# Pentwater Capital Management LP

> 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.

- CRD: 156873
- Filed as: PENTWATER CAPITAL MANAGEMENT LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Naples, FL
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/156873
- AdvisorCensus page: https://advisorcensus.com/firm/pentwater-capital-management-lp-naples-fl-156873

## Quick answers

**How is Pentwater Capital Management LP compensated?**
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.

**Where is Pentwater Capital Management LP located?**
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).

**Is Pentwater Capital Management LP registered with the SEC or a state?**
Pentwater Capital Management LP is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 156873.

**How much does Pentwater Capital Management LP manage?**
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).

**How have Pentwater Capital Management LP's assets and staff changed since 2021?**
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.

**What types of clients does Pentwater Capital Management LP serve?**
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).

**Which custodians does Pentwater Capital Management LP use?**
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.

**Does Pentwater Capital Management LP report any disciplinary disclosures?**
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

**What changed in Pentwater Capital Management LP's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $9,348,331,000 to $19,263,985,072 (+106%).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- BofA Securities, Inc.
- Citigroup Global Markets
- Goldman, Sachs & Co
- UBS Securities LLC

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.

### Regulatory assets under management (Item 5.F)
- Total: $19,263,985,072
- Discretionary: $19,263,985,072
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 21 | $18,180,408,528 |
| Corporations or other businesses not listed above | 2 | $1,083,576,544 |

### 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: 2011 (14 years)
- Employees: 45 total, 20 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, IL
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): 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?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/156873

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Evanston, IL

### Websites listed on Form ADV (Item 1.I)
- pwcm.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $10,036,283,000 | 42 | August 27, 2021 |
| October 2022 | $9,864,040,000 | 40 | August 26, 2022 |
| October 2023 | $5,862,014,000 | 40 | June 28, 2023 |
| October 2024 | $8,351,972,000 | 45 | September 6, 2024 |
| October 2025 | $9,348,331,000 | 44 | March 31, 2025 |
| October 2026 | $19,263,985,072 | 45 | March 31, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $9,348,331,000 to $19,263,985,072 (+106%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pentwater Capital Management LP (CRD 156873): Form ADV filing data as of October 2026.