. SEC Form 13F notice for TIG Arbitrage Associates Master Fund, L.P. SEC Form 13F notice for TIG Arbitrage Enhanced Master Fund, L.P. SEC Form D/A for TIG Arbitrage Associates (Cayman) Ltd. filed June 26, 2026. SEC Form D history for TIG Arbitrage Enhanced, L.P. SEC Form ADV / IAPD record for TIG Advisors LLC, CRD 138306 / SEC 801-65608. AlTi Global 2026 Form 10-K identifying TIG Arbitrage as its internally managed event-driven fund strategy and TIG Advisors as its SEC-registered subsidiary. AlTi Global Q2 2026 Form 13F explaining potential shared investment discretion with TIG Advisors and the TIG Funds. 2026 UK Takeover Code Form 8.3 disclosures involving TIG / AlTi positions in Senior plc and JTC plc. Current AlTi legal disclosures confirming TIG Advisors' registration and New York office.
IMPORTANT FORM D NOTICE
TIG Arbitrage Associates L.P.'s September 18, 2026 Form D/A reports $145,049,456 of cumulative securities sold to 47 investors. That amount is not the current NAV of TIG Arbitrage Associates Master Fund, TIG Advisors' approximately $1.99 billion regulatory AUM or the approximately $2.257 billion of securities reported in TIG's Q2 2026 Form 13F. The domestic Associates vehicle, Cayman vehicle, Enhanced funds and other TIG structures are separate legal issuers and should not be mechanically added into one fund number. Form 13F also omits many shorts, swaps and other instruments that can be central to merger arbitrage. TIG Advisors' SEC registration and AlTi's public-company reporting provide regulatory transparency but do not constitute SEC approval or guarantee arbitrage outcomes.