# Patient Square Capital, LP

> Patient Square Capital, LP is an SEC-registered investment advisory firm in Menlo Park, CA, registered since 2021, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated May 26, 2026.

- CRD: 312203
- Filed as: PATIENT SQUARE CAPITAL, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Menlo Park, CA
- Filing period: October 2026
- Form ADV filing dated: May 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/312203
- AdvisorCensus page: https://advisorcensus.com/firm/patient-square-capital-lp-menlo-park-ca-312203

## Quick answers

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

**How much does Patient Square Capital, LP charge?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: up to 2% 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 Patient Square Capital, LP located?**
Patient Square Capital, LP's principal office is in Menlo Park, CA, according to its Form ADV; the June 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Patient Square Capital, LP registered with the SEC or a state?**
Patient Square Capital, LP is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 312203.

**How much does Patient Square Capital, LP manage?**
Patient Square Capital, LP reports $17,512,552,081 in regulatory assets under management in its Form ADV filing dated May 26, 2026 (100% discretionary).

**How have Patient Square Capital, LP's assets and staff changed since 2021?**
In the Form ADV data for Patient Square Capital, LP: Regulatory assets under management: $629,900,000 in the October 2021 data and $17,512,552,081 in the October 2026 data, up 2680%. Total employees: 16 in October 2021 and 97 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Patient Square Capital, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (30).

**Does Patient Square Capital, LP 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/312203

**What changed in Patient Square Capital, LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 40 to 50. Regulatory assets under management went from $11,996,495,239 to $17,512,552,081 (+46%). Changed its office addresses in New York, NY. Registered or notice-filed in NY. Updated its list of owners and control persons (Schedule A).

## 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 31, 2026)

- Asset-based fee: up to 2% of assets a year (the maximum the brochure states)

> Management Fees generally will be up to 2% of aggregate Investor capital commitments (“Commitments”).

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

### Regulatory assets under management (Item 5.F)
- Total: $17,512,552,081
- Discretionary: $17,512,552,081
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 30 | $17,512,552,081 |

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

### Firm details
- Registered since: 2021 (5 years)
- Employees: 97 total, 50 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the June 2026 filing
- Dubai
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- patientsquarecapital.com
- vimeo.com/patientsquarecapital
- LinkedIn @patient-square-capital
- YouTube @patientsquarecapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $629,900,000 | 16 | July 12, 2021 |
| October 2022 | $2,120,557,201 | 29 | July 14, 2022 |
| October 2023 | $4,949,543,895 | 34 | March 30, 2023 |
| October 2024 | $7,876,634,167 | 53 | March 29, 2024 |
| October 2025 | $11,996,495,239 | 77 | March 26, 2025 |
| October 2026 | $17,512,552,081 | 97 | May 26, 2026 |

Regulatory assets under management: $629,900,000 in the October 2021 data and $17,512,552,081 in the October 2026 data, up 2680%.
Total employees: 16 in October 2021 and 97 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 40 to 50.
- Regulatory assets under management went from $11,996,495,239 to $17,512,552,081 (+46%).
- Changed its office addresses in New York, NY.
- Registered or notice-filed in NY.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Patient Square Capital, LP (CRD 312203): Form ADV filing data as of October 2026.