# Merced Capital, L.P.

> 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.

- CRD: 137228
- Filed as: MERCED CAPITAL, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minnetonka, MN
- Filing period: October 2026
- Form ADV filing dated: March 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/137228
- AdvisorCensus page: https://advisorcensus.com/firm/merced-capital-l-p-minnetonka-mn-137228

## Quick answers

**How is Merced Capital, L.P. compensated?**
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.

**How much does Merced Capital, L.P. charge?**
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.

**Where is Merced Capital, L.P. located?**
Merced Capital, L.P.'s principal office is in Minnetonka, MN, according to its Form ADV.

**Is Merced Capital, L.P. registered with the SEC or a state?**
Merced Capital, L.P. is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 137228.

**How much does Merced Capital, L.P. manage?**
Merced Capital, L.P. reports $251,222,198 in regulatory assets under management in its Form ADV filing dated March 25, 2026 (100% discretionary).

**How have Merced Capital, L.P.'s assets and staff changed since 2021?**
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.

**What types of clients does Merced Capital, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (7).

**Does Merced Capital, 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/137228

**What changed in Merced Capital, L.P.'s recent Form ADV filings?**
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).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 25, 2026)

- Asset-based fee: 0.9% to 1.5% a year (a range, as the brochure states it)

> 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.

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

### Regulatory assets under management (Item 5.F)
- Total: $251,222,198
- Discretionary: $251,222,198
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 7 | $251,222,198 |

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

### Firm details
- Registered since: 2006 (20 years)
- Employees: 5 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- mercedcapital.com
- LinkedIn @merced-capital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,056,022,134 | 36 | March 29, 2021 |
| October 2022 | $1,002,491,615 | 24 | March 31, 2022 |
| October 2023 | $610,305,200 | 13 | March 30, 2023 |
| October 2024 | $635,877,013 | 13 | June 4, 2024 |
| October 2025 | $438,262,890 | 8 | March 25, 2025 |
| October 2026 | $251,222,198 | 5 | March 25, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Merced Capital, L.P. (CRD 137228): Form ADV filing data as of October 2026.