# Incision Capital Management LP

> Incision Capital Management LP is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2026, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated June 3, 2026.

- CRD: 325593
- Filed as: INCISION CAPITAL MANAGEMENT LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: June 3, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/325593
- AdvisorCensus page: https://advisorcensus.com/firm/incision-capital-management-lp-san-francisco-ca-325593

## Quick answers

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

**Where is Incision Capital Management LP located?**
Incision Capital Management LP's principal office is in San Francisco, CA, according to its Form ADV.

**Is Incision Capital Management LP registered with the SEC or a state?**
Incision Capital Management LP is an SEC-registered investment advisory firm, registered since 2026. Status as filed: Approved. CRD 325593.

**How much does Incision Capital Management LP manage?**
Incision Capital Management LP reports $220,288,168 in regulatory assets under management in its Form ADV filing dated June 3, 2026 (100% discretionary).

**What types of clients does Incision Capital Management LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).

**Does Incision Capital Management LP 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/325593

**Does Incision Capital Management LP state an account minimum?**
Its Form ADV Part 2A brochure dated June 1, 2026 says: "The minimum initial investment accepted from a new Investor in each Fund is $1,000,000, and the minimum additional investment accepted from an existing Investor in each Fund is $1,000,000." "The General Partner (in the case of the Master Fund) and the Board of Directors (in the case of the Offshore Fund) may, in their sole discretion, raise or lower these minimums or accept investments below the established minimums."

**What changed in Incision Capital Management LP's recent Form ADV filings?**
In the August 2026 filing data: Newly registered with the SEC.

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated June 1, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> The minimum initial investment accepted from a new Investor in each Fund is $1,000,000, and the minimum additional investment accepted from an existing Investor in each Fund is $1,000,000.

> The General Partner (in the case of the Master Fund) and the Board of Directors (in the case of the Offshore Fund) may, in their sole discretion, raise or lower these minimums or accept investments below the established minimums.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $220,288,168
- Discretionary: $220,288,168
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $220,288,168 |

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

### Firm details
- Registered since: 2026 (0 years)
- Employees: 2 total, 2 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)
- incisioncapital.com

## Changes in the filing (last 12 months)

### August 2026
- Newly registered with the SEC.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Incision Capital Management LP (CRD 325593): Form ADV filing data as of October 2026.