# Participant Capital

> Participant Capital is an SEC-registered investment advisory firm in Miami, FL, registered since 2021, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 24, 2026.

- CRD: 304859
- Filed as: PARTICIPANT CAPITAL
- Legal name: Participant Capital Advisors, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Miami, FL
- Filing period: October 2026
- Form ADV filing dated: March 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/304859
- AdvisorCensus page: https://advisorcensus.com/firm/participant-capital-miami-fl-304859

## Quick answers

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

**How much does Participant Capital charge?**
Its Form ADV Part 2A brochure dated March 24, 2026 states: Asset-based fee: 1.5% to 2.5% 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 Participant Capital located?**
Participant Capital's principal office is in Miami, FL, according to its Form ADV.

**Is Participant Capital registered with the SEC or a state?**
Participant Capital is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 304859.

**How much does Participant Capital manage?**
Participant Capital reports $166,142,240 in regulatory assets under management in its Form ADV filing dated March 24, 2026 (100% discretionary).

**How have Participant Capital's assets and staff changed since 2022?**
In the Form ADV data for Participant Capital: Regulatory assets under management: $208,301,806 in the October 2022 data and $166,142,240 in the October 2026 data, down 20%. Total employees: 21 in October 2022 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Participant Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6).

**Does Participant Capital 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/304859

## 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 24, 2026)

- Asset-based fee: 1.5% to 2.5% a year (a range, as the brochure states it)

> The Firm’s Management Fee ranges from 1.5% to 2.50% of the net asset value or based on capital contributions and when applicable, is dependent on the share class as measured at the beginning of each calendar month.

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

### Regulatory assets under management (Item 5.F)
- Total: $166,142,240
- Discretionary: $166,142,240
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $166,142,240 |

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

### Firm details
- Registered since: 2021 (4 years)
- Employees: 9 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [participantcapital.com](https://participantcapital.com)
- Facebook @pcapfund
- Instagram @participantcapital
- LinkedIn @participant-capital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2022 | $208,301,806 | 21 | June 9, 2022 |
| October 2023 | $239,294,473 | 20 | September 7, 2023 |
| October 2024 | $159,075,496 | 15 | March 27, 2024 |
| October 2025 | $171,107,026 | 12 | April 28, 2025 |
| October 2026 | $166,142,240 | 9 | March 24, 2026 |

Regulatory assets under management: $208,301,806 in the October 2022 data and $166,142,240 in the October 2026 data, down 20%.
Total employees: 21 in October 2022 and 9 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Participant Capital (CRD 304859): Form ADV filing data as of October 2026.