Discerene Group LP

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Discerene Group LP
CRD #154396
SEC #801-79714
CIK #0001726586, 0001632958
AUM 2,532.0 M (2026-03-30)
Employees 11 (100% Investors, 0% Brokers)
Fees
Minimum
Phone203-724-9961
Address2777 Summer St
Stamford, CT 06905
Source [IAPD] [EDGAR] [Website] [LinkedIn]
Total AUM ($B)
3.02.41.81.20.60.02008201420202027
Fees and Compensation — Form ADV Part 2A (3/30/2026) [Brochure]
Item 5 – Fees and Compensation

All fees are subject to negotiation at the Adviser’s discretion.

Management Fees

Diakrisis Fund LP: The Adviser charges a quarterly management fee, which varies by class of
interests, generally from 0.00% to 0.75% annualized, based on the opening capital account
balance of each Fund investor for a calendar quarter. Management fees are payable quarterly
in advance.

Diakrisis Offshore Fund Ltd.: The Adviser charges a quarterly management fee, which varies
by class of interests, generally from 0.00% to 0.75% annualized, based on the opening capital
account balance of each Fund investor for a calendar quarter. Management fees are payable
quarterly in advance.

Sagacia Fund LP: The Adviser charges a quarterly management fee, which varies by class of
interests, generally from 0.00% to 0.75% annualized, based on the opening capital account
balance of each Fund investor for a calendar quarter. Management fees are payable quarterly
in advance.

Sagacia Offshore Fund LP: The Adviser charges a quarterly management fee, which varies by
class of interests, generally from 0.00% to 0.75% annualized, based on the opening capital
account balance of each Fund investor for a calendar quarter. Management fees are payable
quarterly in advance.

Sabiduria Fund LP: The Adviser charges a quarterly management fee, which varies by class
of interests, generally from 0.00% to 0.75% annualized, based on the opening capital account
balance of each Fund investor for a calendar quarter. Management fees are payable quarterly
in advance.

SP Funds and SMAs: In general, for the SP Funds and SMAs, the Adviser charges a
management fee at a rate that is negotiated between the Client and the Adviser. The specific
way fees are charged by the Adviser is established in a Client’s Offering Documents. The
Adviser will generally bill its management fees on a monthly or quarterly basis, either in
advance or arrears. Investors may also elect to be billed directly for fees, or to authorize the
Adviser to directly debit fees from Client accounts.

For the Funds, management fees are prorated for each capital contribution and withdrawal
made during the applicable calendar quarter. SMAs initiated or terminated during a calendar
quarter are charged a prorated fee. Upon termination of any account, any prepaid and
unearned fees are promptly refunded, and any earned and unpaid fees will be due and
payable, subject to the conditions of a Client’s Offering Documents.

Termination and Withdrawal Fees

Termination/early-withdrawal fees and terms are negotiated with SP Funds and/or SMA
investors individually.

Performance Allocations and Fees

The Adviser charges performance allocations and fees to certain qualified investors. For
information regarding the performance allocations and fees charged, please see the relevant
Client Offering Documents.

Operating Expenses

Clients bear all operating expenses and other costs of their investment activities, including
(as applicable), but not limited to:

   •   accounting, bookkeeping, auditing, and tax preparation fees and expenses
   •   legal fees and expenses
   •   fees and disbursements of third parties performing work benefiting the Client
   •   insurance and bonding costs
   •   all trading expenses and transaction costs, including, but not limited to, brokerage
       commissions and expenses relating to short sales, clearing and settlement charges,
       interest on loans and debit balances, margin interest, broker service fees, and other
       clearing and custodial expenses
   •   fees or assessments in connection with any regulatory registrations, qualifications
       and/or approvals of the Client or the Adviser, and related compliance fees and
       expenses, deemed appropriate by the Adviser
   •   such research and portfolio management expenses as the Adviser shall deem
       appropriate, which may include, but are not limited to, expenses incurred in
       connection with due diligence investigations or research as to investments or
       potential investments, including travel, lodging, and other expenses incurred in
       connection with visits to companies, meetings, research symposiums and
       communications with company management, security holders, analysts and other
       third parties, costs of research reports, consultants, data feeds and databases, news
       wires and quotation services, periodical subscription fees, and costs of software
       (including risk control and market analytic software) utilized by the Adviser in
       connection with managing Client portfolios
   •   the cost of preparation and distribution of reports and statements
   •   all filing and recording fees
   •   all custodial fees and bank service fees
   •   all applicable federal, state, local, and foreign taxes
   •   extraordinary expenses.

The Adviser has no financial interest in any operating expenses borne by Clients, provided
that with respect to any “soft-dollar” arrangements established or entered into by the
Adviser with any brokerage firm, the Adviser obtains products or services that qualify as
“research and brokerage services” within the meaning of Section 28(e) of the Securities Act
of 1934, as amended.

Item 12 further describes the factors that the Adviser considers in selecting or
recommending broker-dealers for Client transactions and determining the reasonableness
of their compensation (e.g., commissions).

Item 6 – Performance-Based Allocations and Fees and Side-By-Side Management

In some cases, affiliates of the Adviser have entered into performance-based allocation and
fee arrangements with qualified investors. The Adviser structures any performance-based
allocation or fee arrangement subject to Section 205(a)(1) of the Investment Advisers Act of
1940 (the “Advisers Act”) in accordance with the available exemptions thereunder, including
the exemption set forth in Rule 205-3 adopted by the SEC pursuant to the Advisers Act. In
...
Account Minimums and Types of Clients — Form ADV Part 2A (3/30/2026) [Brochure]
Item 7 – Types of Clients

The Adviser provides portfolio management services to the Discerene Funds, the SP Funds,
and the SMAs, which are intended for institutions, including sovereign wealth entities,
corporate pension and profit-sharing plans, charitable institutions, foundations,
endowments, trust programs, family offices, and private investment partnerships.

The minimum investment in the Discerene Funds is $5 million, which can be waived at the
Adviser’s discretion.
CIK Period
0001726586 0001632958
Sector Form 13F Holdings Value ($M)
Alibaba Group Holding Ltd 331.6
JDcom Inc 176.2
New Oriental Education & Technology Group Inc 106.8
Intel Corp 82.7
Schlumberger Ltd /NV/ 79.0
Sabre Corp 56.7
Halliburton Co 38.8
Western Union Co 32.1
United Breweries Co Inc 21.3
TAL Education Group 15.4
Telecom Argentina Sa 4.8
Turkcell Iletisim Hizmetleri A S 1.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Type Form D Funds Date Sold AUM
HF SCIL Fund LP 2026-03-30
HF Sabiduria Fund LP [2023-11-22] 50.1 M 68.1 M
Filed 2025-07-23 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $5,000,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Sagacia Fund LP [2019-03-27] 320.8 M 303.3 M
Filed 2025-04-08 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Diakrisis Fund LP [2018-03-27] 9.2 M 1,144.4 M
Filed 2025-05-20 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $5,000,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Doemmekraft Fund LP 2018-03-27 51.5 M
HF Doemgreindin Fund LP 2017-03-23 344.1 M
HF Huizhi Fund LP 2017-03-23 10.7 M
HF Dirnad II Fund LP [2015-03-31] 16.0 M 32.0 M
Filed 2020-05-05 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Dirnad Fund LP [2014-04-30] 195.1 M 271.0 M
Filed 2025-09-04 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $5,000,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Discerene Fund LP [2012-03-14] 148.3 M 50.3 M
Filed 2021-09-10 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
View All
AUM Breakdown Accounts AUM ($B)
By Client Type
(a) Individuals (other than high net worth individuals) 0 0.0
(b) Individuals (high net worth individuals) 0 0.0
(c) Banking or thrift institutions 0 0.0
(d) Investment companies 0 0.0
(e) Business development companies 0 0.0
(f) Pooled investment vehicles 10 2.1
(g) Pension and profit sharing plans 0 0.0
(h) Charitable organizations 0 0.0
(i) State or municipal government entities 0 0.0
(j) Other investment advisers 0 0.0
(k) Insurance companies 0 0.0
(l) Sovereign wealth funds and foreign official institutions 0 0.0
(m) Corporations or other businesses not listed above 0 0.4
(n) Other 0 0.0
Total 12 2.5
By Discretionary
Discretionary 12 2.5
Non-Discretionary 0 0.0
Total 12 2.5
By Non-United States Persons
Non-United States Persons 0.4
United States Persons 2.1
Total 12 2.5
Form D Directors Role # Filings # Firms 2011 - 2026
Karl O'Reilly Director 92 23
Marc Samit Director 36 5
Soo Chuen Tan Director, Executive Officer 11 2
Discerene Group LP Executive Officer, Promoter 8 2
Sagacia GP LP Executive Officer 3 2
Grisanti Capital Management LLC Promoter 2 2
Dirnadaeth GP LP Executive Officer 3 1
Soo Tan Executive Officer 2 1
Discerene Value Advisors LLC Executive Officer 1 1
EDGAR Form CIK 2011 - 2026
13F-HR [0001632958]
SC 13G [0001632958]
D [0001726586]
Form 13D/13G Filer Form 13D/13G Subject Filed
Discerene Group LP Sabre Corp [2025-07-29]
Discerene Group LP Acacia Research Corp [2019-06-18]
Firm Profile (Form ADV)
Discretionary AUM$0.2B
ServesInstitutional
Fund TypesHedge Fund
LEI5493006N34QC02S01429
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