{
  "crd_number": 157255,
  "slug": "alpine-investors-san-francisco-ca-157255",
  "primary_business_name": "ALPINE INVESTORS",
  "legal_name": "ALPINE MANAGEMENT SERVICES III, LLC",
  "dbas": [],
  "city": "San Francisco",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41860",
  "metro": {
    "cbsa_code": "41860",
    "common_name": "San Francisco",
    "msa_name": "San Francisco-Oakland-Fremont, CA",
    "path": "/advisors/ca/san-francisco"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2012-02-09",
  "years_registered": 14,
  "period": "2026-10-01",
  "filing_date": "2026-03-31",
  "carried_forward": false,
  "raum_total": 18913648910.0,
  "raum_discretionary": 18913648910.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 96,
  "advisory_employees": 73,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": null,
      "count": 0
    },
    "charitable": {
      "raum": null,
      "count": 0
    },
    "individuals": {
      "raum": null,
      "count": 0
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": null,
      "count": 0
    },
    "insurance_companies": {
      "raum": null,
      "count": 0
    },
    "investment_companies": {
      "raum": null,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": null,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": null,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 18913648910.0,
      "count": 16
    },
    "corporations_other_businesses": {
      "raum": null,
      "count": 0
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "NY",
    "TX",
    "UT"
  ],
  "websites": [
    "https://alpineinvestors.com",
    "https://instagram.com/alpineinvestors_",
    "https://linkedin.com/company/alpine-investors",
    "https://x.com/AlpineInvesting",
    "https://youtube.com/@alpineinvestors2208"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/157255",
  "city_as_filed": "SAN FRANCISCO",
  "url": "https://advisorcensus.com/firm/alpine-investors-san-francisco-ca-157255",
  "display_name": "Alpine Investors",
  "summary": "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.",
  "citation": "AdvisorCensus. Alpine Investors (CRD 157255): 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 pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Alpine Investors compensated?",
      "a": "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."
    },
    {
      "q": "How much does Alpine Investors charge?",
      "a": "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."
    },
    {
      "q": "Where is Alpine Investors located?",
      "a": "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)."
    },
    {
      "q": "Is Alpine Investors registered with the SEC or a state?",
      "a": "Alpine Investors is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157255."
    },
    {
      "q": "How much does Alpine Investors manage?",
      "a": "Alpine Investors reports $18,913,648,910 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary)."
    },
    {
      "q": "How have Alpine Investors' assets and staff changed since 2021?",
      "a": "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."
    },
    {
      "q": "What types of clients does Alpine Investors serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (16)."
    },
    {
      "q": "Does Alpine Investors report any disciplinary disclosures?",
      "a": "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"
    },
    {
      "q": "What changed in Alpine Investors' recent Form ADV filings?",
      "a": "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)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 3752006027.0,
      "total_employees": 64,
      "filing_date": "2021-06-25"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 8010026674.0,
      "total_employees": 63,
      "filing_date": "2022-03-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 11052929296.0,
      "total_employees": 112,
      "filing_date": "2023-04-27"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 17281576722.0,
      "total_employees": 151,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 18006781176.0,
      "total_employees": 97,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 18913648910.0,
      "total_employees": 96,
      "filing_date": "2026-03-31"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "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)."
      ]
    },
    {
      "period": "2025-11-01",
      "period_label": "November 2025",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 31, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": "1.5% to 2% a year",
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 1.5% to 2% a year (a range, as the brochure states it)"
        ],
        "quotes": [
          "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."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": [
        1.5,
        2.0
      ],
      "max_pct": null,
      "account_minimum": null,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "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."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/alpine-investors-san-francisco-ca-157255.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 16,
      "fewer_than_5": false,
      "raum": 18913648910.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "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/157255",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}