# Lucerne Capital Management, LP

> Lucerne Capital Management, LP is an SEC-registered investment advisory firm in Greenwich, CT, registered since 2001, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 20, 2026.

- CRD: 111288
- Filed as: LUCERNE CAPITAL MANAGEMENT, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Greenwich, CT
- Filing period: October 2026
- Form ADV filing dated: March 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/111288
- AdvisorCensus page: https://advisorcensus.com/firm/lucerne-capital-management-lp-greenwich-ct-111288

## Quick answers

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

**Where is Lucerne Capital Management, LP located?**
Lucerne Capital Management, LP's principal office is in Greenwich, CT, according to its Form ADV.

**Is Lucerne Capital Management, LP registered with the SEC or a state?**
Lucerne Capital Management, LP is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 111288.

**How much does Lucerne Capital Management, LP manage?**
Lucerne Capital Management, LP reports $364,621,000 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary).

**How have Lucerne Capital Management, LP's assets and staff changed since 2021?**
In the Form ADV data for Lucerne Capital Management, LP: Regulatory assets under management: $1,181,269,451 in the October 2021 data and $364,621,000 in the October 2026 data, down 69%. Total employees: 13 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Lucerne Capital Management, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (8); other (1).

**Does Lucerne Capital Management, LP 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/111288

**What changed in Lucerne Capital Management, LP's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $417,647,000 to $364,621,000 (-13%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $364,621,000
- Discretionary: $364,621,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 8 | $364,621,000 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 1 | $0 |

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

### Firm details
- Registered since: 2001 (25 years)
- Employees: 8 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- lucernecap.com
- LinkedIn @lucerne-capital-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,181,269,451 | 13 | March 31, 2021 |
| October 2022 | $1,200,227,012 | 12 | March 30, 2022 |
| October 2023 | $557,472,000 | 8 | March 21, 2023 |
| October 2024 | $613,479,000 | 9 | May 28, 2024 |
| October 2025 | $417,647,000 | 8 | March 31, 2025 |
| October 2026 | $364,621,000 | 8 | March 20, 2026 |

Regulatory assets under management: $1,181,269,451 in the October 2021 data and $364,621,000 in the October 2026 data, down 69%.
Total employees: 13 in October 2021 and 8 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $417,647,000 to $364,621,000 (-13%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Lucerne Capital Management, LP (CRD 111288): Form ADV filing data as of October 2026.