# Marathon Asset Management, L.P.

> Marathon Asset Management, L.P. is an SEC-registered investment advisory firm in New York, NY, registered since 2003, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 31, 2026.

- CRD: 124613
- Filed as: MARATHON ASSET MANAGEMENT, L.P.
- Also doing business as: CVC MARATHON
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: July 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/124613
- AdvisorCensus page: https://advisorcensus.com/firm/marathon-asset-management-l-p-new-york-ny-124613

## Quick answers

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

**Where is Marathon Asset Management, L.P. located?**
Marathon Asset Management, L.P.'s principal office is in New York, NY, according to its Form ADV; the August 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Marathon Asset Management, L.P. registered with the SEC or a state?**
Marathon Asset Management, L.P. is an SEC-registered investment advisory firm, registered since 2003. Status as filed: Approved. CRD 124613.

**How much does Marathon Asset Management, L.P. manage?**
Marathon Asset Management, L.P. reports $30,479,473,561 in regulatory assets under management in its Form ADV filing dated July 31, 2026 (96% discretionary).

**How have Marathon Asset Management, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Marathon Asset Management, L.P.: Regulatory assets under management: $24,899,276,911 in the October 2021 data and $30,479,473,561 in the October 2026 data, up 22%. Total employees: 152 in October 2021 and 193 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Marathon Asset Management, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (111); other investment advisers (12); investment companies (8).

**Which custodians does Marathon Asset Management, L.P. use?**
Marathon Asset Management, L.P.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BGL BNP Paribas, BNY Mellon Custody Client Service, State Street Bank and Trust Company and The Northern Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Marathon Asset Management, L.P. report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/124613

**What changed in Marathon Asset Management, L.P.'s recent Form ADV filings?**
In the August 2026 filing data: Added the business name CVC Marathon. 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

### Custodians (Schedule D, Section 5.K(3))
- BGL BNP Paribas
- BNY Mellon Custody Client Service
- State Street Bank and Trust Company
- The Northern Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $30,479,473,561
- Discretionary: $29,360,006,944
- Non-discretionary: $1,119,466,617

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | Not reported | $0 |
| High net worth individuals | Not reported | $0 |
| Banking or thrift institutions | Not reported | $0 |
| Investment companies | 8 | $1,164,060,415 |
| Business development companies | Not reported | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 111 | $27,039,217,760 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $70,624,341 |
| Charitable organizations | Fewer than 5 | $75,730,776 |
| State or municipal government entities (including government pension plans) | 6 | $568,792,860 |
| Other investment advisers | 12 | $1,026,903,767 |
| Insurance companies | Fewer than 5 | $534,143,642 |
| Sovereign wealth funds and foreign official institutions | Not reported | $0 |
| Corporations or other businesses not listed above | Not reported | $0 |
| Other | Not reported | $0 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2003 (23 years)
- Employees: 193 total, 99 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, FL, NY
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/124613

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Marina del Rey, CA
- Miami, FL

### Websites listed on Form ADV (Item 1.I)
- marathonfund.com
- LinkedIn @MARATHON-ASSET-MANAGEMENT

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $24,899,276,911 | 152 | September 17, 2021 |
| October 2022 | $27,155,090,596 | 156 | August 12, 2022 |
| October 2023 | $23,054,038,781 | 174 | August 14, 2023 |
| October 2024 | $24,927,332,072 | 156 | June 18, 2024 |
| October 2025 | $24,204,531,159 | 194 | July 24, 2025 |
| October 2026 | $30,479,473,561 | 193 | July 31, 2026 |

Regulatory assets under management: $24,899,276,911 in the October 2021 data and $30,479,473,561 in the October 2026 data, up 22%.
Total employees: 152 in October 2021 and 193 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Added the business name CVC Marathon.
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 115 to 99.
- Regulatory assets under management went from $24,204,531,159 to $30,479,473,561 (+26%).
- Added an office in Marina del Rey, CA.
- No longer lists an office in Los Angeles, CA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Marathon Asset Management, L.P. (CRD 124613): Form ADV filing data as of October 2026.