{
  "crd_number": 137228,
  "slug": "merced-capital-l-p-minnetonka-mn-137228",
  "primary_business_name": "MERCED CAPITAL, L.P.",
  "legal_name": "MERCED CAPITAL, L.P.",
  "dbas": [],
  "city": "Minnetonka",
  "state": "MN",
  "country": "United States",
  "cbsa_code": "33460",
  "metro": {
    "cbsa_code": "33460",
    "common_name": "Minneapolis",
    "msa_name": "Minneapolis-St. Paul-Bloomington, MN-WI",
    "path": "/advisors/mn/minneapolis"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2006-02-01",
  "years_registered": 20,
  "period": "2026-10-01",
  "filing_date": "2026-03-25",
  "carried_forward": false,
  "raum_total": 251222198.0,
  "raum_discretionary": 251222198.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 5,
  "advisory_employees": 4,
  "client_count_bucket": null,
  "clients_by_type": {
    "pooled_investment_vehicles": {
      "raum": 251222198.0,
      "count": 7
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "MN"
  ],
  "websites": [
    "https://linkedin.com/company/merced-capital",
    "https://mercedcapital.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/137228",
  "city_as_filed": "MINNETONKA",
  "url": "https://advisorcensus.com/firm/merced-capital-l-p-minnetonka-mn-137228",
  "display_name": "Merced Capital, L.P.",
  "summary": "Merced Capital, L.P. is an SEC-registered investment advisory firm in Minnetonka, MN, registered since 2006, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 25, 2026.",
  "citation": "AdvisorCensus. Merced Capital, L.P. (CRD 137228): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Merced Capital, L.P. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Merced Capital, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "How much does Merced Capital, L.P. charge?",
      "a": "Its Form ADV Part 2A brochure dated March 25, 2026 states: Asset-based fee: 0.9% 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."
    },
    {
      "q": "Where is Merced Capital, L.P. located?",
      "a": "Merced Capital, L.P.'s principal office is in Minnetonka, MN, according to its Form ADV."
    },
    {
      "q": "Is Merced Capital, L.P. registered with the SEC or a state?",
      "a": "Merced Capital, L.P. is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 137228."
    },
    {
      "q": "How much does Merced Capital, L.P. manage?",
      "a": "Merced Capital, L.P. reports $251,222,198 in regulatory assets under management in its Form ADV filing dated March 25, 2026 (100% discretionary)."
    },
    {
      "q": "How have Merced Capital, L.P.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Merced Capital, L.P.: Regulatory assets under management: $1,056,022,134 in the October 2021 data and $251,222,198 in the October 2026 data, down 76%. Total employees: 36 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Merced Capital, L.P. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (7)."
    },
    {
      "q": "Does Merced Capital, L.P. report any disciplinary disclosures?",
      "a": "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/137228"
    },
    {
      "q": "What changed in Merced Capital, L.P.'s recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 6 to 4. Regulatory assets under management went from $438,262,890 to $251,222,198 (-43%). Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 1056022134.0,
      "total_employees": 36,
      "filing_date": "2021-03-29"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 1002491615.0,
      "total_employees": 24,
      "filing_date": "2022-03-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 610305200.0,
      "total_employees": 13,
      "filing_date": "2023-03-30"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 635877013.0,
      "total_employees": 13,
      "filing_date": "2024-06-04"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 438262890.0,
      "total_employees": 8,
      "filing_date": "2025-03-25"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 251222198.0,
      "total_employees": 5,
      "filing_date": "2026-03-25"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 6 to 4.",
        "Regulatory assets under management went from $438,262,890 to $251,222,198 (-43%).",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 25, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": "0.9% to 1.5% a year",
    "stated_maximum": null,
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 0.9% to 1.5% a year (a range, as the brochure states it)"
        ],
        "quotes": [
          "The percentages on which Merced Capital’s management fee is based typically range from 0.90% to 1.5% per annum, as set forth in the applicable Governing Documents."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": [
        0.9,
        1.5
      ],
      "max_pct": null,
      "account_minimum": null,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "The percentages on which Merced Capital’s management fee is based typically range from 0.90% to 1.5% per annum, as set forth in the applicable Governing Documents."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/merced-capital-l-p-minnetonka-mn-137228.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 7,
      "fewer_than_5": false,
      "raum": 251222198.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/137228",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}