# LEP Management LLC

> LEP Management LLC is an SEC-registered investment advisory firm in Salt Lake City, UT, registered since 2017, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated May 6, 2026.

- CRD: 173481
- Filed as: LEP MANAGEMENT LLC
- Also doing business as: LEAVITT EQUITY PARTNERS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Salt Lake City, UT
- Filing period: October 2026
- Form ADV filing dated: May 6, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/173481
- AdvisorCensus page: https://advisorcensus.com/firm/lep-management-llc-salt-lake-city-ut-173481

## Quick answers

**How is LEP Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), LEP Management LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**What does LEP Management LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Asset-based fee: 2% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is LEP Management LLC located?**
LEP Management LLC's principal office is in Salt Lake City, UT, according to its Form ADV.

**Is LEP Management LLC registered with the SEC or a state?**
LEP Management LLC is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 173481.

**How much does LEP Management LLC manage?**
LEP Management LLC reports $585,156,625 in regulatory assets under management in its Form ADV filing dated May 6, 2026 (100% discretionary).

**How have LEP Management LLC's assets and staff changed since 2021?**
In the Form ADV data for LEP Management LLC: Regulatory assets under management: $284,053,322 in the October 2021 data and $585,156,625 in the October 2026 data, up 106%. Total employees: 10 in October 2021 and 13 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does LEP Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4).

**Does LEP Management LLC 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/173481

**What changed in LEP Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 11 to 12. Regulatory assets under management went from $525,274,307 to $585,156,625 (+11%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Asset-based fee: 2% of assets a year

> LEP Management receives management fees in an amount equal to two percent (2%) of aggregate capital commitments of the limited partners for the duration of the investment period and, following the investment period two percent (2%) of aggregate capital commitments used to make investments that have not been disposed of, through the duration of 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: $585,156,625
- Discretionary: $585,156,625
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $585,156,625 |

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

### Firm details
- Registered since: 2017 (8 years)
- Employees: 13 total, 12 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: UT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- leavittequity.com
- LinkedIn @leavitt-equity-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $284,053,322 | 10 | March 29, 2021 |
| October 2022 | $384,612,445 | 12 | March 30, 2022 |
| October 2023 | $397,647,684 | 13 | June 5, 2023 |
| October 2024 | $468,800,528 | 12 | May 1, 2024 |
| October 2025 | $525,274,307 | 12 | May 13, 2025 |
| October 2026 | $585,156,625 | 13 | May 6, 2026 |

Regulatory assets under management: $284,053,322 in the October 2021 data and $585,156,625 in the October 2026 data, up 106%.
Total employees: 10 in October 2021 and 13 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 11 to 12.
- Regulatory assets under management went from $525,274,307 to $585,156,625 (+11%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. LEP Management LLC (CRD 173481): Form ADV filing data as of October 2026.