{
  "crd_number": 158143,
  "slug": "parallax-volatility-advisers-l-p-san-francisco-ca-158143",
  "primary_business_name": "PARALLAX VOLATILITY ADVISERS, L.P.",
  "legal_name": "PARALLAX VOLATILITY ADVISERS, L.P.",
  "dbas": [],
  "city": "San Francisco",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41860",
  "metro": {
    "cbsa_code": "41860",
    "common_name": "San Francisco",
    "msa_name": "San Francisco-Oakland-Fremont, CA",
    "path": "/advisors/ca/san-francisco"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2012-03-30",
  "years_registered": 14,
  "period": "2026-10-01",
  "filing_date": "2026-03-19",
  "carried_forward": false,
  "raum_total": 5979806000.0,
  "raum_discretionary": 5979806000.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 51,
  "advisory_employees": 19,
  "client_count_bucket": null,
  "clients_by_type": {
    "pooled_investment_vehicles": {
      "raum": 5979806000.0,
      "count": 3
    }
  },
  "compensation_types": [
    "other",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 1,
  "states_registered": [
    "CA",
    "WY"
  ],
  "websites": [
    "https://linkedin.com/company/parallax-volatility-advisers-llc",
    "https://parallaxfund.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/158143",
  "disclosure_items": [
    {
      "item": "11.E(2)",
      "question": "Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?"
    }
  ],
  "city_as_filed": "SAN FRANCISCO",
  "url": "https://advisorcensus.com/firm/parallax-volatility-advisers-l-p-san-francisco-ca-158143",
  "display_name": "Parallax Volatility Advisers, L.P.",
  "summary": "Parallax Volatility Advisers, L.P. is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 19, 2026.",
  "citation": "AdvisorCensus. Parallax Volatility Advisers, L.P. (CRD 158143): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Other"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Parallax Volatility Advisers, L.P. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Parallax Volatility Advisers, L.P. reports these compensation arrangements: a percentage of assets under its management; other."
    },
    {
      "q": "How much does Parallax Volatility Advisers, L.P. charge?",
      "a": "Its Form ADV Part 2A brochure dated March 19, 2026 states: Asset-based fee: 1.65% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Parallax Volatility Advisers, L.P. located?",
      "a": "Parallax Volatility Advisers, L.P.'s principal office is in San Francisco, CA, according to its Form ADV; the April 2026 filing also lists 3 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Parallax Volatility Advisers, L.P. registered with the SEC or a state?",
      "a": "Parallax Volatility Advisers, L.P. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 158143."
    },
    {
      "q": "How much does Parallax Volatility Advisers, L.P. manage?",
      "a": "Parallax Volatility Advisers, L.P. reports $5,979,806,000 in regulatory assets under management in its Form ADV filing dated March 19, 2026 (100% discretionary)."
    },
    {
      "q": "How have Parallax Volatility Advisers, L.P.'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Parallax Volatility Advisers, L.P.: Regulatory assets under management: $20,789,567,478 in the October 2021 data and $5,979,806,000 in the October 2026 data, down 71%. Total employees: 66 in October 2021 and 51 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Parallax Volatility Advisers, L.P. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3)."
    },
    {
      "q": "Does Parallax Volatility Advisers, L.P. report any disciplinary disclosures?",
      "a": "Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.E(2) (self-regulatory organization's finding of a rule violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158143"
    },
    {
      "q": "Does Parallax Volatility Advisers, L.P. state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 19, 2026 says: \"Investors in the any of the Funds are required to invest a minimum of $2,000,000, but PVA may waive this minimum.\""
    },
    {
      "q": "What changed in Parallax Volatility Advisers, L.P.'s recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $8,934,161,600 to $5,979,806,000 (-33%). Added an office in Seattle, WA."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 20789567478.0,
      "total_employees": 66,
      "filing_date": "2021-03-30"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 18213467230.0,
      "total_employees": 71,
      "filing_date": "2022-06-24"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 24600536413.0,
      "total_employees": 74,
      "filing_date": "2023-07-12"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 8103391500.0,
      "total_employees": 71,
      "filing_date": "2024-05-08"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 8934161600.0,
      "total_employees": 52,
      "filing_date": "2025-03-25"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 5979806000.0,
      "total_employees": 51,
      "filing_date": "2026-03-19"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $8,934,161,600 to $5,979,806,000 (-33%).",
        "Added an office in Seattle, WA."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 19, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": "1.65% of assets a year",
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$2,000,000",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: 1.65% of assets a year"
        ],
        "quotes": [
          "The management fee for Parallax Core is equal to 1.65% per year and it is paid monthly."
        ]
      },
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $2,000,000 (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "Investors in the any of the Funds are required to invest a minimum of $2,000,000, but PVA may waive this minimum."
        ]
      }
    ],
    "values": {
      "tiers": [
        {
          "min": null,
          "max": null,
          "rate_pct": 1.65
        }
      ],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": 2000000.0,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "The management fee for Parallax Core is equal to 1.65% per year and it is paid monthly.",
      "Investors in the any of the Funds are required to invest a minimum of $2,000,000, but PVA may waive this minimum."
    ],
    "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/parallax-volatility-advisers-l-p-san-francisco-ca-158143.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 3,
      "fewer_than_5": false,
      "raum": 5979806000.0
    }
  ],
  "disclosure_line": "Reports 1 disclosure item on Form ADV Item 11.",
  "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/158143",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}