# Lubert-Adler Management Company, L.P.

> Lubert-Adler Management Company, L.P. is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 2010, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated July 13, 2026.

- CRD: 155201
- Filed as: LUBERT-ADLER MANAGEMENT COMPANY, L.P.
- Also doing business as: ADLER & CO. (DBA), L-A ASSET MANAGEMENT SERVICES, L.P. (RELYING ADVISER), L-A PARTNERS (DBA), L-A URBAN FINANCIAL MANAGEMENT, L.P. (RELYING ADVISER), LAA CREDIT MANAGEMENT, L.P. (RELYING ADVISER), LUBERT-ADLER MANAGEMENT, L.P. (RELYING ADVISER), LUBERT-ADLER PARTNERS (DBA), LUBERT-ADLER REAL ESTATE MANAGEMENT COMPANY, L.P. (RELYING ADVISER)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Philadelphia, PA
- Filing period: October 2026
- Form ADV filing dated: July 13, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/155201
- AdvisorCensus page: https://advisorcensus.com/firm/lubert-adler-management-company-l-p-philadelphia-pa-155201

## Quick answers

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

**How much does Lubert-Adler Management Company, L.P. charge?**
Its Form ADV Part 2A brochure dated July 13, 2026 states: Asset-based fee: 0.5% to 2% 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 Lubert-Adler Management Company, L.P. located?**
Lubert-Adler Management Company, L.P.'s principal office is in Philadelphia, PA, according to its Form ADV; the August 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is Lubert-Adler Management Company, L.P. registered with the SEC or a state?**
Lubert-Adler Management Company, L.P. is an SEC-registered investment advisory firm, registered since 2010. Status as filed: Approved. CRD 155201.

**How much does Lubert-Adler Management Company, L.P. manage?**
Lubert-Adler Management Company, L.P. reports $2,814,795,537 in regulatory assets under management in its Form ADV filing dated July 13, 2026 (89% discretionary).

**How have Lubert-Adler Management Company, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Lubert-Adler Management Company, L.P.: Regulatory assets under management: $3,449,064,097 in the October 2021 data and $2,814,795,537 in the October 2026 data, down 18%. Total employees: 28 in October 2021 and 24 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Lubert-Adler Management Company, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (27).

**Does Lubert-Adler Management Company, 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/155201

**Does Lubert-Adler Management Company, L.P. state an account minimum?**
Its Form ADV Part 2A brochure dated July 13, 2026 says: "The Funds’ Offering Documents generally require a minimum initial investment or commitment by each investor of $1 million. However, each Fund’s general partner has the discretion to waive or reduce the minimum initial investment or commitment and has done so for certain investors and has done so regularly."

**What changed in Lubert-Adler Management Company, L.P.'s recent Form ADV filings?**
In the August 2026 filing data: Updated its list of owners and control persons (Schedule A).

## 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 July 13, 2026)

- Asset-based fee: 0.5% to 2% a year (a range, as the brochure states it)

> The Management Fee generally ranges from 0.5% to 2% but may be negotiated lower by certain investors based on the size of the investor’s commitment to the Fund, or if there is an extension of the Fund’s term.

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> The Funds’ Offering Documents generally require a minimum initial investment or commitment by each investor of $1 million. However, each Fund’s general partner has the discretion to waive or reduce the minimum initial investment or commitment and has done so for certain investors and has done so regularly.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $2,814,795,537
- Discretionary: $2,509,718,402
- Non-discretionary: $305,077,135

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 27 | $2,814,795,537 |

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

### Firm details
- Registered since: 2010 (15 years)
- Employees: 24 total, 10 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: GA, NY, PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Atlanta, GA
- New York, NY
- Philadelphia, PA

### Websites listed on Form ADV (Item 1.I)
- lubertadler.com
- LinkedIn @LUBERT-ADLER PARTNERS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,449,064,097 | 28 | April 30, 2021 |
| October 2022 | $4,709,952,257 | 33 | April 29, 2022 |
| October 2023 | $3,098,569,561 | 35 | June 20, 2023 |
| October 2024 | $2,823,960,547 | 38 | September 3, 2024 |
| October 2025 | $2,981,216,377 | 40 | April 30, 2025 |
| October 2026 | $2,814,795,537 | 24 | July 13, 2026 |

Regulatory assets under management: $3,449,064,097 in the October 2021 data and $2,814,795,537 in the October 2026 data, down 18%.
Total employees: 28 in October 2021 and 24 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Updated its list of owners and control persons (Schedule A).

### May 2026
- Employees performing advisory functions went from 12 to 10.
- No longer lists an office in Philadelphia, PA.
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Added the business name Adler & Co. (DBA).
- Employees performing advisory functions went from 29 to 12.
- Updated its list of owners and control persons (Schedule A).

### March 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Lubert-Adler Management Company, L.P. (CRD 155201): Form ADV filing data as of October 2026.