# First Pacific Advisors, LP

> First Pacific Advisors, LP is an SEC-registered investment advisory firm in El Segundo, CA, registered since 2006, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 20, 2026.

- CRD: 141823
- Filed as: FIRST PACIFIC ADVISORS, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: El Segundo, CA
- Filing period: October 2026
- Form ADV filing dated: July 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/141823
- AdvisorCensus page: https://advisorcensus.com/firm/first-pacific-advisors-lp-el-segundo-ca-141823

## Quick answers

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

**Where is First Pacific Advisors, LP located?**
First Pacific Advisors, LP's principal office is in El Segundo, CA, according to its Form ADV; the August 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is First Pacific Advisors, LP registered with the SEC or a state?**
First Pacific Advisors, LP is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 141823.

**How much does First Pacific Advisors, LP manage?**
First Pacific Advisors, LP reports $32,002,657,371 in regulatory assets under management in its Form ADV filing dated July 20, 2026 (100% discretionary).

**How have First Pacific Advisors, LP's assets and staff changed since 2021?**
In the Form ADV data for First Pacific Advisors, LP: Regulatory assets under management: $27,268,935,484 in the October 2021 data and $32,002,657,371 in the October 2026 data, up 17%. Total employees: 77 in October 2021 and 73 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does First Pacific Advisors, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (21); investment companies (8); pension and profit sharing plans (but not the plan participants or government pension plans) (8).

**Which custodians does First Pacific Advisors, LP use?**
First Pacific Advisors, LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon Capital Markets, LLC, Northern Trust Securities, Inc., U.S. Bank Institutional Trust & Custody and UBS Securities LLC as custodians holding 10% or more of its separately managed account assets.

**Does First Pacific Advisors, LP report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/141823

**What changed in First Pacific Advisors, LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 20 to 21. Regulatory assets under management went from $26,702,343,033 to $32,002,657,371 (+20%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- BNY Mellon Capital Markets, LLC
- Northern Trust Securities, Inc.
- U.S. Bank Institutional Trust & Custody
- UBS Securities LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $32,002,657,371
- Discretionary: $32,002,657,371
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 1 | $1,057 |
| Investment companies | 8 | $26,395,603,512 |
| Pooled investment vehicles (other than investment companies and business development companies) | 21 | $4,753,244,024 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 8 | $501,050,845 |
| Charitable organizations | 3 | $352,502,768 |
| Corporations or other businesses not listed above | 1 | $255,165 |

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

### Firm details
- Registered since: 2006 (20 years)
- Employees: 73 total, 21 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, IL, MD, OR
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/141823

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Newport Beach, CA
- Norwalk, CT
- Santa Monica, CA

### Websites listed on Form ADV (Item 1.I)
- fpa.com
- fpafunds.com
- fpag.fpa.com
- fpas.fpa.com
- LinkedIn @first-pacific-advisors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $27,268,935,484 | 77 | July 14, 2021 |
| October 2022 | $30,276,402,265 | 74 | September 23, 2022 |
| October 2023 | $24,343,164,132 | 77 | August 21, 2023 |
| October 2024 | $24,802,894,805 | 74 | September 9, 2024 |
| October 2025 | $26,702,343,033 | 72 | July 31, 2025 |
| October 2026 | $32,002,657,371 | 73 | July 20, 2026 |

Regulatory assets under management: $27,268,935,484 in the October 2021 data and $32,002,657,371 in the October 2026 data, up 17%.
Total employees: 77 in October 2021 and 73 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 20 to 21.
- Regulatory assets under management went from $26,702,343,033 to $32,002,657,371 (+20%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. First Pacific Advisors, LP (CRD 141823): Form ADV filing data as of October 2026.