# 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.

- CRD: 159817
- Filed as: LEM CAPITAL, L.P.
- 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)
- Location: Philadelphia, PA
- Filing period: October 2026
- Form ADV filing dated: June 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/159817
- AdvisorCensus page: https://advisorcensus.com/firm/lem-capital-l-p-philadelphia-pa-159817

## Quick answers

**How 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.

**How much does LEM Capital, L.P. charge?**
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

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated June 8, 2026)

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

> 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 brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $661,378,032
- Discretionary: $661,378,032
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $661,378,032 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 21 total, 17 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- lemcapital.com
- LinkedIn @lem-capital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $705,264,161 | 19 | June 29, 2021 |
| October 2022 | $977,902,218 | 20 | August 31, 2022 |
| October 2023 | $780,916,151 | 22 | August 21, 2023 |
| October 2024 | $683,648,378 | 22 | March 20, 2024 |
| October 2025 | $656,860,771 | 22 | March 20, 2025 |
| October 2026 | $661,378,032 | 21 | June 8, 2026 |

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.

## 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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. LEM Capital, L.P. (CRD 159817): Form ADV filing data as of October 2026.