# Alpine Investors

> 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.

- CRD: 157255
- Filed as: ALPINE INVESTORS
- Legal name: Alpine Management Services III, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/157255
- AdvisorCensus page: https://advisorcensus.com/firm/alpine-investors-san-francisco-ca-157255

## Quick answers

**How 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.

**How much does Alpine Investors charge?**
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

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

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 1.5% to 2% a year (a range, as the brochure states it)

> 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 brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $18,913,648,910
- Discretionary: $18,913,648,910
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 16 | $18,913,648,910 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 96 total, 73 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NY, TX, UT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

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

### Websites listed on Form ADV (Item 1.I)
- [alpineinvestors.com](https://alpineinvestors.com)
- Instagram @alpineinvestors_
- LinkedIn @alpine-investors
- X @AlpineInvesting
- YouTube @alpineinvestors2208

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,752,006,027 | 64 | June 25, 2021 |
| October 2022 | $8,010,026,674 | 63 | March 31, 2022 |
| October 2023 | $11,052,929,296 | 112 | April 27, 2023 |
| October 2024 | $17,281,576,722 | 151 | March 28, 2024 |
| October 2025 | $18,006,781,176 | 97 | March 28, 2025 |
| October 2026 | $18,913,648,910 | 96 | March 31, 2026 |

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.

## 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Alpine Investors (CRD 157255): Form ADV filing data as of October 2026.