AdvisorCensus / Financial advisors / California / San Francisco / Alpine Investors
Alpine Investors
Filed as ALPINE INVESTORS · Legal name Alpine Management Services III, LLC
Alpine Investors is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.
Quick answers
From the filingHow is Alpine Investors compensated?
On its Form ADV (Item 5.E, October 2026), Alpine Investors reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
What does Alpine Investors' brochure say about its fees?
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 1.5% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Alpine Investors located?
Alpine Investors' principal office is in San Francisco, CA, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).
Is Alpine Investors registered with the SEC or a state?
Alpine Investors is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157255.
How much does Alpine Investors manage?
Alpine Investors reports $18,913,648,910 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).
How have Alpine Investors' assets and staff changed since 2021?
In the Form ADV data for Alpine Investors: Regulatory assets under management: $3,752,006,027 in the October 2021 data and $18,913,648,910 in the October 2026 data, up 404%. Total employees: 64 in October 2021 and 96 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Alpine Investors serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (16).
Does Alpine Investors 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/157255
What changed in Alpine Investors' recent Form ADV filings?
In the April 2026 filing data: Employees performing advisory functions went from 68 to 73. Added an office in Austin, TX. Registered or notice-filed in TX. Updated its list of owners and control persons (Schedule A).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: 1.5% to 2% a year (a range, as the brochure states it)
The brochure's wording
The fees are generally either calculated on a percentage of capital invested, committed capital, or unreturned capital, depending on the stage of the Fund, and for flagship Funds generally range from 1.50% to 2.00% of that capital.
As stated in the firm's Form ADV Part 2A brochure dated March 31, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$18,913,648,910 as of October 2026, filing dated March 31, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Legal name
- Alpine Management Services III, LLC
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2012 (14 years)
- Employees
- Total: 96. Performing investment advisory functions: 73.
- Wrap fee program participation
- No.
- Other offices (Schedule D, Section 1.F)
-
2 other offices, as of the April 2026 filing
- States registered or notice-filed
-
4 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $18,913,648,910 | 96 | March 31, 2026 |
| October 2025 | $18,006,781,176 | 97 | March 28, 2025 |
| October 2024 | $17,281,576,722 | 151 | March 28, 2024 |
| October 2023 | $11,052,929,296 | 112 | April 27, 2023 |
| October 2022 | $8,010,026,674 | 63 | March 31, 2022 |
| October 2021 | $3,752,006,027 | 64 | June 25, 2021 |
Regulatory assets under management: $3,752,006,027 in the October 2021 data and $18,913,648,910 in the October 2026 data, up 404%.
Total employees: 64 in October 2021 and 96 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Employees performing advisory functions went from 68 to 73.
- Added an office in Austin, TX.
- Registered or notice-filed in TX.
- Updated its list of owners and control persons (Schedule A).
- November 2025
- Updated its list of owners and control persons (Schedule A).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Alpine Investors (CRD 157255): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/alpine-investors-san-francisco-ca-157255