# Caspian Capital, LP

> Caspian Capital, LP is an SEC-registered investment advisory firm in New York, NY, registered since 2011, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 155751
- Filed as: CASPIAN CAPITAL, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/155751
- AdvisorCensus page: https://advisorcensus.com/firm/caspian-capital-lp-new-york-ny-155751

## Quick answers

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

**Is Caspian Capital, LP registered with the SEC or a state?**
Caspian Capital, LP is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 155751.

**How much does Caspian Capital, LP manage?**
Caspian Capital, LP reports $7,026,185,000 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Caspian Capital, LP's assets and staff changed since 2021?**
In the Form ADV data for Caspian Capital, LP: Regulatory assets under management: $4,081,042,996 in the October 2021 data and $7,026,185,000 in the October 2026 data, up 72%. Total employees: 22 in October 2021 and 29 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Caspian Capital, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (10); investment companies (1); other investment advisers (1).

**Does Caspian Capital, 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/155751

**What changed in Caspian Capital, LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 11 to 13. Regulatory assets under management went from $6,090,393,000 to $7,026,185,000 (+15%).

## 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: $7,026,185,000
- Discretionary: $7,026,185,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | Not reported | $0 |
| High net worth individuals | Not reported | $0 |
| Banking or thrift institutions | Not reported | $0 |
| Investment companies | 1 | $377,864,000 |
| Business development companies | Not reported | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 10 | $5,685,323,000 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Not reported | $0 |
| Charitable organizations | Not reported | $0 |
| State or municipal government entities (including government pension plans) | Not reported | $0 |
| Other investment advisers | 1 | $2,000 |
| Insurance companies | Not reported | $0 |
| Sovereign wealth funds and foreign official institutions | Not reported | $0 |
| Corporations or other businesses not listed above | 1 | $962,996,000 |
| Other | Not reported | $0 |

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

### Firm details
- Registered since: 2011 (15 years)
- Employees: 29 total, 13 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- caspianlp.com
- first.mfsadmin.com
- LinkedIn @caspian-capital-lp

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,081,042,996 | 22 | April 27, 2021 |
| October 2022 | $4,787,680,000 | 24 | July 1, 2022 |
| October 2023 | $4,794,675,000 | 25 | April 25, 2023 |
| October 2024 | $5,057,526,000 | 26 | March 28, 2024 |
| October 2025 | $6,090,393,000 | 27 | March 31, 2025 |
| October 2026 | $7,026,185,000 | 29 | March 31, 2026 |

Regulatory assets under management: $4,081,042,996 in the October 2021 data and $7,026,185,000 in the October 2026 data, up 72%.
Total employees: 22 in October 2021 and 29 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 11 to 13.
- Regulatory assets under management went from $6,090,393,000 to $7,026,185,000 (+15%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Caspian Capital, LP (CRD 155751): Form ADV filing data as of October 2026.