AdvisorCensus / Financial advisors / Pennsylvania / Philadelphia / LEM Capital, L.P.
LEM Capital, L.P. is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated June 8, 2026.
Quick answers
From the filingHow is LEM Capital, L.P. compensated?
On its Form ADV (Item 5.E, October 2026), LEM Capital, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
What does LEM Capital, L.P.'s brochure say about its fees?
Its Form ADV Part 2A brochure dated June 8, 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 LEM Capital, L.P. located?
LEM Capital, L.P.'s principal office is in Philadelphia, PA, according to its Form ADV.
Is LEM Capital, L.P. registered with the SEC or a state?
LEM Capital, L.P. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 159817.
How much does LEM Capital, L.P. manage?
LEM Capital, L.P. reports $661,378,032 in regulatory assets under management in its Form ADV filing dated June 8, 2026 (100% discretionary).
How have LEM Capital, L.P.'s assets and staff changed since 2021?
In the Form ADV data for LEM Capital, L.P.: Regulatory assets under management: $705,264,161 in the October 2021 data and $661,378,032 in the October 2026 data, down 6%. Total employees: 19 in October 2021 and 21 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does LEM Capital, L.P. serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).
Does LEM Capital, 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 SEC record: https://adviserinfo.sec.gov/firm/summary/159817
What changed in LEM Capital, L.P.'s recent Form ADV filings?
In the July 2026 filing data: Added the business name LEM Partners VII, L.P..
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: 1% to 1.5% a year (a range, as the brochure states it)
The brochure's wording
The Management Fee rate generally ranges from 1.00% to 1.50% but may be negotiated lower for certain investors based on the size of their commitments to a Fund, their investment in prior Funds and the timing of closing into a Fund.
As stated in the firm's Form ADV Part 2A brochure dated June 8, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$661,378,032 as of October 2026, filing dated June 8, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Also doing business as
- LEM PARTNERS V, L.P., LEM PARTNERS VI, L.P., LEM PARTNERS VII, L.P.
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2012 (14 years)
- Employees
- Total: 21. Performing investment advisory functions: 17.
- Wrap fee program participation
- No.
- States registered or notice-filed
-
1 state or jurisdiction
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $661,378,032 | 21 | June 8, 2026 |
| October 2025 | $656,860,771 | 22 | March 20, 2025 |
| October 2024 | $683,648,378 | 22 | March 20, 2024 |
| October 2023 | $780,916,151 | 22 | August 21, 2023 |
| October 2022 | $977,902,218 | 20 | August 31, 2022 |
| October 2021 | $705,264,161 | 19 | June 29, 2021 |
Regulatory assets under management: $705,264,161 in the October 2021 data and $661,378,032 in the October 2026 data, down 6%.
Total employees: 19 in October 2021 and 21 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- July 2026
- Added the business name LEM Partners VII, L.P..
- April 2026
- Employees performing advisory functions went from 16 to 17.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. LEM Capital, L.P. (CRD 159817): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/lem-capital-l-p-philadelphia-pa-159817