# P2 Capital Partners, LLC

> P2 Capital Partners, LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated April 1, 2026.

- CRD: 159299
- Filed as: P2 CAPITAL PARTNERS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: April 1, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/159299
- AdvisorCensus page: https://advisorcensus.com/firm/p2-capital-partners-llc-new-york-ny-159299

## Quick answers

**How is P2 Capital Partners, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), P2 Capital Partners, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**How much does P2 Capital Partners, LLC charge?**
Its Form ADV Part 2A brochure dated April 1, 2026 states: Asset-based fee: 1% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is P2 Capital Partners, LLC located?**
P2 Capital Partners, LLC's principal office is in New York, NY, according to its Form ADV.

**Is P2 Capital Partners, LLC registered with the SEC or a state?**
P2 Capital Partners, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 159299.

**How much does P2 Capital Partners, LLC manage?**
P2 Capital Partners, LLC reports $824,400,000 in regulatory assets under management in its Form ADV filing dated April 1, 2026 (100% discretionary).

**How have P2 Capital Partners, LLC's assets and staff changed since 2021?**
In the Form ADV data for P2 Capital Partners, LLC: Regulatory assets under management: $2,339,800,000 in the October 2021 data and $824,400,000 in the October 2026 data, down 65%. Total employees: 14 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does P2 Capital Partners, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (5).

**Does P2 Capital Partners, LLC 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/159299

**What changed in P2 Capital Partners, LLC's recent Form ADV filings?**
In the May 2026 filing data: Regulatory assets under management went from $1,260,600,000 to $824,400,000 (-35%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated April 1, 2026)

- Asset-based fee: 1% to 2% a year (a range, as the brochure states it)

> Management fees generally range from 1.0% to 2.0% (depending on the particular Private Fund and the particular class of limited partnership interests or shares that an underlying investor has invested in)

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

### Regulatory assets under management (Item 5.F)
- Total: $824,400,000
- Discretionary: $824,400,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $824,400,000 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 14 total, 9 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- p2capital.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,339,800,000 | 14 | March 31, 2021 |
| October 2022 | $1,888,100,000 | 15 | March 31, 2022 |
| October 2023 | $1,274,800,000 | 15 | March 30, 2023 |
| October 2024 | $1,319,000,000 | 14 | March 28, 2024 |
| October 2025 | $1,260,600,000 | 14 | March 31, 2025 |
| October 2026 | $824,400,000 | 14 | April 1, 2026 |

Regulatory assets under management: $2,339,800,000 in the October 2021 data and $824,400,000 in the October 2026 data, down 65%.
Total employees: 14 in October 2021 and 14 in October 2026.

## Changes in the filing (last 12 months)

### May 2026
- Regulatory assets under management went from $1,260,600,000 to $824,400,000 (-35%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. P2 Capital Partners, LLC (CRD 159299): Form ADV filing data as of October 2026.