# PAR Capital Management, Inc.

> 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.

- CRD: 156596
- Filed as: PAR CAPITAL MANAGEMENT, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: March 12, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/156596
- AdvisorCensus page: https://advisorcensus.com/firm/par-capital-management-inc-boston-ma-156596

## Quick answers

**How is PAR Capital Management, Inc. compensated?**
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.

**What does PAR Capital Management, Inc.'s brochure say about its fees?**
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.

**Where is PAR Capital Management, Inc. located?**
PAR Capital Management, Inc.'s principal office is in Boston, MA, according to its Form ADV.

**Is PAR Capital Management, Inc. registered with the SEC or a state?**
PAR Capital Management, Inc. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 156596.

**How much does PAR Capital Management, Inc. manage?**
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).

**How have PAR Capital Management, Inc.'s assets and staff changed since 2021?**
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.

**What types of clients does PAR Capital Management, Inc. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1).

**Does PAR Capital Management, Inc. 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/156596

**Does PAR Capital Management, Inc. state an account minimum?**
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."

## 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 12, 2026)

- Asset-based fee: 1% of assets a year

> 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.

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

> 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.

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

### Regulatory assets under management (Item 5.F)
- Total: $1,471,249,761
- Discretionary: $1,471,249,761
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $1,471,249,761 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 12 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- parcapital.com
- LinkedIn @580909

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,675,257,203 | 13 | March 29, 2021 |
| October 2022 | $2,616,365,760 | 13 | March 31, 2022 |
| October 2023 | $2,087,080,116 | 13 | March 31, 2023 |
| October 2024 | $2,830,095,878 | 13 | March 28, 2024 |
| October 2025 | $1,368,384,557 | 13 | June 12, 2025 |
| October 2026 | $1,471,249,761 | 12 | March 12, 2026 |

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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. PAR Capital Management, Inc. (CRD 156596): Form ADV filing data as of October 2026.