# MP Next Capital

> 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.

- CRD: 159904
- Filed as: MP NEXT CAPITAL
- Legal name: Milestone Partners Management Co., L.P.
- Also doing business as: MP NEXT CAPITAL
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Villanova, PA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/159904
- AdvisorCensus page: https://advisorcensus.com/firm/mp-next-capital-villanova-pa-159904

## Quick answers

**How is MP Next Capital compensated?**
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.

**Where is MP Next Capital located?**
MP Next Capital's principal office is in Villanova, PA, according to its Form ADV.

**Is MP Next Capital registered with the SEC or a state?**
MP Next Capital is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 159904.

**How much does MP Next Capital manage?**
MP Next Capital reports $590,682,793 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have MP Next Capital's assets and staff changed since 2021?**
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.

**What types of clients does MP Next Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (13).

**Does MP Next Capital 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/159904

**Does MP Next Capital state an account minimum?**
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."

**What changed in MP Next Capital's recent Form ADV filings?**
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%).

## 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 31, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> 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.

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

### Regulatory assets under management (Item 5.F)
- Total: $590,682,793
- Discretionary: $590,682,793
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 13 | $590,682,793 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 13 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- mpnextcapital.com
- LinkedIn @mp-next-capital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $578,964,183 | 13 | March 31, 2021 |
| October 2022 | $454,823,429 | 13 | March 31, 2022 |
| October 2023 | $477,646,050 | 14 | June 26, 2023 |
| October 2024 | $402,742,870 | 12 | September 27, 2024 |
| October 2025 | $455,873,329 | 12 | March 31, 2025 |
| October 2026 | $590,682,793 | 13 | March 31, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 7 to 8.
- Regulatory assets under management went from $455,873,329 to $590,682,793 (+30%).

### March 2026
- Added the business name MP Next Capital.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. MP Next Capital (CRD 159904): Form ADV filing data as of October 2026.