# BVF Partners L.P.

> BVF Partners L.P. 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: 156149
- Filed as: BVF PARTNERS L.P.
- 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/156149
- AdvisorCensus page: https://advisorcensus.com/firm/bvf-partners-l-p-san-francisco-ca-156149

## Quick answers

**How is BVF Partners L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), BVF Partners 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 BVF Partners L.P. located?**
BVF Partners L.P.'s principal office is in San Francisco, CA, according to its Form ADV.

**Is BVF Partners L.P. registered with the SEC or a state?**
BVF Partners L.P. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 156149.

**How much does BVF Partners L.P. manage?**
BVF Partners L.P. reports $6,107,900,310 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have BVF Partners L.P.'s assets and staff changed since 2021?**
In the Form ADV data for BVF Partners L.P.: Regulatory assets under management: $4,734,418,837 in the October 2021 data and $6,107,900,310 in the October 2026 data, up 29%. Total employees: 13 in October 2021 and 13 in October 2026. Assets under management move with markets as well as with clients coming and going.

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

**Which custodians does BVF Partners L.P. use?**
BVF Partners L.P.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNP Paribas Securities Corp. and The Bank of New York Mellon (AIS Prime Custody) as custodians holding 10% or more of its separately managed account assets.

**Does BVF Partners L.P. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/156149

**What changed in BVF Partners L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 11 to 10. 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

### Custodians (Schedule D, Section 5.K(3))
- BNP Paribas Securities Corp.
- The Bank of New York Mellon (AIS Prime Custody)

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $6,107,900,310
- Discretionary: $6,107,900,310
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $5,977,835,214 |
| Corporations or other businesses not listed above | Fewer than 5 | $130,065,096 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2012 (14 years)
- Employees: 13 total, 10 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, PA
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/156149

### Websites listed on Form ADV (Item 1.I)
- bvflp.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,734,418,837 | 13 | March 30, 2021 |
| October 2022 | $4,920,045,461 | 14 | March 31, 2022 |
| October 2023 | $4,498,633,095 | 12 | March 29, 2023 |
| October 2024 | $6,146,999,398 | 15 | March 29, 2024 |
| October 2025 | $5,645,433,932 | 15 | March 31, 2025 |
| October 2026 | $6,107,900,310 | 13 | March 31, 2026 |

Regulatory assets under management: $4,734,418,837 in the October 2021 data and $6,107,900,310 in the October 2026 data, up 29%.
Total employees: 13 in October 2021 and 13 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 11 to 10.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. BVF Partners L.P. (CRD 156149): Form ADV filing data as of October 2026.