# Aphias Capital, L.P.

> Aphias Capital, L.P. is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2025, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated July 27, 2026.

- CRD: 336255
- Filed as: APHIAS CAPITAL, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: July 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/336255
- AdvisorCensus page: https://advisorcensus.com/firm/aphias-capital-l-p-san-francisco-ca-336255

## Quick answers

**How is Aphias Capital, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Aphias Capital, L.P. 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.

**Where is Aphias Capital, L.P. located?**
Aphias Capital, L.P.'s principal office is in San Francisco, CA, according to its Form ADV.

**Is Aphias Capital, L.P. registered with the SEC or a state?**
Aphias Capital, L.P. is an SEC-registered investment advisory firm, registered since 2025. Status as filed: Approved. CRD 336255.

**How much does Aphias Capital, L.P. manage?**
Aphias Capital, L.P. reports $675,752,500 in regulatory assets under management in its Form ADV filing dated July 27, 2026 (100% discretionary).

**How have Aphias Capital, L.P.'s assets and staff changed since 2025?**
In the Form ADV data for Aphias Capital, L.P.: Total employees: 10 in October 2025 and 13 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Aphias Capital, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).

**Does Aphias Capital, L.P. 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/336255

**What changed in Aphias Capital, L.P.'s recent Form ADV filings?**
In the August 2026 filing data: Regulatory assets under management went from $542,100,000 to $675,752,500 (+25%).

## 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: $675,752,500
- Discretionary: $675,752,500
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $675,752,500 |

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

### Firm details
- Registered since: 2025 (1 year)
- Employees: 13 total, 11 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- aphias.com
- LinkedIn @aphias
- X @AphiasC92290

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2025 | Not reported | 10 | June 13, 2025 |
| October 2026 | $675,752,500 | 13 | July 27, 2026 |

Total employees: 10 in October 2025 and 13 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Regulatory assets under management went from $542,100,000 to $675,752,500 (+25%).

### April 2026
- Regulatory assets under management went from $350,000,000 to $542,100,000 (+55%).

### December 2025
- Employees performing advisory functions went from 8 to 11.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Aphias Capital, L.P. (CRD 336255): Form ADV filing data as of October 2026.