# Lapis Advisers, LP

> Lapis Advisers, LP is an SEC-registered investment advisory firm in Denver, CO, registered since 2010, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 153710
- Filed as: LAPIS ADVISERS, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Denver, CO
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/153710
- AdvisorCensus page: https://advisorcensus.com/firm/lapis-advisers-lp-denver-co-153710

## Quick answers

**How is Lapis Advisers, LP compensated?**
On its Form ADV (Item 5.E, October 2026), Lapis Advisers, LP 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 Lapis Advisers, LP located?**
Lapis Advisers, LP's principal office is in Denver, CO, according to its Form ADV.

**Is Lapis Advisers, LP registered with the SEC or a state?**
Lapis Advisers, LP is an SEC-registered investment advisory firm, registered since 2010. Status as filed: Approved. CRD 153710.

**How much does Lapis Advisers, LP manage?**
Lapis Advisers, LP reports $789,460,902 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Lapis Advisers, LP's assets and staff changed since 2021?**
In the Form ADV data for Lapis Advisers, LP: Regulatory assets under management: $832,752,867 in the October 2021 data and $789,460,902 in the October 2026 data, down 5%. Total employees: 10 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Lapis Advisers, 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 Lapis Advisers, 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/153710

**What changed in Lapis Advisers, LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 7 to 9.

## 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: $789,460,902
- Discretionary: $789,460,902
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 8 | $789,460,902 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2010 (16 years)
- Employees: 12 total, 9 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- lapisadvisers.com
- LinkedIn @lapis-advisers-lp

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $832,752,867 | 10 | June 9, 2021 |
| October 2022 | $683,440,256 | 10 | March 30, 2022 |
| October 2023 | $970,193,040 | 10 | June 6, 2023 |
| October 2024 | $1,023,619,375 | 10 | March 26, 2024 |
| October 2025 | $895,993,591 | 10 | March 28, 2025 |
| October 2026 | $789,460,902 | 12 | March 27, 2026 |

Regulatory assets under management: $832,752,867 in the October 2021 data and $789,460,902 in the October 2026 data, down 5%.
Total employees: 10 in October 2021 and 12 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 7 to 9.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Lapis Advisers, LP (CRD 153710): Form ADV filing data as of October 2026.