# Parthenon Capital Partners

> Parthenon Capital Partners 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 30, 2026.

- CRD: 157398
- Filed as: PARTHENON CAPITAL PARTNERS
- Legal name: PCP Managers, L.P.
- Also doing business as: PARTHENON CAPITAL
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/157398
- AdvisorCensus page: https://advisorcensus.com/firm/parthenon-capital-partners-san-francisco-ca-157398

## Quick answers

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

**Where is Parthenon Capital Partners located?**
Parthenon Capital Partners' principal office is in San Francisco, CA, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Parthenon Capital Partners registered with the SEC or a state?**
Parthenon Capital Partners is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157398.

**How much does Parthenon Capital Partners manage?**
Parthenon Capital Partners reports $13,353,835,498 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Parthenon Capital Partners' assets and staff changed since 2021?**
In the Form ADV data for Parthenon Capital Partners: Regulatory assets under management: $6,342,818,247 in the October 2021 data and $13,353,835,498 in the October 2026 data, up 111%. Total employees: 36 in October 2021 and 40 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Parthenon Capital Partners serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (14).

**Does Parthenon Capital Partners 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/157398

**What changed in Parthenon Capital Partners' recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 38 to 36.

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $13,353,835,498
- Discretionary: $13,353,835,498
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 14 | $13,353,835,498 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2012 (14 years)
- Employees: 40 total, 36 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, MA, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Austin, TX
- Boston, MA

### Websites listed on Form ADV (Item 1.I)
- parthenoncapital.com
- LinkedIn @parthenon-capital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $6,342,818,247 | 36 | May 3, 2021 |
| October 2022 | $6,937,245,299 | 35 | June 22, 2022 |
| October 2023 | $7,104,989,699 | 36 | June 21, 2023 |
| October 2024 | $12,945,838,299 | 42 | March 28, 2024 |
| October 2025 | $13,804,465,280 | 41 | March 28, 2025 |
| October 2026 | $13,353,835,498 | 40 | March 30, 2026 |

Regulatory assets under management: $6,342,818,247 in the October 2021 data and $13,353,835,498 in the October 2026 data, up 111%.
Total employees: 36 in October 2021 and 40 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 38 to 36.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Parthenon Capital Partners (CRD 157398): Form ADV filing data as of October 2026.