{
  "crd_number": 159817,
  "slug": "lem-capital-l-p-philadelphia-pa-159817",
  "primary_business_name": "LEM CAPITAL, L.P.",
  "legal_name": "LEM CAPITAL, L.P.",
  "dbas": [
    "LEM  PARTNERS V, L.P.",
    "LEM PARTNERS VI, L.P.",
    "LEM PARTNERS VII, L.P."
  ],
  "city": "Philadelphia",
  "state": "PA",
  "country": "United States",
  "cbsa_code": "37980",
  "metro": {
    "cbsa_code": "37980",
    "common_name": "Philadelphia",
    "msa_name": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
    "path": "/advisors/pa/philadelphia"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2012-03-08",
  "years_registered": 14,
  "period": "2026-10-01",
  "filing_date": "2026-06-08",
  "carried_forward": false,
  "raum_total": 661378032.0,
  "raum_discretionary": 661378032.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "500m_1b",
  "raum_band_label": "$500 million to $1 billion",
  "total_employees": 21,
  "advisory_employees": 17,
  "client_count_bucket": null,
  "clients_by_type": {
    "pooled_investment_vehicles": {
      "raum": 661378032.0,
      "count": 2
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "PA"
  ],
  "websites": [
    "https://lemcapital.com",
    "https://linkedin.com/company/lem-capital"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/159817",
  "city_as_filed": "PHILADELPHIA",
  "url": "https://advisorcensus.com/firm/lem-capital-l-p-philadelphia-pa-159817",
  "display_name": "LEM Capital, L.P.",
  "summary": "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.",
  "citation": "AdvisorCensus. LEM Capital, L.P. (CRD 159817): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is LEM Capital, L.P. compensated?",
      "a": "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."
    },
    {
      "q": "What does LEM Capital, L.P.'s brochure say about its fees?",
      "a": "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."
    },
    {
      "q": "Where is LEM Capital, L.P. located?",
      "a": "LEM Capital, L.P.'s principal office is in Philadelphia, PA, according to its Form ADV."
    },
    {
      "q": "Is LEM Capital, L.P. registered with the SEC or a state?",
      "a": "LEM Capital, L.P. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 159817."
    },
    {
      "q": "How much does LEM Capital, L.P. manage?",
      "a": "LEM Capital, L.P. reports $661,378,032 in regulatory assets under management in its Form ADV filing dated June 8, 2026 (100% discretionary)."
    },
    {
      "q": "How have LEM Capital, L.P.'s assets and staff changed since 2021?",
      "a": "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."
    },
    {
      "q": "What types of clients does LEM Capital, L.P. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2)."
    },
    {
      "q": "Does LEM Capital, L.P. report any disciplinary disclosures?",
      "a": "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"
    },
    {
      "q": "What changed in LEM Capital, L.P.'s recent Form ADV filings?",
      "a": "In the July 2026 filing data: Added the business name LEM Partners VII, L.P.."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 705264161.0,
      "total_employees": 19,
      "filing_date": "2021-06-29"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 977902218.0,
      "total_employees": 20,
      "filing_date": "2022-08-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 780916151.0,
      "total_employees": 22,
      "filing_date": "2023-08-21"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 683648378.0,
      "total_employees": 22,
      "filing_date": "2024-03-20"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 656860771.0,
      "total_employees": 22,
      "filing_date": "2025-03-20"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 661378032.0,
      "total_employees": 21,
      "filing_date": "2026-06-08"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "Added the business name LEM Partners VII, L.P.."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 16 to 17."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated June 8, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": "1% to 1.5% a year",
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 1% to 1.5% a year (a range, as the brochure states it)"
        ],
        "quotes": [
          "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."
        ]
      }
    ],
    "quotes": [
      "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."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/lem-capital-l-p-philadelphia-pa-159817.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 661378032.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/159817",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}