# CAI Manager LP

> CAI Manager LP is an SEC-registered investment advisory firm in Mill Valley, CA, registered since 2020, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 21, 2026.

- CRD: 310205
- Filed as: CAI MANAGER LP
- Also doing business as: CLIMATE ADAPTIVE INFRASTRUCTURE
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Mill Valley, CA
- Filing period: October 2026
- Form ADV filing dated: September 21, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/310205
- AdvisorCensus page: https://advisorcensus.com/firm/cai-manager-lp-mill-valley-ca-310205

## Quick answers

**How is CAI Manager LP compensated?**
On its Form ADV (Item 5.E, October 2026), CAI Manager LP reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**How much does CAI Manager LP charge?**
Its Form ADV Part 2A brochure dated March 26, 2026 states: Asset-based fee: 1% to 1.75% 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 CAI Manager LP located?**
CAI Manager LP's principal office is in Mill Valley, CA, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is CAI Manager LP registered with the SEC or a state?**
CAI Manager LP is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 310205.

**How much does CAI Manager LP manage?**
CAI Manager LP reports $2,177,689,001 in regulatory assets under management in its Form ADV filing dated September 21, 2026 (100% discretionary).

**How have CAI Manager LP's assets and staff changed since 2021?**
In the Form ADV data for CAI Manager LP: Regulatory assets under management: $234,615,648 in the October 2021 data and $2,177,689,001 in the October 2026 data, up 828%. Total employees: 6 in October 2021 and 17 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does CAI Manager LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (13).

**Does CAI Manager 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/310205

**What changed in CAI Manager 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

### Fees and minimums (Form ADV Part 2A brochure dated March 26, 2026)

- Asset-based fee: 1% to 1.75% a year (a range, as the brochure states it)

> Each limited partner of a Fund that is not designated as an “affiliated partner” by the General Partner will pay an annual Management Fee equal to between 1% and 1.75% of such limited partner’s capital commitment to the Fund

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $2,177,689,001
- Discretionary: $2,177,689,001
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 13 | $2,177,689,001 |

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

### Firm details
- Registered since: 2020 (5 years)
- Employees: 17 total, 12 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.

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

### Websites listed on Form ADV (Item 1.I)
- climateadaptiveinfra.com
- LinkedIn @climate-adaptive-infrastructure

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $234,615,648 | 6 | September 23, 2021 |
| October 2022 | $749,009,500 | 9 | July 28, 2022 |
| October 2023 | $1,176,301,130 | 9 | July 21, 2023 |
| October 2024 | $1,376,488,081 | 15 | March 28, 2024 |
| October 2025 | $1,523,908,362 | 17 | March 27, 2025 |
| October 2026 | $2,177,689,001 | 17 | September 21, 2026 |

Regulatory assets under management: $234,615,648 in the October 2021 data and $2,177,689,001 in the October 2026 data, up 828%.
Total employees: 6 in October 2021 and 17 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- Regulatory assets under management went from $1,523,908,362 to $2,177,689,001 (+43%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. CAI Manager LP (CRD 310205): Form ADV filing data as of October 2026.