{ "crd_number": 156873, "slug": "pentwater-capital-management-lp-naples-fl-156873", "primary_business_name": "PENTWATER CAPITAL MANAGEMENT LP", "legal_name": "PENTWATER CAPITAL MANAGEMENT LP", "dbas": [], "city": "Naples", "state": "FL", "country": "United States", "cbsa_code": "34940", "metro": { "cbsa_code": "34940", "common_name": "Naples", "msa_name": "Naples-Marco Island, FL", "path": "/advisors/fl/naples" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2011-11-16", "years_registered": 14, "period": "2026-10-01", "filing_date": "2026-03-31", "carried_forward": false, "raum_total": 19263985072.0, "raum_discretionary": 19263985072.0, "raum_non_discretionary": 0.0, "raum_band": "over_5b", "raum_band_label": "Over $5 billion", "total_employees": 45, "advisory_employees": 20, "client_count_bucket": null, "clients_by_type": { "pooled_investment_vehicles": { "raum": 18180408528.0, "count": 21 }, "corporations_other_businesses": { "raum": 1083576544.0, "count": 2 } }, "compensation_types": [ "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_businesses_institutional", "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 1, "states_registered": [ "FL", "IL" ], "websites": [ "https://pwcm.com" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/156873", "disclosure_items": [ { "item": "11.D(2)", "question": "Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?" } ], "city_as_filed": "NAPLES", "url": "https://advisorcensus.com/firm/pentwater-capital-management-lp-naples-fl-156873", "display_name": "Pentwater Capital Management LP", "summary": "Pentwater Capital Management LP is an SEC-registered investment advisory firm in Naples, FL, registered since 2011, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.", "citation": "AdvisorCensus. Pentwater Capital Management LP (CRD 156873): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees" ], "advisory_activity_labels": [ "Portfolio management for pooled investment vehicles (other than investment companies)", "Portfolio management for businesses (other than small businesses) or institutional clients" ], "quick_answers": [ { "q": "How is Pentwater Capital Management LP compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Pentwater Capital Management LP reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure." }, { "q": "Where is Pentwater Capital Management LP located?", "a": "Pentwater Capital Management LP's principal office is in Naples, FL, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F)." }, { "q": "Is Pentwater Capital Management LP registered with the SEC or a state?", "a": "Pentwater Capital Management LP is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 156873." }, { "q": "How much does Pentwater Capital Management LP manage?", "a": "Pentwater Capital Management LP reports $19,263,985,072 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary)." }, { "q": "How have Pentwater Capital Management LP's assets and staff changed since 2021?", "a": "In the Form ADV data for Pentwater Capital Management LP: Regulatory assets under management: $10,036,283,000 in the October 2021 data and $19,263,985,072 in the October 2026 data, up 92%. Total employees: 42 in October 2021 and 45 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Pentwater Capital Management LP serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (21); corporations or other businesses not listed above (2)." }, { "q": "Which custodians does Pentwater Capital Management LP use?", "a": "Pentwater Capital Management LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BofA Securities, Inc., Citigroup Global Markets, Goldman, Sachs & Co and UBS Securities LLC as custodians holding 10% or more of its separately managed account assets." }, { "q": "Does Pentwater Capital Management LP report any disciplinary disclosures?", "a": "Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a 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/156873" }, { "q": "What changed in Pentwater Capital Management LP's recent Form ADV filings?", "a": "In the April 2026 filing data: Regulatory assets under management went from $9,348,331,000 to $19,263,985,072 (+106%)." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 10036283000.0, "total_employees": 42, "filing_date": "2021-08-27" }, { "period": "2022-10-01", "regulatory_assets_under_management": 9864040000.0, "total_employees": 40, "filing_date": "2022-08-26" }, { "period": "2023-10-01", "regulatory_assets_under_management": 5862014000.0, "total_employees": 40, "filing_date": "2023-06-28" }, { "period": "2024-10-01", "regulatory_assets_under_management": 8351972000.0, "total_employees": 45, "filing_date": "2024-09-06" }, { "period": "2025-10-01", "regulatory_assets_under_management": 9348331000.0, "total_employees": 44, "filing_date": "2025-03-31" }, { "period": "2026-10-01", "regulatory_assets_under_management": 19263985072.0, "total_employees": 45, "filing_date": "2026-03-31" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Regulatory assets under management went from $9,348,331,000 to $19,263,985,072 (+106%)." ] } ], "fees_from_brochure": null, "custodians": [ { "name": "BofA Securities, Inc.", "name_as_filed": "BOFA SECURITIES, INC.", "affiliated": false }, { "name": "Citigroup Global Markets", "name_as_filed": "CITIGROUP GLOBAL MARKETS", "affiliated": false }, { "name": "Goldman, Sachs & Co", "name_as_filed": "GOLDMAN, SACHS & CO", "affiliated": false }, { "name": "UBS Securities LLC", "name_as_filed": "UBS SECURITIES LLC", "affiliated": false } ], "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.", "markdown_url": "https://advisorcensus.com/firm/pentwater-capital-management-lp-naples-fl-156873.md", "clients": [ { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 21, "fewer_than_5": false, "raum": 18180408528.0 }, { "type": "corporations_other_businesses", "label": "Corporations or other businesses not listed above", "count": 2, "fewer_than_5": false, "raum": 1083576544.0 } ], "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/156873", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }