# Dark Forest Capital Management LP

> Dark Forest Capital Management LP is an SEC-registered investment advisory firm in New York, NY, registered since 2021, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 312519
- Filed as: DARK FOREST CAPITAL MANAGEMENT LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/312519
- AdvisorCensus page: https://advisorcensus.com/firm/dark-forest-capital-management-lp-new-york-ny-312519

## Quick answers

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

**Where is Dark Forest Capital Management LP located?**
Dark Forest Capital Management LP's principal office is in New York, NY, according to its Form ADV.

**Is Dark Forest Capital Management LP registered with the SEC or a state?**
Dark Forest Capital Management LP is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 312519.

**How much does Dark Forest Capital Management LP manage?**
Dark Forest Capital Management LP reports $2,417,011,979 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Dark Forest Capital Management LP's assets and staff changed since 2021?**
In the Form ADV data for Dark Forest Capital Management LP: Regulatory assets under management: $615,385,209 in the October 2021 data and $2,417,011,979 in the October 2026 data, up 293%. Total employees: 10 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Dark Forest Capital Management LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3).

**Does Dark Forest Capital 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/312519

**Does Dark Forest Capital Management LP state an account minimum?**
Its Form ADV Part 2A brochure dated March 27, 2026 says: "Currently, the minimum investment in the Funds is at least $1,000,000. Such minimum investment may be waived on a case-by-case basis subject to our discretion."

**What changed in Dark Forest Capital Management LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 7 to 6. Regulatory assets under management went from $1,650,052,890 to $2,417,011,979 (+46%).

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

> Currently, the minimum investment in the Funds is at least $1,000,000. Such minimum investment may be waived on a case-by-case basis subject to our 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: $2,417,011,979
- Discretionary: $2,417,011,979
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $2,417,011,979 |

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

### Firm details
- Registered since: 2021 (5 years)
- Employees: 14 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $615,385,209 | 10 | July 2, 2021 |
| October 2022 | $501,224,808 | 10 | April 19, 2022 |
| October 2023 | $542,240,835 | 22 | April 25, 2023 |
| October 2024 | $1,618,771,160 | 22 | May 30, 2024 |
| October 2025 | $1,650,052,890 | 24 | March 31, 2025 |
| October 2026 | $2,417,011,979 | 14 | March 27, 2026 |

Regulatory assets under management: $615,385,209 in the October 2021 data and $2,417,011,979 in the October 2026 data, up 293%.
Total employees: 10 in October 2021 and 14 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 7 to 6.
- Regulatory assets under management went from $1,650,052,890 to $2,417,011,979 (+46%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Dark Forest Capital Management LP (CRD 312519): Form ADV filing data as of October 2026.