# Cormorant Asset Management, LP

> Cormorant Asset Management, LP is an SEC-registered investment advisory firm in Boston, MA, registered since 2014, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 27, 2026.

- CRD: 167820
- Filed as: CORMORANT ASSET MANAGEMENT, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: May 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/167820
- AdvisorCensus page: https://advisorcensus.com/firm/cormorant-asset-management-lp-boston-ma-167820

## Quick answers

**How is Cormorant Asset Management, LP compensated?**
On its Form ADV (Item 5.E, October 2026), Cormorant Asset Management, 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 Cormorant Asset Management, LP located?**
Cormorant Asset Management, LP's principal office is in Boston, MA, according to its Form ADV.

**Is Cormorant Asset Management, LP registered with the SEC or a state?**
Cormorant Asset Management, LP is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 167820.

**How much does Cormorant Asset Management, LP manage?**
Cormorant Asset Management, LP reports $3,838,575,938 in regulatory assets under management in its Form ADV filing dated May 27, 2026 (100% discretionary).

**How have Cormorant Asset Management, LP's assets and staff changed since 2021?**
In the Form ADV data for Cormorant Asset Management, LP: Regulatory assets under management: $5,438,613,250 in the October 2021 data and $3,838,575,938 in the October 2026 data, down 29%. Total employees: 9 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Cormorant Asset Management, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (15); other (1).

**Which custodians does Cormorant Asset Management, LP use?**
Cormorant Asset Management, LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Morgan Stanley & Co. LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Cormorant Asset Management, 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/167820

## 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))
- Morgan Stanley & Co. LLC

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: $3,838,575,938
- Discretionary: $3,838,575,938
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 15 | $3,829,857,220 |
| Other | 1 | $8,718,718 |

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

### Firm details
- Registered since: 2014 (12 years)
- Employees: 12 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- cormorant-asset.com
- LinkedIn @cormorant-asset-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,438,613,250 | 9 | March 31, 2021 |
| October 2022 | $3,392,023,000 | 14 | March 31, 2022 |
| October 2023 | $3,117,053,633 | 13 | March 31, 2023 |
| October 2024 | $4,022,479,936 | 14 | May 22, 2024 |
| October 2025 | $3,858,641,023 | 12 | March 31, 2025 |
| October 2026 | $3,838,575,938 | 12 | May 27, 2026 |

Regulatory assets under management: $5,438,613,250 in the October 2021 data and $3,838,575,938 in the October 2026 data, down 29%.
Total employees: 9 in October 2021 and 12 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Cormorant Asset Management, LP (CRD 167820): Form ADV filing data as of October 2026.