# Carmel Partners

> Carmel Partners 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: 160892
- Filed as: CARMEL PARTNERS
- Legal name: Carmel Management III, LLC
- Also doing business as: CARMEL PARTNERS
- 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/160892
- AdvisorCensus page: https://advisorcensus.com/firm/carmel-partners-san-francisco-ca-160892

## Quick answers

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

**Where is Carmel Partners located?**
Carmel Partners' principal office is in San Francisco, CA, according to its Form ADV; the April 2026 filing also lists 5 other offices (Schedule D, Section 1.F).

**Is Carmel Partners registered with the SEC or a state?**
Carmel Partners is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 160892.

**How much does Carmel Partners manage?**
Carmel Partners reports $7,984,384,000 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Carmel Partners' assets and staff changed since 2021?**
In the Form ADV data for Carmel Partners: Regulatory assets under management: $4,557,871,322 in the October 2021 data and $7,984,384,000 in the October 2026 data, up 75%. Total employees: 121 in October 2021 and 164 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Carmel Partners serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (8).

**Does Carmel Partners 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/160892

**Does Carmel Partners state an account minimum?**
Its Form ADV Part 2A brochure dated March 31, 2026 says: "Limited partners in the Funds are generally required to make a minimum commitment of $5 million, but the General Partners have the discretion to waive, and have previously waived, this minimum commitment in certain circumstances."

**What changed in Carmel Partners' recent Form ADV filings?**
In the April 2026 filing data: Changed its office addresses in Seattle, WA.

## 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 31, 2026)

- Account minimum: $5,000,000 (the brochure says it may be waived or negotiated)

> Limited partners in the Funds are generally required to make a minimum commitment of $5 million, but the General Partners have the discretion to waive, and have previously waived, this minimum commitment in certain circumstances.

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

### Regulatory assets under management (Item 5.F)
- Total: $7,984,384,000
- Discretionary: $7,984,384,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 8 | $7,984,384,000 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 164 total, 11 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, DC, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Denver, CO
- New York, NY
- Santa Monica, CA
- Seattle, WA
- Washington, DC

### Websites listed on Form ADV (Item 1.I)
- carmelpartners.com
- glassdoor.com/Overview/Working-at-Carmel-Partners-EI_IE261203.11,26.htm
- LinkedIn @CARMEL-PARTNERS
- YouTube @marketingaccounts

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,557,871,322 | 121 | March 31, 2021 |
| October 2022 | $4,311,081,787 | 151 | March 29, 2022 |
| October 2023 | $5,709,452,089 | 174 | April 28, 2023 |
| October 2024 | $6,034,190,177 | 175 | July 2, 2024 |
| October 2025 | $7,525,817,150 | 171 | March 31, 2025 |
| October 2026 | $7,984,384,000 | 164 | March 31, 2026 |

Regulatory assets under management: $4,557,871,322 in the October 2021 data and $7,984,384,000 in the October 2026 data, up 75%.
Total employees: 121 in October 2021 and 164 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Changed its office addresses in Seattle, WA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Carmel Partners (CRD 160892): Form ADV filing data as of October 2026.