# Permanent Capital Management, LP

> Permanent Capital Management, LP is an SEC-registered investment advisory firm in Chicago, IL, registered since 2023, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated September 29, 2026.

- CRD: 328318
- Filed as: PERMANENT CAPITAL MANAGEMENT, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: September 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/328318
- AdvisorCensus page: https://advisorcensus.com/firm/permanent-capital-management-lp-chicago-il-328318

## Quick answers

**How is Permanent Capital Management, LP compensated?**
On its Form ADV (Item 5.E, October 2026), Permanent Capital Management, LP reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees).

**What does Permanent Capital Management, LP's brochure say about its fees?**
Its Form ADV Part 2A brochure dated April 30, 2026 states: Asset-based fee: up to 0.75% 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 Permanent Capital Management, LP located?**
Permanent Capital Management, LP's principal office is in Chicago, IL, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Permanent Capital Management, LP registered with the SEC or a state?**
Permanent Capital Management, LP is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 328318.

**How much does Permanent Capital Management, LP manage?**
Permanent Capital Management, LP reports $768,906,969 in regulatory assets under management in its Form ADV filing dated September 29, 2026 (78% discretionary).

**How have Permanent Capital Management, LP's assets and staff changed since 2024?**
In the Form ADV data for Permanent Capital Management, LP: Regulatory assets under management: $365,101,315 in the October 2024 data and $768,906,969 in the October 2026 data, up 111%. Total employees: 4 in October 2024 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Permanent 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) (3).

**Which custodians does Permanent Capital Management, LP use?**
Permanent Capital Management, LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Fidelity Brokerage Services LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Permanent Capital Management, 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/328318

**What changed in Permanent Capital Management, LP's recent Form ADV filings?**
In the April 2026 filing data: Added an office in San Mateo, CA.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Fees and minimums (Form ADV Part 2A brochure dated April 30, 2026)

- Asset-based fee: up to 0.75% of assets a year (the maximum the brochure states)

> Investment advisory fees typically range up to 0.75% annually based on several factors, including: the complexity of the services to be provided, the level of assets to be managed, assets services, and the overall

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

### Custodians (Schedule D, Section 5.K(3))
- Fidelity Brokerage Services 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: $768,906,969
- Discretionary: $600,536,126
- Non-discretionary: $168,370,843

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | Fewer than 5 | $133,755,589 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $48,296,441 |
| Charitable organizations | Fewer than 5 | $5,365,218 |
| Insurance companies | Fewer than 5 | $56,017,997 |
| Corporations or other businesses not listed above | Fewer than 5 | $525,471,724 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2023 (2 years)
- Employees: 10 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- 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
- San Mateo, CA

### Websites listed on Form ADV (Item 1.I)
- permanent-capital.com
- permcapital.com
- LinkedIn @permanent-capital-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2024 | $365,101,315 | 4 | September 9, 2024 |
| October 2025 | $742,150,141 | 5 | June 30, 2025 |
| October 2026 | $768,906,969 | 10 | September 29, 2026 |

Regulatory assets under management: $365,101,315 in the October 2024 data and $768,906,969 in the October 2026 data, up 111%.
Total employees: 4 in October 2024 and 10 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Added an office in San Mateo, CA.

### December 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Permanent Capital Management, LP (CRD 328318): Form ADV filing data as of October 2026.