{
  "crd_number": 156890,
  "slug": "merit-capital-partners-management-l-l-c-chicago-il-156890",
  "primary_business_name": "MERIT CAPITAL PARTNERS MANAGEMENT, L.L.C.",
  "legal_name": "MERIT CAPITAL PARTNERS MANAGEMENT, L.L.C.",
  "dbas": [],
  "city": "Chicago",
  "state": "IL",
  "country": "United States",
  "cbsa_code": "16980",
  "metro": {
    "cbsa_code": "16980",
    "common_name": "Chicago",
    "msa_name": "Chicago-Naperville-Elgin, IL-IN",
    "path": "/advisors/il/chicago"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2012-03-28",
  "years_registered": 14,
  "period": "2026-10-01",
  "filing_date": "2026-07-31",
  "carried_forward": false,
  "raum_total": 991083096.0,
  "raum_discretionary": 991083096.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "500m_1b",
  "raum_band_label": "$500 million to $1 billion",
  "total_employees": 19,
  "advisory_employees": 16,
  "client_count_bucket": null,
  "clients_by_type": {
    "pooled_investment_vehicles": {
      "raum": 991083096.0,
      "count": 2
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "IL"
  ],
  "websites": [
    "https://linkedin.com/COMPANY/MERIT-CAPITAL-PARTNERS",
    "https://meritcapital.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/156890",
  "city_as_filed": "CHICAGO",
  "url": "https://advisorcensus.com/firm/merit-capital-partners-management-l-l-c-chicago-il-156890",
  "display_name": "Merit Capital Partners Management, L.L.C.",
  "summary": "Merit Capital Partners Management, L.L.C. is an SEC-registered investment advisory firm in Chicago, IL, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated July 31, 2026.",
  "citation": "AdvisorCensus. Merit Capital Partners Management, L.L.C. (CRD 156890): 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 Merit Capital Partners Management, L.L.C. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Merit Capital Partners Management, L.L.C. reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is Merit Capital Partners Management, L.L.C. located?",
      "a": "Merit Capital Partners Management, L.L.C.'s principal office is in Chicago, IL, according to its Form ADV."
    },
    {
      "q": "Is Merit Capital Partners Management, L.L.C. registered with the SEC or a state?",
      "a": "Merit Capital Partners Management, L.L.C. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 156890."
    },
    {
      "q": "How much does Merit Capital Partners Management, L.L.C. manage?",
      "a": "Merit Capital Partners Management, L.L.C. reports $991,083,096 in regulatory assets under management in its Form ADV filing dated July 31, 2026 (100% discretionary)."
    },
    {
      "q": "How have Merit Capital Partners Management, L.L.C.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Merit Capital Partners Management, L.L.C.: Regulatory assets under management: $1,308,348,742 in the October 2021 data and $991,083,096 in the October 2026 data, down 24%. Total employees: 16 in October 2021 and 19 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Merit Capital Partners Management, L.L.C. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2)."
    },
    {
      "q": "Does Merit Capital Partners Management, L.L.C. 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/156890"
    },
    {
      "q": "Does Merit Capital Partners Management, L.L.C. state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated July 31, 2026 says: \"Each partnership has a minimum investment of $5 million for third-party investors, which may be waived by the applicable General Partner.\""
    },
    {
      "q": "What changed in Merit Capital Partners Management, L.L.C.'s recent Form ADV filings?",
      "a": "In the August 2026 filing data: Regulatory assets under management went from $1,438,907,251 to $991,083,096 (-31%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 1308348742.0,
      "total_employees": 16,
      "filing_date": "2021-03-30"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 1571356455.0,
      "total_employees": 15,
      "filing_date": "2022-03-30"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1190068913.0,
      "total_employees": 18,
      "filing_date": "2023-03-28"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1095557931.0,
      "total_employees": 18,
      "filing_date": "2024-09-18"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1126313687.0,
      "total_employees": 18,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 991083096.0,
      "total_employees": 19,
      "filing_date": "2026-07-31"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-08-01",
      "period_label": "August 2026",
      "notes": [
        "Regulatory assets under management went from $1,438,907,251 to $991,083,096 (-31%)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 15 to 16.",
        "Regulatory assets under management went from $1,126,313,687 to $1,438,907,251 (+28%)."
      ]
    },
    {
      "period": "2026-02-01",
      "period_label": "February 2026",
      "notes": [
        "Changed its legal name from Merit Capital Partners IV, L.L.C. to Merit Capital Partners Management, L.L.C..",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated July 31, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$5,000,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $5,000,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "Each partnership has a minimum investment of $5 million for third-party investors, which may be waived by the applicable General Partner."
        ]
      }
    ],
    "quotes": [
      "Each partnership has a minimum investment of $5 million for third-party investors, which may be waived by the applicable General Partner."
    ],
    "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/merit-capital-partners-management-l-l-c-chicago-il-156890.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 991083096.0
    }
  ],
  "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/156890",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}