{
  "crd_number": 159904,
  "slug": "mp-next-capital-villanova-pa-159904",
  "primary_business_name": "MP NEXT CAPITAL",
  "legal_name": "MILESTONE PARTNERS MANAGEMENT CO., L.P.",
  "dbas": [
    "MP NEXT CAPITAL"
  ],
  "city": "Villanova",
  "state": "PA",
  "country": "United States",
  "cbsa_code": "37980",
  "metro": {
    "cbsa_code": "37980",
    "common_name": "Philadelphia",
    "msa_name": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
    "path": "/advisors/pa/philadelphia"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2012-03-30",
  "years_registered": 14,
  "period": "2026-10-01",
  "filing_date": "2026-03-31",
  "carried_forward": false,
  "raum_total": 590682793.0,
  "raum_discretionary": 590682793.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "500m_1b",
  "raum_band_label": "$500 million to $1 billion",
  "total_employees": 13,
  "advisory_employees": 8,
  "client_count_bucket": null,
  "clients_by_type": {
    "pooled_investment_vehicles": {
      "raum": 590682793.0,
      "count": 13
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "PA"
  ],
  "websites": [
    "https://linkedin.com/company/mp-next-capital",
    "https://mpnextcapital.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/159904",
  "city_as_filed": "VILLANOVA",
  "url": "https://advisorcensus.com/firm/mp-next-capital-villanova-pa-159904",
  "display_name": "MP Next Capital",
  "summary": "MP Next Capital is an SEC-registered investment advisory firm in Villanova, PA, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.",
  "citation": "AdvisorCensus. MP Next Capital (CRD 159904): 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 MP Next Capital compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), MP Next Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is MP Next Capital located?",
      "a": "MP Next Capital's principal office is in Villanova, PA, according to its Form ADV."
    },
    {
      "q": "Is MP Next Capital registered with the SEC or a state?",
      "a": "MP Next Capital is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 159904."
    },
    {
      "q": "How much does MP Next Capital manage?",
      "a": "MP Next Capital reports $590,682,793 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary)."
    },
    {
      "q": "How have MP Next Capital's assets and staff changed since 2021?",
      "a": "In the Form ADV data for MP Next Capital: Regulatory assets under management: $578,964,183 in the October 2021 data and $590,682,793 in the October 2026 data, up 2%. Total employees: 13 in October 2021 and 13 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does MP Next Capital serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (13)."
    },
    {
      "q": "Does MP Next Capital 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/159904"
    },
    {
      "q": "Does MP Next Capital state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 31, 2026 says: \"MP Next generally requires a minimum account of $1,000,000 or more to invest in the funds. The general partner of the fund, in its sole discretion, can make and has made exceptions to the required minimum.\""
    },
    {
      "q": "What changed in MP Next Capital's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 7 to 8. Regulatory assets under management went from $455,873,329 to $590,682,793 (+30%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 578964183.0,
      "total_employees": 13,
      "filing_date": "2021-03-31"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 454823429.0,
      "total_employees": 13,
      "filing_date": "2022-03-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 477646050.0,
      "total_employees": 14,
      "filing_date": "2023-06-26"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 402742870.0,
      "total_employees": 12,
      "filing_date": "2024-09-27"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 455873329.0,
      "total_employees": 12,
      "filing_date": "2025-03-31"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 590682793.0,
      "total_employees": 13,
      "filing_date": "2026-03-31"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 7 to 8.",
        "Regulatory assets under management went from $455,873,329 to $590,682,793 (+30%)."
      ]
    },
    {
      "period": "2026-03-01",
      "period_label": "March 2026",
      "notes": [
        "Added the business name MP Next Capital."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 31, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$1,000,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "MP Next generally requires a minimum account of $1,000,000 or more to invest in the funds. The general partner of the fund, in its sole discretion, can make and has made exceptions to the required minimum."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": 1000000.0,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "MP Next generally requires a minimum account of $1,000,000 or more to invest in the funds. The general partner of the fund, in its sole discretion, can make and has made exceptions to the required minimum."
    ],
    "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/mp-next-capital-villanova-pa-159904.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 13,
      "fewer_than_5": false,
      "raum": 590682793.0
    }
  ],
  "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/159904",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}