# Dafna Capital Management, LLC

> Dafna Capital Management, LLC is an SEC-registered investment advisory firm in Los Angeles, CA, registered since 2003, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 129053
- Filed as: DAFNA CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Los Angeles, CA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/129053
- AdvisorCensus page: https://advisorcensus.com/firm/dafna-capital-management-llc-los-angeles-ca-129053

## Quick answers

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

**Where is Dafna Capital Management, LLC located?**
Dafna Capital Management, LLC's principal office is in Los Angeles, CA, according to its Form ADV.

**Is Dafna Capital Management, LLC registered with the SEC or a state?**
Dafna Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2003. Status as filed: Approved. CRD 129053.

**How much does Dafna Capital Management, LLC manage?**
Dafna Capital Management, LLC reports $645,210,327 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Dafna Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Dafna Capital Management, LLC: Regulatory assets under management: $741,970,101 in the October 2021 data and $645,210,327 in the October 2026 data, down 13%. Total employees: 7 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 Dafna Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4).

**Does Dafna Capital Management, LLC 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/129053

**Does Dafna Capital Management, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 30, 2026 says: "Adviser generally requires investors in a Fund to make a minimum initial investment of at least $1,000,000 and to maintain a minimum account balance of $1,000,000 in the Fund." "The minimum contribution and investor requirements may be waived by Adviser in its sole discretion."

**What changed in Dafna Capital Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $537,691,399 to $645,210,327 (+20%).

## 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 30, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> Adviser generally requires investors in a Fund to make a minimum initial investment of at least $1,000,000 and to maintain a minimum account balance of $1,000,000 in the Fund.

> The minimum contribution and investor requirements may be waived by Adviser in its sole discretion.

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

### Regulatory assets under management (Item 5.F)
- Total: $645,210,327
- Discretionary: $645,210,327
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $645,210,327 |

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

### Firm details
- Registered since: 2003 (22 years)
- Employees: 8 total, 7 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.

### Websites listed on Form ADV (Item 1.I)
- dafnacapital.com
- LinkedIn @DAFNA-CAPITAL-MANAGEMENT
- X @DAFNACAPITAL

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $741,970,101 | 7 | March 30, 2021 |
| October 2022 | $589,457,792 | 7 | March 30, 2022 |
| October 2023 | $542,728,476 | 7 | March 30, 2023 |
| October 2024 | $647,896,107 | 8 | March 27, 2024 |
| October 2025 | $537,691,399 | 8 | March 28, 2025 |
| October 2026 | $645,210,327 | 8 | March 30, 2026 |

Regulatory assets under management: $741,970,101 in the October 2021 data and $645,210,327 in the October 2026 data, down 13%.
Total employees: 7 in October 2021 and 8 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $537,691,399 to $645,210,327 (+20%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Dafna Capital Management, LLC (CRD 129053): Form ADV filing data as of October 2026.