# Nicholas Investment Partners, L.P.

> Nicholas Investment Partners, L.P. is an SEC-registered investment advisory firm in San Diego, CA, registered since 2006, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated July 10, 2026.

- CRD: 140159
- Filed as: NICHOLAS INVESTMENT PARTNERS, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Diego, CA
- Filing period: October 2026
- Form ADV filing dated: July 10, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/140159
- AdvisorCensus page: https://advisorcensus.com/firm/nicholas-investment-partners-l-p-san-diego-ca-140159

## Quick answers

**How is Nicholas Investment Partners, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Nicholas Investment Partners, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Nicholas Investment Partners, L.P. located?**
Nicholas Investment Partners, L.P.'s principal office is in San Diego, CA, according to its Form ADV; the August 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Nicholas Investment Partners, L.P. registered with the SEC or a state?**
Nicholas Investment Partners, L.P. is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 140159.

**How much does Nicholas Investment Partners, L.P. manage?**
Nicholas Investment Partners, L.P. reports $1,450,892,122 in regulatory assets under management in its Form ADV filing dated July 10, 2026 (100% discretionary).

**How have Nicholas Investment Partners, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Nicholas Investment Partners, L.P.: Regulatory assets under management: $1,586,011,931 in the October 2021 data and $1,450,892,122 in the October 2026 data, down 9%. Total employees: 12 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Nicholas Investment Partners, L.P. serve?**
By number of clients on Form ADV Item 5.D: state or municipal government entities (including government pension plans) (11); high net worth individuals (8); pooled investment vehicles (other than investment companies and business development companies) (3).

**Which custodians does Nicholas Investment Partners, L.P. use?**
Nicholas Investment Partners, L.P.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bown Brothers Harriman & Co, JP Morgan Chase and State Street Bank & Co as custodians holding 10% or more of its separately managed account assets.

**Does Nicholas Investment Partners, 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/140159

**What changed in Nicholas Investment Partners, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,311,813,654 to $1,450,892,122 (+11%). No longer lists an office in Rancho Santa Fe, CA.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Bown Brothers Harriman & Co
- JP Morgan Chase
- State Street Bank & Co

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,450,892,122
- Discretionary: $1,450,892,122
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 8 | $536,229,953 |
| Investment companies | 1 | $143,213,130 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $348,061,514 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 3 | $22,481,876 |
| State or municipal government entities (including government pension plans) | 11 | $400,905,649 |
| Other investment advisers | Fewer than 5 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Other

### Firm details
- Registered since: 2006 (20 years)
- Employees: 12 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, FL, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Douglas, WY

### Websites listed on Form ADV (Item 1.I)
- [nicfunds.com](https://nicfunds.com)
- [nicpartners.com](https://nicpartners.com)
- LinkedIn @6048508

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,586,011,931 | 12 | April 20, 2021 |
| October 2022 | $1,797,956,714 | 12 | March 30, 2022 |
| October 2023 | $1,246,514,745 | 13 | March 30, 2023 |
| October 2024 | $923,903,714 | 12 | March 28, 2024 |
| October 2025 | $1,184,590,858 | 12 | March 28, 2025 |
| October 2026 | $1,450,892,122 | 12 | July 10, 2026 |

Regulatory assets under management: $1,586,011,931 in the October 2021 data and $1,450,892,122 in the October 2026 data, down 9%.
Total employees: 12 in October 2021 and 12 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,311,813,654 to $1,450,892,122 (+11%).
- No longer lists an office in Rancho Santa Fe, CA.

### December 2025
- Regulatory assets under management went from $1,184,590,858 to $1,311,813,654 (+11%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Nicholas Investment Partners, L.P. (CRD 140159): Form ADV filing data as of October 2026.