# Advantage Advisers Multi-Manager, L.L.C.

> 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.

- CRD: 108178
- Filed as: ADVANTAGE ADVISERS MULTI-MANAGER, L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: May 1, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/108178
- AdvisorCensus page: https://advisorcensus.com/firm/advantage-advisers-multi-manager-l-l-c-new-york-ny-108178

## Quick answers

**How is Advantage Advisers Multi-Manager, L.L.C. compensated?**
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.

**Where is Advantage Advisers Multi-Manager, L.L.C. located?**
Advantage Advisers Multi-Manager, L.L.C.'s principal office is in New York, NY, according to its Form ADV.

**Is Advantage Advisers Multi-Manager, L.L.C. registered with the SEC or a state?**
Advantage Advisers Multi-Manager, L.L.C. is an SEC-registered investment advisory firm, registered since 1999. Status as filed: Approved. CRD 108178.

**How much does Advantage Advisers Multi-Manager, L.L.C. manage?**
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).

**How have Advantage Advisers Multi-Manager, L.L.C.'s assets and staff changed since 2021?**
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.

**What types of clients does Advantage Advisers Multi-Manager, L.L.C. serve?**
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).

**Does Advantage Advisers Multi-Manager, L.L.C. report any disciplinary disclosures?**
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

**What changed in Advantage Advisers Multi-Manager, L.L.C.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $2,629,983,071 to $4,912,590,790 (+87%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $4,912,590,790
- Discretionary: $4,912,590,790
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $4,626,775,401 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $285,815,389 |

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

### Firm details
- Registered since: 1999 (26 years)
- Employees: 18 total, 4 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports 8 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): 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?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): 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?
- 11.D(2): 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?
- 11.D(4): 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?
- 11.E(1): 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?
- 11.E(2): 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?
- 11.G: 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?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/108178

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,935,689,757 | 18 | March 29, 2021 |
| October 2022 | $3,616,504,583 | 18 | September 7, 2022 |
| October 2023 | $3,030,743,626 | 18 | May 5, 2023 |
| October 2024 | $2,255,775,276 | 18 | June 24, 2024 |
| October 2025 | $2,629,983,071 | 18 | July 14, 2025 |
| October 2026 | $4,912,590,790 | 18 | May 1, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $2,629,983,071 to $4,912,590,790 (+87%).

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Advantage Advisers Multi-Manager, L.L.C. (CRD 108178): Form ADV filing data as of October 2026.