AdvisorCensus / Financial advisors / California / San Francisco / Percheron Capital
Percheron Capital
Filed as PERCHERON CAPITAL · Legal name Percheron Investment Management LP
Percheron Capital is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2021, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 15, 2026.
Quick answers
From the filingHow is Percheron Capital compensated?
On its Form ADV (Item 5.E, October 2026), Percheron Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
What does Percheron Capital's brochure say about its fees?
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 2% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Percheron Capital located?
Percheron Capital's principal office is in San Francisco, CA, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).
Is Percheron Capital registered with the SEC or a state?
Percheron Capital is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 312004.
How much does Percheron Capital manage?
Percheron Capital reports $5,057,630,293 in regulatory assets under management in its Form ADV filing dated September 15, 2026 (100% discretionary).
How have Percheron Capital's assets and staff changed since 2021?
In the Form ADV data for Percheron Capital: Regulatory assets under management: $775,020,000 in the October 2021 data and $5,057,630,293 in the October 2026 data, up 553%. Total employees: 8 in October 2021 and 76 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Percheron Capital serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (14).
Does Percheron 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/312004
What changed in Percheron Capital's recent Form ADV filings?
In the October 2026 filing data: Updated its list of owners and control persons (Schedule A).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: 2% of assets a year
The brochure's wording
The Main Funds pay a Management Fee initially equal to 2% on an annual basis of aggregate capital commitments (“Commitments ”) of investors that are not designated as “affiliated partners” by the General Partners.
As stated in the firm's Form ADV Part 2A brochure dated March 31, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$5,057,630,293 as of October 2026, filing dated September 15, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Legal name
- Percheron Investment Management LP
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2021 (5 years)
- Employees
- Total: 76. Performing investment advisory functions: 63.
- Wrap fee program participation
- No.
- Other offices (Schedule D, Section 1.F)
-
1 other office, as of the October 2026 filing
- States registered or notice-filed
-
1 state or jurisdiction
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $5,057,630,293 | 76 | September 15, 2026 |
| October 2025 | $3,586,633,494 | 65 | June 2, 2025 |
| October 2024 | $3,086,110,328 | 44 | March 29, 2024 |
| October 2023 | $2,049,833,441 | 25 | September 15, 2023 |
| October 2022 | $1,414,961,981 | 25 | May 10, 2022 |
| October 2021 | $775,020,000 | 8 | July 2, 2021 |
Regulatory assets under management: $775,020,000 in the October 2021 data and $5,057,630,293 in the October 2026 data, up 553%.
Total employees: 8 in October 2021 and 76 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- October 2026
- Updated its list of owners and control persons (Schedule A).
- April 2026
- Employees performing advisory functions went from 54 to 63.
- Regulatory assets under management went from $3,586,633,494 to $5,057,630,293 (+41%).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Percheron Capital (CRD 312004): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/percheron-capital-san-francisco-ca-312004