# Norcap Investment Management, L.P.

> Norcap Investment Management, L.P. is an SEC-registered investment advisory firm in Austin, TX, registered since 2005, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 132975
- Filed as: NORCAP INVESTMENT MANAGEMENT, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Austin, TX
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/132975
- AdvisorCensus page: https://advisorcensus.com/firm/norcap-investment-management-l-p-austin-tx-132975

## Quick answers

**How is Norcap Investment Management, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Norcap Investment Management, 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 Norcap Investment Management, L.P. located?**
Norcap Investment Management, L.P.'s principal office is in Austin, TX, according to its Form ADV; the November 2025 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Norcap Investment Management, L.P. registered with the SEC or a state?**
Norcap Investment Management, L.P. is an SEC-registered investment advisory firm, registered since 2005. Status as filed: Approved. CRD 132975.

**How much does Norcap Investment Management, L.P. manage?**
Norcap Investment Management, L.P. reports $350,562,550 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Norcap Investment Management, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Norcap Investment Management, L.P.: Regulatory assets under management: $258,522,162 in the October 2021 data and $350,562,550 in the October 2026 data, up 36%. Total employees: 8 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going.

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

**Does Norcap Investment Management, 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/132975

**What changed in Norcap Investment Management, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 7 to 6. Regulatory assets under management went from $314,802,237 to $350,562,550 (+11%). No longer lists an office in Dallas, TX. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $350,562,550
- Discretionary: $350,562,550
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $350,562,550 |

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

### Firm details
- Registered since: 2005 (21 years)
- Employees: 8 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the November 2025 filing
- Dallas, TX

### Websites listed on Form ADV (Item 1.I)
- [norcapfunds.com](https://norcapfunds.com)
- LinkedIn @norcap-investment-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $258,522,162 | 8 | August 24, 2021 |
| October 2022 | $390,099,844 | 9 | April 29, 2022 |
| October 2023 | $661,643,266 | 8 | March 9, 2023 |
| October 2024 | $204,377,523 | 9 | March 28, 2024 |
| October 2025 | $314,802,237 | 8 | April 1, 2025 |
| October 2026 | $350,562,550 | 8 | March 31, 2026 |

Regulatory assets under management: $258,522,162 in the October 2021 data and $350,562,550 in the October 2026 data, up 36%.
Total employees: 8 in October 2021 and 8 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 7 to 6.
- Regulatory assets under management went from $314,802,237 to $350,562,550 (+11%).
- No longer lists an office in Dallas, TX.
- Updated its list of owners and control persons (Schedule A).

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Norcap Investment Management, L.P. (CRD 132975): Form ADV filing data as of October 2026.