# Percheron Capital

> 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.

- CRD: 312004
- Filed as: PERCHERON CAPITAL
- Legal name: Percheron Investment Management LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: September 15, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/312004
- AdvisorCensus page: https://advisorcensus.com/firm/percheron-capital-san-francisco-ca-312004

## Quick answers

**How 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

### 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: 2% of assets a year

> 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 brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $5,057,630,293
- Discretionary: $5,057,630,293
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 14 | $5,057,630,293 |

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

### Firm details
- Registered since: 2021 (5 years)
- Employees: 76 total, 63 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.

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

### Websites listed on Form ADV (Item 1.I)
- percheron.ai
- percheron.com
- percheroncapital.com
- LinkedIn @percheroncapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $775,020,000 | 8 | July 2, 2021 |
| October 2022 | $1,414,961,981 | 25 | May 10, 2022 |
| October 2023 | $2,049,833,441 | 25 | September 15, 2023 |
| October 2024 | $3,086,110,328 | 44 | March 29, 2024 |
| October 2025 | $3,586,633,494 | 65 | June 2, 2025 |
| October 2026 | $5,057,630,293 | 76 | September 15, 2026 |

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.

## 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%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Percheron Capital (CRD 312004): Form ADV filing data as of October 2026.