# Athyrium Capital Management LP

> Athyrium Capital Management LP is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 8, 2026.

- CRD: 161528
- Filed as: ATHYRIUM CAPITAL MANAGEMENT LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: September 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161528
- AdvisorCensus page: https://advisorcensus.com/firm/athyrium-capital-management-lp-new-york-ny-161528

## Quick answers

**How is Athyrium Capital Management LP compensated?**
On its Form ADV (Item 5.E, October 2026), Athyrium Capital Management LP 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 Athyrium Capital Management LP located?**
Athyrium Capital Management LP's principal office is in New York, NY, according to its Form ADV.

**Is Athyrium Capital Management LP registered with the SEC or a state?**
Athyrium Capital Management LP is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161528.

**How much does Athyrium Capital Management LP manage?**
Athyrium Capital Management LP reports $2,510,753,000 in regulatory assets under management in its Form ADV filing dated September 8, 2026 (100% discretionary).

**How have Athyrium Capital Management LP's assets and staff changed since 2021?**
In the Form ADV data for Athyrium Capital Management LP: Regulatory assets under management: $3,166,121,000 in the October 2021 data and $2,510,753,000 in the October 2026 data, down 21%. Total employees: 22 in October 2021 and 20 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Athyrium Capital Management LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12).

**Does Athyrium Capital Management LP 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/161528

**What changed in Athyrium Capital Management LP's recent Form ADV filings?**
In the October 2026 filing data: 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

### Regulatory assets under management (Item 5.F)
- Total: $2,510,753,000
- Discretionary: $2,510,753,000
- 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) | 12 | $2,510,753,000 |
| 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: 20 total, 11 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- athyrium.com
- services.dataexchange.fiscloudservices.com/LogIn/1214656
- LinkedIn @athyrium-capital-management-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,166,121,000 | 22 | August 24, 2021 |
| October 2022 | $3,963,692,000 | 24 | March 30, 2022 |
| October 2023 | $3,560,043,000 | 22 | April 13, 2023 |
| October 2024 | $2,888,606,000 | 24 | September 10, 2024 |
| October 2025 | $2,898,088,000 | 24 | March 25, 2025 |
| October 2026 | $2,510,753,000 | 20 | September 8, 2026 |

Regulatory assets under management: $3,166,121,000 in the October 2021 data and $2,510,753,000 in the October 2026 data, down 21%.
Total employees: 22 in October 2021 and 20 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 14 to 11.
- Regulatory assets under management went from $2,898,088,000 to $2,510,753,000 (-13%).

### December 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. Athyrium Capital Management LP (CRD 161528): Form ADV filing data as of October 2026.