Kora Holdings Fund Files $128M Raise as Emerging Markets Long/Short Expands

Kora Management LP, the Brooklyn-based emerging markets hedge fund run by Nitin Saigal and Daniel Jacobs, filed to raise $128M for Kora Holdings Fund LP in June, signaling an institutional scale-up for a 12-year-old concentrated value shop. The dual GP structure and no-solicitation filing suggest a capital raise timed for mid-year LP deployment.

Key Takeaways
- Kora Management LP raised $128M for Kora Holdings Fund LP, a hedge fund, filed June 5, 2026 under the 06b exemption (no public solicitation).
- Dual GP structure—splitting formal management between Kora Management LP and Kora Holdings Fund GP LLC with Saigal and Jacobs as co-GPs—indicates founder control with technical separation, typical of independent spinouts.
- An amendment filing in June rather than initial Form D signals either terms adjustment or mid-cycle capital testing, placing the raise in an H2 2026 deployment window when institutional allocators size new commitments.
- Track Saigal and Jacobs' track records at prior firms, non-compete exposure, and prior fund management experience at this scale before committing capital.

The Shop and Its Pedigree

Kora Management was founded in Q4 2013 by Nitin Saigal, a former senior analyst at Bridger Management, and Daniel Jacobs, former investment manager at Treeline. The firm focuses on identifying and investing in companies with dominant positions in large, growing end markets—particularly in emerging digital economies, internet, and niche financials. As of Form ADV dated March 2024, Kora managed $1.2 billion in discretionary assets serving 7 clients. The 2026 Form D for Kora Holdings Fund LP represents institutional growth beyond the flagship vehicle, not a debut fund.

Portfolio Construction and Strategy Clarity

Kora Management's most recent 13F filing in June 2025 disclosed a portfolio of 5 equity positions with a 13F market value of $814M. Top holdings include Sea Limited, Nu Holdings Ltd, Nebius Group, PDD Holdings, and MercadoLibre. The concentrated positioning—emerging markets internet and fintech plays—carries inherent liquidity and concentration risk. A $128M fund targeting this strategy raises questions about position sizing and whether LP capital flows will exceed or compress current strategy capacity.

Market Timing: Why Raise Now

The hedge fund industry enjoyed a winning run in 2025 and is on track to see the strongest year of inflows since 2017. Geopolitical instability and higher oil prices have created trading opportunities in some strategies, but they also raise macro uncertainty that can complicate positioning across portfolios. Kora's emerging markets/internet thesis sits at the intersection of growth recovery and volatility—attractive for allocators seeking geographic diversification and non-correlated alpha in a macro-uncertain environment. A June filing implies capital deployment could begin in Q3 2026 as year-end allocation decisions take shape.

What LPs Must Verify

The 06b exemption (no public solicitation) confirms Kora is raising exclusively from existing relationships and pre-qualified investors. Without EDGAR history for Kora Holdings Fund LP itself—this appears to be a first institutional raise under this entity name—document Saigal and Jacobs' full fund management experience, fee benchmarks against the HFRI cohort, and any clawback or non-compete restrictions from prior employers (Bridger, Treeline). Verify investor reporting cadence, redemption gates, and leverage policy. At this AUM scale with high portfolio concentration, redemption stress testing during a sharp emerging markets drawdown is essential due diligence.