{
  "crd_number": 108178,
  "slug": "advantage-advisers-multi-manager-l-l-c-new-york-ny-108178",
  "primary_business_name": "ADVANTAGE ADVISERS MULTI-MANAGER, L.L.C.",
  "legal_name": "ADVANTAGE ADVISERS MULTI-MANAGER, L.L.C.",
  "dbas": [],
  "city": "New York",
  "state": "NY",
  "country": "United States",
  "cbsa_code": "35620",
  "metro": {
    "cbsa_code": "35620",
    "common_name": "New York",
    "msa_name": "New York-Newark-Jersey City, NY-NJ",
    "path": "/advisors/ny/new-york"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1999-12-01",
  "years_registered": 26,
  "period": "2026-10-01",
  "filing_date": "2026-05-01",
  "carried_forward": false,
  "raum_total": 4912590790.0,
  "raum_discretionary": 4912590790.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 18,
  "advisory_employees": 4,
  "client_count_bucket": null,
  "clients_by_type": {
    "investment_companies": {
      "raum": 4626775401.0,
      "count": 1
    },
    "pooled_investment_vehicles": {
      "raum": 285815389.0,
      "count": 1
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 8,
  "states_registered": [],
  "websites": [],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/108178",
  "disclosure_items": [
    {
      "item": "11.C(2)",
      "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?"
    },
    {
      "item": "11.C(4)",
      "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.C(5)",
      "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?"
    },
    {
      "item": "11.D(2)",
      "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?"
    },
    {
      "item": "11.D(4)",
      "question": "In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?"
    },
    {
      "item": "11.E(1)",
      "question": "Has a self-regulatory organization (such as FINRA) or a commodities exchange ever found that the firm or an advisory affiliate made a false statement or omission?"
    },
    {
      "item": "11.E(2)",
      "question": "Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?"
    },
    {
      "item": "11.G",
      "question": "Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?"
    }
  ],
  "city_as_filed": "NEW YORK",
  "url": "https://advisorcensus.com/firm/advantage-advisers-multi-manager-l-l-c-new-york-ny-108178",
  "display_name": "Advantage Advisers Multi-Manager, L.L.C.",
  "summary": "Advantage Advisers Multi-Manager, L.L.C. is an SEC-registered investment advisory firm in New York, NY, registered since 1999, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 1, 2026.",
  "citation": "AdvisorCensus. Advantage Advisers Multi-Manager, L.L.C. (CRD 108178): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Advantage Advisers Multi-Manager, L.L.C. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Advantage Advisers Multi-Manager, L.L.C. 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."
    },
    {
      "q": "Where is Advantage Advisers Multi-Manager, L.L.C. located?",
      "a": "Advantage Advisers Multi-Manager, L.L.C.'s principal office is in New York, NY, according to its Form ADV."
    },
    {
      "q": "Is Advantage Advisers Multi-Manager, L.L.C. registered with the SEC or a state?",
      "a": "Advantage Advisers Multi-Manager, L.L.C. is an SEC-registered investment advisory firm, registered since 1999. Status as filed: Approved. CRD 108178."
    },
    {
      "q": "How much does Advantage Advisers Multi-Manager, L.L.C. manage?",
      "a": "Advantage Advisers Multi-Manager, L.L.C. reports $4,912,590,790 in regulatory assets under management in its Form ADV filing dated May 1, 2026 (100% discretionary)."
    },
    {
      "q": "How have Advantage Advisers Multi-Manager, L.L.C.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Advantage Advisers Multi-Manager, L.L.C.: Regulatory assets under management: $5,935,689,757 in the October 2021 data and $4,912,590,790 in the October 2026 data, down 17%. Total employees: 18 in October 2021 and 18 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Advantage Advisers Multi-Manager, L.L.C. serve?",
      "a": "By number of clients on Form ADV Item 5.D: investment companies (1); pooled investment vehicles (other than investment companies and business development companies) (1)."
    },
    {
      "q": "Does Advantage Advisers Multi-Manager, L.L.C. report any disciplinary disclosures?",
      "a": "Reports 8 disclosure items on Form ADV Item 11: yes answers to 8 questions about regulatory matters (11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.E(1), 11.E(2), 11.G). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/108178"
    },
    {
      "q": "What changed in Advantage Advisers Multi-Manager, L.L.C.'s recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $2,629,983,071 to $4,912,590,790 (+87%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 5935689757.0,
      "total_employees": 18,
      "filing_date": "2021-03-29"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 3616504583.0,
      "total_employees": 18,
      "filing_date": "2022-09-07"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 3030743626.0,
      "total_employees": 18,
      "filing_date": "2023-05-05"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 2255775276.0,
      "total_employees": 18,
      "filing_date": "2024-06-24"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 2629983071.0,
      "total_employees": 18,
      "filing_date": "2025-07-14"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 4912590790.0,
      "total_employees": 18,
      "filing_date": "2026-05-01"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $2,629,983,071 to $4,912,590,790 (+87%)."
      ]
    },
    {
      "period": "2025-11-01",
      "period_label": "November 2025",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/advantage-advisers-multi-manager-l-l-c-new-york-ny-108178.md",
  "clients": [
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 4626775401.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 1,
      "fewer_than_5": false,
      "raum": 285815389.0
    }
  ],
  "disclosure_line": "Reports 8 disclosure items on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/108178",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}