# Deepwater Asset Management, LLC

> Deepwater Asset Management, LLC is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2022, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated August 12, 2026.

- CRD: 316507
- Filed as: DEEPWATER ASSET MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: August 12, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/316507
- AdvisorCensus page: https://advisorcensus.com/firm/deepwater-asset-management-llc-minneapolis-mn-316507

## Quick answers

**How is Deepwater Asset Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Deepwater Asset Management, LLC 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 Deepwater Asset Management, LLC located?**
Deepwater Asset Management, LLC's principal office is in Minneapolis, MN, according to its Form ADV.

**Is Deepwater Asset Management, LLC registered with the SEC or a state?**
Deepwater Asset Management, LLC is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 316507.

**How much does Deepwater Asset Management, LLC manage?**
Deepwater Asset Management, LLC reports $566,534,308 in regulatory assets under management in its Form ADV filing dated August 12, 2026 (100% discretionary).

**How have Deepwater Asset Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Deepwater Asset Management, LLC: Regulatory assets under management: $253,000,000 in the October 2022 data and $566,534,308 in the October 2026 data, up 124%. Total employees: 8 in October 2022 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Deepwater Asset Management, LLC 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).

**Does Deepwater Asset 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/316507

**What changed in Deepwater Asset Management, LLC's recent Form ADV filings?**
In the September 2026 filing data: Employees performing advisory functions went from 8 to 5. Updated its list of owners and control persons (Schedule A).

## 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: $566,534,308
- Discretionary: $566,534,308
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $231,520,000 |
| Pooled investment vehicles (other than investment companies and business development companies) | 10 | $335,014,308 |

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

### Firm details
- Registered since: 2022 (4 years)
- Employees: 9 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: DE, MD, MN, PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- deepwatermgmt.com
- X @deepwatermgmt

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | Not reported | September 2, 2021 |
| October 2022 | $253,000,000 | 8 | June 30, 2022 |
| October 2023 | $265,000,000 | 8 | March 27, 2023 |
| October 2024 | $333,000,000 | 10 | September 30, 2024 |
| October 2025 | $457,689,710 | 11 | March 11, 2025 |
| October 2026 | $566,534,308 | 9 | August 12, 2026 |

Regulatory assets under management: $253,000,000 in the October 2022 data and $566,534,308 in the October 2026 data, up 124%.
Total employees: 8 in October 2022 and 9 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Employees performing advisory functions went from 8 to 5.
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 6 to 8.
- Regulatory assets under management went from $457,689,710 to $626,710,008 (+37%).

### December 2025
- Registered or notice-filed in DE.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Deepwater Asset Management, LLC (CRD 316507): Form ADV filing data as of October 2026.