# Merit Capital Partners Management, L.L.C.

> 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.

- CRD: 156890
- Filed as: MERIT CAPITAL PARTNERS MANAGEMENT, L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: July 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/156890
- AdvisorCensus page: https://advisorcensus.com/firm/merit-capital-partners-management-l-l-c-chicago-il-156890

## Quick answers

**How is Merit Capital Partners Management, L.L.C. compensated?**
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.

**Where is Merit Capital Partners Management, L.L.C. located?**
Merit Capital Partners Management, L.L.C.'s principal office is in Chicago, IL, according to its Form ADV.

**Is Merit Capital Partners Management, L.L.C. registered with the SEC or a state?**
Merit Capital Partners Management, L.L.C. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 156890.

**How much does Merit Capital Partners Management, L.L.C. manage?**
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).

**How have Merit Capital Partners Management, L.L.C.'s assets and staff changed since 2021?**
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.

**What types of clients does Merit Capital Partners Management, L.L.C. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).

**Does Merit Capital Partners Management, L.L.C. 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/156890

**Does Merit Capital Partners Management, L.L.C. state an account minimum?**
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."

**What changed in Merit Capital Partners Management, L.L.C.'s recent Form ADV filings?**
In the August 2026 filing data: Regulatory assets under management went from $1,438,907,251 to $991,083,096 (-31%).

## 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 July 31, 2026)

- Account minimum: $5,000,000 (the brochure says it may be waived or negotiated)

> Each partnership has a minimum investment of $5 million for third-party investors, which may be waived by the applicable General Partner.

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

### Regulatory assets under management (Item 5.F)
- Total: $991,083,096
- Discretionary: $991,083,096
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $991,083,096 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 19 total, 16 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [meritcapital.com](https://meritcapital.com)
- LinkedIn @MERIT-CAPITAL-PARTNERS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,308,348,742 | 16 | March 30, 2021 |
| October 2022 | $1,571,356,455 | 15 | March 30, 2022 |
| October 2023 | $1,190,068,913 | 18 | March 28, 2023 |
| October 2024 | $1,095,557,931 | 18 | September 18, 2024 |
| October 2025 | $1,126,313,687 | 18 | March 28, 2025 |
| October 2026 | $991,083,096 | 19 | July 31, 2026 |

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.

## Changes in the filing (last 12 months)

### August 2026
- Regulatory assets under management went from $1,438,907,251 to $991,083,096 (-31%).

### April 2026
- 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%).

### February 2026
- 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Merit Capital Partners Management, L.L.C. (CRD 156890): Form ADV filing data as of October 2026.