# Fifth Down Cap LLC

> Fifth Down Cap LLC is an SEC-registered investment advisory firm in Boston, MA, registered since 2021, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated October 1, 2026.

- CRD: 312861
- Filed as: FIFTH DOWN CAP LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: October 1, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/312861
- AdvisorCensus page: https://advisorcensus.com/firm/fifth-down-cap-llc-boston-ma-312861

## Quick answers

**How is Fifth Down Cap LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Fifth Down Cap 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 Fifth Down Cap LLC located?**
Fifth Down Cap LLC's principal office is in Boston, MA, according to its Form ADV.

**Is Fifth Down Cap LLC registered with the SEC or a state?**
Fifth Down Cap LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 312861.

**How much does Fifth Down Cap LLC manage?**
Fifth Down Cap LLC reports $1,870,359,993 in regulatory assets under management in its Form ADV filing dated October 1, 2026 (100% discretionary).

**How have Fifth Down Cap LLC's assets and staff changed since 2021?**
In the Form ADV data for Fifth Down Cap LLC: Regulatory assets under management: $176,114,195 in the October 2021 data and $1,870,359,993 in the October 2026 data, up 962%. Total employees: 2 in October 2021 and 23 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Fifth Down Cap LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (60).

**Does Fifth Down Cap 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/312861

**What changed in Fifth Down Cap LLC's recent Form ADV filings?**
In the August 2026 filing data: Regulatory assets under management went from $1,694,990,397 to $1,870,359,993 (+10%).

## 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: $1,870,359,993
- Discretionary: $1,870,359,993
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 60 | $1,870,359,993 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2021 (5 years)
- Employees: 23 total, 7 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)
- fifthdown.com
- LinkedIn @fifth-down-cap
- X @fifthdowncap

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $176,114,195 | 2 | June 2, 2021 |
| October 2022 | $331,151,354 | 7 | March 31, 2022 |
| October 2023 | $505,071,995 | 9 | March 31, 2023 |
| October 2024 | $401,909,992 | 16 | March 29, 2024 |
| October 2025 | $686,400,398 | 17 | March 28, 2025 |
| October 2026 | $1,870,359,993 | 23 | October 1, 2026 |

Regulatory assets under management: $176,114,195 in the October 2021 data and $1,870,359,993 in the October 2026 data, up 962%.
Total employees: 2 in October 2021 and 23 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Regulatory assets under management went from $1,694,990,397 to $1,870,359,993 (+10%).

### April 2026
- Employees performing advisory functions went from 6 to 7.
- Regulatory assets under management went from $686,400,398 to $1,694,990,397 (+147%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Fifth Down Cap LLC (CRD 312861): Form ADV filing data as of October 2026.