# Kingdon Capital Management, L.L.C.

> Kingdon Capital Management, L.L.C. is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 157509
- Filed as: KINGDON CAPITAL MANAGEMENT, L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/157509
- AdvisorCensus page: https://advisorcensus.com/firm/kingdon-capital-management-l-l-c-new-york-ny-157509

## Quick answers

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

**Is Kingdon Capital Management, L.L.C. registered with the SEC or a state?**
Kingdon Capital Management, L.L.C. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157509.

**How much does Kingdon Capital Management, L.L.C. manage?**
Kingdon Capital Management, L.L.C. reports $959,762,020 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Kingdon Capital Management, L.L.C.'s assets and staff changed since 2021?**
In the Form ADV data for Kingdon Capital Management, L.L.C.: Regulatory assets under management: $1,080,226,134 in the October 2021 data and $959,762,020 in the October 2026 data, down 11%. Total employees: 25 in October 2021 and 19 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Kingdon Capital Management, L.L.C. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (8).

**Does Kingdon Capital Management, L.L.C. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.G (pending regulatory proceeding). 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/157509

**What changed in Kingdon Capital Management, L.L.C.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 9 to 10. Regulatory assets under management went from $861,883,044 to $959,762,020 (+11%).

## 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: $959,762,020
- Discretionary: $959,762,020
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 8 | $959,762,020 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 19 total, 10 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.G: Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?

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/157509

### Websites listed on Form ADV (Item 1.I)
- [kingdon.com](https://kingdon.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,080,226,134 | 25 | March 30, 2021 |
| October 2022 | $1,145,013,599 | 23 | March 30, 2022 |
| October 2023 | $815,686,434 | 21 | March 24, 2023 |
| October 2024 | $823,482,990 | 19 | September 13, 2024 |
| October 2025 | $861,883,044 | 19 | March 24, 2025 |
| October 2026 | $959,762,020 | 19 | March 30, 2026 |

Regulatory assets under management: $1,080,226,134 in the October 2021 data and $959,762,020 in the October 2026 data, down 11%.
Total employees: 25 in October 2021 and 19 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 9 to 10.
- Regulatory assets under management went from $861,883,044 to $959,762,020 (+11%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Kingdon Capital Management, L.L.C. (CRD 157509): Form ADV filing data as of October 2026.