# Dipsea Capital, LLC

> Dipsea Capital, LLC is a state-registered investment advisory firm in Mill Valley, CA, registered since 2026, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated July 28, 2026.

- CRD: 257787
- Filed as: DIPSEA CAPITAL, LLC
- Registration: State-registered investment adviser (status as filed: APPROVED)
- Location: Mill Valley, CA
- Filing period: October 2026
- Form ADV filing dated: July 28, 2026
- Public record (IAPD): https://adviserinfo.sec.gov/firm/summary/257787
- AdvisorCensus page: https://advisorcensus.com/firm/dipsea-capital-llc-mill-valley-ca-257787

## Quick answers

**How is Dipsea Capital, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Dipsea Capital, 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 Dipsea Capital, LLC located?**
Dipsea Capital, LLC's principal office is in Mill Valley, CA, according to its Form ADV.

**Is Dipsea Capital, LLC registered with the SEC or a state?**
Dipsea Capital, LLC is a state-registered investment advisory firm, registered since 2026. Status as filed: APPROVED. CRD 257787.

**How much does Dipsea Capital, LLC manage?**
Dipsea Capital, LLC reports $61,302,116 in regulatory assets under management in its Form ADV filing dated July 28, 2026 (100% discretionary).

**How have Dipsea Capital, LLC's assets and staff changed since 2023?**
In the Form ADV data for Dipsea Capital, LLC: Regulatory assets under management: $101,468,592 in the October 2023 data and $61,302,116 in the October 2026 data, down 40%. Total employees: 5 in October 2023 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

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

**Does Dipsea Capital, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's public record on IAPD: https://adviserinfo.sec.gov/firm/summary/257787

**What changed in Dipsea Capital, LLC's recent Form ADV filings?**
In the September 2026 filing data: Moved from SEC registration to state registration.

## 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: $61,302,116
- Discretionary: $61,302,116
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $60,467,097 |
| Other | Fewer than 5 | $835,019 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2026 (0 years)
- Employees: 4 total, 1 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)
- dipseacapital.com
- LinkedIn @2001186
- X @dipseacapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | $101,468,592 | 5 | June 30, 2023 |
| October 2024 | $111,640,002 | 6 | March 8, 2024 |
| October 2025 | $103,005,793 | 5 | April 23, 2025 |
| October 2026 | $61,302,116 | 4 | July 28, 2026 |

Regulatory assets under management: $101,468,592 in the October 2023 data and $61,302,116 in the October 2026 data, down 40%.
Total employees: 5 in October 2023 and 4 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Moved from SEC registration to state registration.

### August 2026
- Employees performing advisory functions went from 2 to 1.
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 3 to 2.
- Regulatory assets under management went from $103,005,793 to $58,320,760 (-43%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Dipsea Capital, LLC (CRD 257787): Form ADV filing data as of October 2026.