# AB Carval Investors, LP

> AB Carval Investors, LP is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2010, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 25, 2026.

- CRD: 141819
- Filed as: AB CARVAL INVESTORS, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: September 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/141819
- AdvisorCensus page: https://advisorcensus.com/firm/ab-carval-investors-lp-minneapolis-mn-141819

## Quick answers

**How is AB Carval Investors, LP compensated?**
On its Form ADV (Item 5.E, October 2026), AB Carval Investors, LP reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is AB Carval Investors, LP located?**
AB Carval Investors, LP's principal office is in Minneapolis, MN, according to its Form ADV; the October 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is AB Carval Investors, LP registered with the SEC or a state?**
AB Carval Investors, LP is an SEC-registered investment advisory firm, registered since 2010. Status as filed: Approved. CRD 141819.

**How much does AB Carval Investors, LP manage?**
AB Carval Investors, LP reports $18,441,989,964 in regulatory assets under management in its Form ADV filing dated September 25, 2026 (75% discretionary).

**How have AB Carval Investors, LP's assets and staff changed since 2021?**
In the Form ADV data for AB Carval Investors, LP: Regulatory assets under management: $17,728,189,603 in the October 2021 data and $18,441,989,964 in the October 2026 data, up 4%. Total employees: 185 in October 2021 and 169 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does AB Carval Investors, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (63); other (5); investment companies (1).

**Which custodians does AB Carval Investors, LP use?**
AB Carval Investors, LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists JP Morgan Chase Bank and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does AB Carval Investors, LP report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/141819

**What changed in AB Carval Investors, LP's recent Form ADV filings?**
In the October 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- JP Morgan Chase Bank
- The Northern Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $18,441,989,964
- Discretionary: $13,786,045,242
- Non-discretionary: $4,655,944,722

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $413,828,506 |
| Pooled investment vehicles (other than investment companies and business development companies) | 63 | $13,372,216,736 |
| Other | 5 | $4,655,944,722 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2010 (15 years)
- Employees: 169 total, 74 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- London
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- abcarval.com/us/en-us/investors/home.html
- LinkedIn @carval-investors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $17,728,189,603 | 185 | July 21, 2021 |
| October 2022 | $18,531,082,785 | 191 | July 29, 2022 |
| October 2023 | $19,601,734,197 | 203 | August 11, 2023 |
| October 2024 | $20,428,486,178 | 205 | August 8, 2024 |
| October 2025 | $16,770,595,544 | 186 | May 29, 2025 |
| October 2026 | $18,441,989,964 | 169 | September 25, 2026 |

Regulatory assets under management: $17,728,189,603 in the October 2021 data and $18,441,989,964 in the October 2026 data, up 4%.
Total employees: 185 in October 2021 and 169 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 72 to 74.
- No longer lists an office in Singapore.

### March 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. AB Carval Investors, LP (CRD 141819): Form ADV filing data as of October 2026.