# HEP Management Corporation

> HEP Management Corporation is an SEC-registered investment advisory firm in New York, NY, registered since 2013, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 161855
- Filed as: HEP MANAGEMENT CORPORATION
- Also doing business as: HEP ASSOCIATES II LLC, HEP ASSOCIATES III LLC, HEP ASSOCIATES IV LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161855
- AdvisorCensus page: https://advisorcensus.com/firm/hep-management-corporation-new-york-ny-161855

## Quick answers

**How is HEP Management Corporation compensated?**
On its Form ADV (Item 5.E, October 2026), HEP Management Corporation 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 HEP Management Corporation located?**
HEP Management Corporation's principal office is in New York, NY, according to its Form ADV.

**Is HEP Management Corporation registered with the SEC or a state?**
HEP Management Corporation is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 161855.

**How much does HEP Management Corporation manage?**
HEP Management Corporation reports $426,584,973 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have HEP Management Corporation's assets and staff changed since 2021?**
In the Form ADV data for HEP Management Corporation: Regulatory assets under management: $393,698,856 in the October 2021 data and $426,584,973 in the October 2026 data, up 8%. Total employees: 10 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

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

**Does HEP Management Corporation report any disciplinary disclosures?**
Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation) and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). 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/161855

**What changed in HEP Management Corporation's recent Form ADV filings?**
In the April 2026 filing data: No longer lists the business name HEP Associates LLC. 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: $426,584,973
- Discretionary: $426,584,973
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $426,584,973 |

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

### Firm details
- Registered since: 2013 (13 years)
- Employees: 9 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

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/161855

### Websites listed on Form ADV (Item 1.I)
- [hepfund.com](https://hepfund.com)
- LinkedIn @health-enterprise-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $393,698,856 | 10 | March 22, 2021 |
| October 2022 | $459,566,235 | 10 | June 17, 2022 |
| October 2023 | $460,554,893 | 8 | June 30, 2023 |
| October 2024 | $420,483,772 | 7 | March 14, 2024 |
| October 2025 | $412,389,922 | 9 | March 31, 2025 |
| October 2026 | $426,584,973 | 9 | March 31, 2026 |

Regulatory assets under management: $393,698,856 in the October 2021 data and $426,584,973 in the October 2026 data, up 8%.
Total employees: 10 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- No longer lists the business name HEP Associates LLC.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. HEP Management Corporation (CRD 161855): Form ADV filing data as of October 2026.