Zephyr Waterfield Investment Advisory provides investors opportunities to invest in equity and fixed income markets across the world. Based on the investors’ objectives and market conditions, Zephyr Waterfield makes debt and equity allocations across the world.

Investment Advisory Team
Tim Horsburgh is the portfolio manager and director of research for the Zephyr Waterfield Wealth and Investment Management business. Tim has over 10 years of experience in investments with experience in mutual funds, exchange-traded funds, investment research, and portfolio strategy. Previously, Tim worked at Invesco, an approximately $1.2 trillion AUM asset manager, as an investment strategist. He has a BA in Economics and Government from Cornell University in Ithaca, New York. Tim is a CFA charter holder and is a member of the CFA Society of New York.

Tim Horsburgh

Portfolio Manager and Director of Research

Stephen is Managing Director for Zephyr Management, L.P. He is responsible for the overall general management of the firm’s finance, legal, marketing and client service functions. He is also Senior Advisor to Zephyr Peacock PE funds in India. Prior to joining Zephyr, he served as Chairman and CEO of The Dreyfus Corporation and as a Vice Chairman of Mellon Financial Corporation. He also served as CEO of Kleinwort Benson Investment Management Americas, Mitchell Hutchins Institutional Investments and Chase Investors Management Corp. Stephen has an AB from Cornell University and an MBA from Columbia University Graduate School of Business. He is a member of the CFA Institute, New York Society of Security Analysts, Economic Club of New York and is a Trustee of Tuskegee University. Formerly, Stephen served on the Board of Governors for the Investment Company Institute and was a member of the Financial Services Roundtable.

Stephen E. Canter

Managing Director and CIO

Tina Keriazes is the Head of Client Services at Zephyr Management. Prior to joining Zephyr, Ms. Keriazes served as a securities and financial analyst within Rockefeller & Co., Inc., a firm that provides financial counsel and investment management to members of the Rockefeller family, other high net worth families, and charitable institutions. Ms. Keriazes received an MM from the J.L. Kellogg Graduate School of Management in 1991, a B.A. from Barnard College in 1986 and is a CFA charter holder.

Tina Keriazes

Head of Client Services and Fund Administration

Thomas (Tom) is the President and Chief Executive Officer of Zephyr Management, L.P. Prior to founding Zephyr, Tom was President and CEO of Rockefeller & Co., the investment management arm of the Rockefeller family. Previously, Tom was employed by T. Rowe Price Associates, Inc. where he was President of Rowe Price New Horizons Fund and Director of Research. Tom has an MBA from Harvard Business School and an undergraduate degree from Yale University where he majored in Latin American Studies. He is a Chartered Financial Analyst. Tom is also a Director or Trustee for several not for profit institutions.

Thomas C. Barry

Founder, President & CEO

Mukul has over 20 years of experience in the investment business including private equity, investment research and general management. Previously, Mukul worked at Multex where he was involved in setting up and managing the firm’s quantitative equity research business. Mukul is a member of Young Presidents’ Organization (YPO) and serves on the Asia Council of Emerging Markets Private Equity Association (EMPEA). Mukul has an MBA from Columbia University Graduate School of Business and is a cum laude graduate from the University of Maryland with a degree in Economics.

Mukul Gulati

Managing Director and CIO

Contact Us


Zephyr Management, L.P.

12 East 49th Street, 41st Floor, New York, NY 10017 USA

Tel: +1-212-508-9400

Fax: +1 212-508-9494

Website: https://www.zmlp.com/

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Zephyr Management is a global emerging markets investment manager, specializing in the creation and management of highly focused private equity funds

Since its inception in 1994, Zephyr has sponsored and/or managed 26 investment funds in both public and private securities markets representing approximately $1.2 billion in combined commitments and assets under management

Emerging Markets Focus

The firm has initiated several private equity funds investing in several African countries, South Korea, Mexico, India, and Sri Lanka since its founding. Zephyr's funds serve medium-size enterprises that are often ignored by larger private equity players. Zephyr funds provide growth capital to established companies with proven business models and sustainable competitive advantages.

Investment activities are currently focused on India, Sri Lanka and Africa.

Zephyr Peacock India

Zephyr Peacock India provides equity financing for fast growing, small to medium sized companies led by strong entrepreneurs and management teams.

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Emerald Sri Lanka Fund

Emerald Fund provides equity financing for fast growing, small to medium sized (SME) Sri Lankan companies led by strong entrepreneurs & management teams.

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Zephyr Acorn provides equity

Zephyr Acorn provides equity financing and business support to innovative early-stage companies in East Africa.

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Active Portfolio Support

The firm's special expertise lies in bringing global best practices to medium-sized growing companies by assisting them in conceptualizing sustainable business strategy, management development, compensation, ESG, expansion outside of their home country, capital structure and positioning for stock exchange listing or trade sale.