# Passport Capital, LLC

> Passport Capital, LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2006, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated April 30, 2026.

- CRD: 134484
- Filed as: PASSPORT CAPITAL, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: April 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/134484
- AdvisorCensus page: https://advisorcensus.com/firm/passport-capital-llc-san-francisco-ca-134484

## Quick answers

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

**How much does Passport Capital, LLC charge?**
Its Form ADV Part 2A brochure dated April 1, 2026 states: Asset-based fee: up to 1.5% of assets a year (the maximum the brochure states). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Passport Capital, LLC located?**
Passport Capital, LLC's principal office is in San Francisco, CA, according to its Form ADV.

**Is Passport Capital, LLC registered with the SEC or a state?**
Passport Capital, LLC is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 134484.

**How much does Passport Capital, LLC manage?**
Passport Capital, LLC reports $532,370,151 in regulatory assets under management in its Form ADV filing dated April 30, 2026 (100% discretionary).

**How have Passport Capital, LLC's assets and staff changed since 2021?**
In the Form ADV data for Passport Capital, LLC: Regulatory assets under management: $309,149,599 in the October 2021 data and $532,370,151 in the October 2026 data, up 72%. Total employees: 11 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Passport Capital, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (17).

**Does Passport Capital, LLC 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/134484

**What changed in Passport Capital, LLC's recent Form ADV filings?**
In the May 2026 filing data: Regulatory assets under management went from $346,001,166 to $532,370,151 (+54%).

## 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 April 1, 2026)

- Asset-based fee: up to 1.5% of assets a year (the maximum the brochure states)

> Each Fund is generally subject to a management fee of up to 1.5% with respect to either assets under management or committed capital, as applicable (each, a “Management Fee”).

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

### Regulatory assets under management (Item 5.F)
- Total: $532,370,151
- Discretionary: $532,370,151
- 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) | 17 | $532,370,151 |
| 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: 2006 (20 years)
- Employees: 14 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- nimblepartners.vc
- passportcapital.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $309,149,599 | 11 | April 26, 2021 |
| October 2022 | $352,428,322 | 15 | May 4, 2022 |
| October 2023 | $298,943,379 | 14 | September 5, 2023 |
| October 2024 | $276,532,055 | 12 | June 28, 2024 |
| October 2025 | $346,001,166 | 10 | June 27, 2025 |
| October 2026 | $532,370,151 | 14 | April 30, 2026 |

Regulatory assets under management: $309,149,599 in the October 2021 data and $532,370,151 in the October 2026 data, up 72%.
Total employees: 11 in October 2021 and 14 in October 2026.

## Changes in the filing (last 12 months)

### May 2026
- Regulatory assets under management went from $346,001,166 to $532,370,151 (+54%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Passport Capital, LLC (CRD 134484): Form ADV filing data as of October 2026.