# Klaff Realty, LP

> Klaff Realty, LP is an SEC-registered investment advisory firm in Chicago, IL, registered since 2015, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 265787
- Filed as: KLAFF REALTY, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/265787
- AdvisorCensus page: https://advisorcensus.com/firm/klaff-realty-lp-chicago-il-265787

## Quick answers

**How is Klaff Realty, LP compensated?**
On its Form ADV (Item 5.E, October 2026), Klaff Realty, LP reports these compensation arrangements: fixed fees (other than subscription fees); performance-based fees; other.

**What does Klaff Realty, LP's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 1% to 1.5% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Klaff Realty, LP located?**
Klaff Realty, LP's principal office is in Chicago, IL, according to its Form ADV.

**Is Klaff Realty, LP registered with the SEC or a state?**
Klaff Realty, LP is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 265787.

**How much does Klaff Realty, LP manage?**
Klaff Realty, LP reports $275,028,763 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Klaff Realty, LP's assets and staff changed since 2021?**
In the Form ADV data for Klaff Realty, LP: Regulatory assets under management: $1,214,276,732 in the October 2021 data and $275,028,763 in the October 2026 data, down 77%. Total employees: 15 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Klaff Realty, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (8).

**Does Klaff Realty, 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/265787

**What changed in Klaff Realty, LP's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $159,635,008 to $275,028,763 (+72%).

## From the Form ADV filing

### Compensation (Item 5.E)
- Fixed fees (other than subscription fees)
- Performance-based fees
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 1% to 1.5% a year (a range, as the brochure states it)

> The Management Fee generally ranges from 1% to 1.5% but may be negotiated lower for certain investors based on the size of the investor’s commitment to the Fund.

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

### Regulatory assets under management (Item 5.F)
- Total: $275,028,763
- Discretionary: $275,028,763
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 8 | $275,028,763 |

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

### Firm details
- Registered since: 2015 (10 years)
- Employees: 10 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- klaffrealty.com
- LinkedIn @1317889

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,214,276,732 | 15 | March 30, 2021 |
| October 2022 | $1,965,568,031 | 14 | March 30, 2022 |
| October 2023 | $232,770,042 | 14 | September 6, 2023 |
| October 2024 | $202,948,664 | 12 | July 3, 2024 |
| October 2025 | $159,635,008 | 10 | March 31, 2025 |
| October 2026 | $275,028,763 | 10 | March 31, 2026 |

Regulatory assets under management: $1,214,276,732 in the October 2021 data and $275,028,763 in the October 2026 data, down 77%.
Total employees: 15 in October 2021 and 10 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $159,635,008 to $275,028,763 (+72%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Klaff Realty, LP (CRD 265787): Form ADV filing data as of October 2026.