Lupa Ria Investment Management LLC

Lupa RIA Investment Management LLC is an investment adviser based in New York City, established in 2021. The firm provides investment advisory services to private investment vehicles and institutional clients, managing approximately $1.69 billion in assets as of December 31, 2024. The firm is an indirect wholly-owned subsidiary of Lupa Investment Management LLC, which is wholly owned by Lupa Investment Trust, established by James R. Murdoch. The firm tailors its investment activities to comply with each client's governing documents, focusing on equity investments in privately-held companies and publicly-traded securities. Clients may include Lupa and third-party investors, with investment strategies primarily in media, entertainment, education, and healthcare sectors in Southeast and South Asia. Regarding fees, Legacy Clients do not pay management fees but cover operating costs, while Third-Party Clients pay advisory fees and carried interest allocations. The firm's investment strategies involve significant risks, including illiquid investments, concentration in specific sectors, and exposure to global economic uncertainties. Lupa RIA Investment Management LLC has adopted a Code of Ethics to address conflicts of interest and ensure fair treatment of clients. The firm exercises investment discretion for some clients, with policies in place to ensure fair and equitable allocation of investment opportunities. The firm does not engage in soft-dollar benefits or referral arrangements with broker-dealers. Clients receive regular financial reports and audits, and the firm maintains custody of client assets with independent qualified custodians. The firm votes proxies on behalf of clients and has no known financial conditions impairing its ability to meet obligations.