{
  "crd_number": 156596,
  "slug": "par-capital-management-inc-boston-ma-156596",
  "primary_business_name": "PAR CAPITAL MANAGEMENT, INC.",
  "legal_name": "PAR CAPITAL MANAGEMENT, INC.",
  "dbas": [],
  "city": "Boston",
  "state": "MA",
  "country": "United States",
  "cbsa_code": "14460",
  "metro": {
    "cbsa_code": "14460",
    "common_name": "Boston",
    "msa_name": "Boston-Cambridge-Newton, MA-NH",
    "path": "/advisors/ma/boston"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2012-02-10",
  "years_registered": 14,
  "period": "2026-10-01",
  "filing_date": "2026-03-12",
  "carried_forward": false,
  "raum_total": 1471249761.0,
  "raum_discretionary": 1471249761.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 12,
  "advisory_employees": 7,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": null,
      "count": 0
    },
    "individuals": {
      "raum": null,
      "count": 0
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": null,
      "count": 0
    },
    "insurance_companies": {
      "raum": null,
      "count": 0
    },
    "investment_companies": {
      "raum": null,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": null,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": null,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 1471249761.0,
      "count": 1
    },
    "corporations_other_businesses": {
      "raum": null,
      "count": 0
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "MA"
  ],
  "websites": [
    "https://linkedin.com/COMPANY/580909",
    "https://parcapital.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/156596",
  "city_as_filed": "BOSTON",
  "url": "https://advisorcensus.com/firm/par-capital-management-inc-boston-ma-156596",
  "display_name": "PAR Capital Management, Inc.",
  "summary": "PAR Capital Management, Inc. is an SEC-registered investment advisory firm in Boston, MA, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 12, 2026.",
  "citation": "AdvisorCensus. PAR Capital Management, Inc. (CRD 156596): 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 PAR Capital Management, Inc. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), PAR Capital Management, Inc. reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "What does PAR Capital Management, Inc.'s brochure say about its fees?",
      "a": "Its Form ADV Part 2A brochure dated March 12, 2026 states: Asset-based fee: 1% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is PAR Capital Management, Inc. located?",
      "a": "PAR Capital Management, Inc.'s principal office is in Boston, MA, according to its Form ADV."
    },
    {
      "q": "Is PAR Capital Management, Inc. registered with the SEC or a state?",
      "a": "PAR Capital Management, Inc. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 156596."
    },
    {
      "q": "How much does PAR Capital Management, Inc. manage?",
      "a": "PAR Capital Management, Inc. reports $1,471,249,761 in regulatory assets under management in its Form ADV filing dated March 12, 2026 (100% discretionary)."
    },
    {
      "q": "How have PAR Capital Management, Inc.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for PAR Capital Management, Inc.: Regulatory assets under management: $1,675,257,203 in the October 2021 data and $1,471,249,761 in the October 2026 data, down 12%. Total employees: 13 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does PAR Capital Management, Inc. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1)."
    },
    {
      "q": "Does PAR Capital Management, Inc. 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/156596"
    },
    {
      "q": "Does PAR Capital Management, Inc. state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 12, 2026 says: \"The minimum initial investment by a limited partner in the Partnership is $1,000,000, provided that PAR Group may waive this limitation in its sole discretion.\""
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 1675257203.0,
      "total_employees": 13,
      "filing_date": "2021-03-29"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 2616365760.0,
      "total_employees": 13,
      "filing_date": "2022-03-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 2087080116.0,
      "total_employees": 13,
      "filing_date": "2023-03-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 2830095878.0,
      "total_employees": 13,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1368384557.0,
      "total_employees": 13,
      "filing_date": "2025-06-12"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1471249761.0,
      "total_employees": 12,
      "filing_date": "2026-03-12"
    }
  ],
  "recent_changes": [],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 12, 2026",
    "tiers": [],
    "flat_rate": "1% of assets a year",
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$1,000,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 1% of assets a year"
        ],
        "quotes": [
          "PAR Group, as the general partner of the Partnership, receives a management fee at an annual rate of 1.00% of the aggregate value of the capital accounts of the limited partners of the Partnership."
        ]
      },
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "The minimum initial investment by a limited partner in the Partnership is $1,000,000, provided that PAR Group may waive this limitation in its sole discretion."
        ]
      }
    ],
    "quotes": [
      "PAR Group, as the general partner of the Partnership, receives a management fee at an annual rate of 1.00% of the aggregate value of the capital accounts of the limited partners of the Partnership.",
      "The minimum initial investment by a limited partner in the Partnership is $1,000,000, provided that PAR Group may waive this limitation in its sole discretion."
    ],
    "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/par-capital-management-inc-boston-ma-156596.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 1,
      "fewer_than_5": false,
      "raum": 1471249761.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "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/156596",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}