# Inclusive Capital Partners, L.P.

> Inclusive Capital Partners, L.P. is an exempt reporting adviser in San Francisco, CA, filing reports since 2026. Exempt reporting advisers do not report regulatory assets under management on Form ADV.

- CRD: 309419
- Filed as: INCLUSIVE CAPITAL PARTNERS, L.P.
- Also doing business as: IN-CAP, INCLUSIVE CAPITAL, INCLUSIVE CAPITAL PARTNERS
- Reporting status: Exempt reporting adviser (status as filed: ERA - Active)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: September 17, 2026
- Public record (IAPD): https://adviserinfo.sec.gov/firm/summary/309419
- AdvisorCensus page: https://advisorcensus.com/firm/inclusive-capital-partners-l-p-san-francisco-ca-309419

## Quick answers

**Where is Inclusive Capital Partners, L.P. located?**
Inclusive Capital Partners, L.P.'s principal office is in San Francisco, CA, according to its Form ADV.

**How does Inclusive Capital Partners, L.P. report to regulators?**
Inclusive Capital Partners, L.P. is an exempt reporting adviser, filing reports since 2026. Exempt reporting advisers file a shorter Form ADV. Status as filed: ERA - Active. CRD 309419.

**How have Inclusive Capital Partners, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Inclusive Capital Partners, L.P.: Regulatory assets under management: $1,288,147,000 in the October 2021 data and $662,342,283 in the October 2025 data, down 49%. Total employees: 13 in October 2021 and 4 in October 2025. Assets under management move with markets as well as with clients coming and going.

**Does Inclusive Capital Partners, L.P. 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/309419

**What changed in Inclusive Capital Partners, L.P.'s recent Form ADV filings?**
In the October 2026 filing data: Moved from SEC registration to exempt reporting adviser status. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Firm details
- Reporting since: 2026 (0 years)
- Employees: Not reported total, Not reported performing advisory functions
- Wrap fee program participation: Not reported
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [in-cap.com](https://in-cap.com)
- LinkedIn @inclusive-capital-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,288,147,000 | 13 | August 30, 2021 |
| October 2022 | $2,055,443,000 | 18 | July 27, 2022 |
| October 2023 | $2,664,894,000 | 21 | July 31, 2023 |
| October 2024 | $1,728,092,053 | 22 | March 29, 2024 |
| October 2025 | $662,342,283 | 4 | March 31, 2025 |
| October 2026 | Not reported | Not reported | September 17, 2026 |

Regulatory assets under management: $1,288,147,000 in the October 2021 data and $662,342,283 in the October 2025 data, down 49%.
Total employees: 13 in October 2021 and 4 in October 2025.

## Changes in the filing (last 12 months)

### October 2026
- Moved from SEC registration to exempt reporting adviser status.
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Regulatory assets under management went from $662,342,283 to $591,050,469 (-11%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Inclusive Capital Partners, L.P. (CRD 309419): Form ADV filing data as of October 2026.