# Calmwater Capital

> Calmwater Capital is an SEC-registered investment advisory firm in El Segundo, CA, registered since 2017, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 282617
- Filed as: CALMWATER CAPITAL
- Legal name: Calmwater Asset Management, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: El Segundo, CA
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/282617
- AdvisorCensus page: https://advisorcensus.com/firm/calmwater-capital-el-segundo-ca-282617

## Quick answers

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

**Where is Calmwater Capital located?**
Calmwater Capital's principal office is in El Segundo, CA, according to its Form ADV; the January 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Calmwater Capital registered with the SEC or a state?**
Calmwater Capital is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 282617.

**How much does Calmwater Capital manage?**
Calmwater Capital reports $792,519,211 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Calmwater Capital's assets and staff changed since 2021?**
In the Form ADV data for Calmwater Capital: Regulatory assets under management: $1,005,204,914 in the October 2021 data and $792,519,211 in the October 2026 data, down 21%. Total employees: 20 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Calmwater Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (7).

**Does Calmwater Capital 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/282617

**Does Calmwater Capital state an account minimum?**
Its Form ADV Part 2A brochure dated March 27, 2026 says: "Calmwater Capital does not have a minimum size for a Fund."

**What changed in Calmwater Capital's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 11 to 7. Regulatory assets under management went from $1,207,165,882 to $792,519,211 (-34%). No longer lists an office in New York, NY.

## 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 27, 2026)

- Account minimum: None

> Calmwater Capital does not have a minimum size for a 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: $792,519,211
- Discretionary: $792,519,211
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 7 | $792,519,211 |

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

### Firm details
- Registered since: 2017 (9 years)
- Employees: 8 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

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

### Websites listed on Form ADV (Item 1.I)
- [calmwatercapital.com](https://calmwatercapital.com)
- LinkedIn @CALMWATER-CAPITAL

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,005,204,914 | 20 | April 30, 2021 |
| October 2022 | $1,349,897,896 | 20 | March 30, 2022 |
| October 2023 | $1,449,278,994 | 17 | March 31, 2023 |
| October 2024 | $1,132,879,430 | 14 | March 28, 2024 |
| October 2025 | $1,207,165,882 | 13 | July 17, 2025 |
| October 2026 | $792,519,211 | 8 | March 27, 2026 |

Regulatory assets under management: $1,005,204,914 in the October 2021 data and $792,519,211 in the October 2026 data, down 21%.
Total employees: 20 in October 2021 and 8 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 11 to 7.
- Regulatory assets under management went from $1,207,165,882 to $792,519,211 (-34%).
- No longer lists an office in New York, NY.

### January 2026
- No longer registered or notice-filed in CT.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Calmwater Capital (CRD 282617): Form ADV filing data as of October 2026.