# PFM Health Sciences, LP

> PFM Health Sciences, LP is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2008, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 146747
- Filed as: PFM HEALTH SCIENCES, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/146747
- AdvisorCensus page: https://advisorcensus.com/firm/pfm-health-sciences-lp-san-francisco-ca-146747

## Quick answers

**How is PFM Health Sciences, LP compensated?**
On its Form ADV (Item 5.E, October 2026), PFM Health Sciences, 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 PFM Health Sciences, LP located?**
PFM Health Sciences, LP's principal office is in San Francisco, CA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is PFM Health Sciences, LP registered with the SEC or a state?**
PFM Health Sciences, LP is an SEC-registered investment advisory firm, registered since 2008. Status as filed: Approved. CRD 146747.

**How much does PFM Health Sciences, LP manage?**
PFM Health Sciences, LP reports $1,266,793,646 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have PFM Health Sciences, LP's assets and staff changed since 2021?**
In the Form ADV data for PFM Health Sciences, LP: Regulatory assets under management: $3,009,110,940 in the October 2021 data and $1,266,793,646 in the October 2026 data, down 58%. Total employees: 23 in October 2021 and 17 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does PFM Health Sciences, LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (7).

**Does PFM Health Sciences, 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/146747

**What changed in PFM Health Sciences, LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 8 to 7. Regulatory assets under management went from $2,048,992,081 to $1,266,793,646 (-38%). Changed its office addresses in New York, NY.

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $1,266,793,646
- Discretionary: $1,266,793,646
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 7 | $1,266,793,646 |

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

### Firm details
- Registered since: 2008 (18 years)
- Employees: 17 total, 7 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 April 2026 filing
- New York, NY

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,009,110,940 | 23 | September 24, 2021 |
| October 2022 | $3,796,340,348 | 24 | March 31, 2022 |
| October 2023 | $3,267,306,225 | 23 | September 6, 2023 |
| October 2024 | $2,429,746,663 | 20 | June 24, 2024 |
| October 2025 | $2,048,992,081 | 18 | March 31, 2025 |
| October 2026 | $1,266,793,646 | 17 | March 31, 2026 |

Regulatory assets under management: $3,009,110,940 in the October 2021 data and $1,266,793,646 in the October 2026 data, down 58%.
Total employees: 23 in October 2021 and 17 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 8 to 7.
- Regulatory assets under management went from $2,048,992,081 to $1,266,793,646 (-38%).
- Changed its office addresses in New York, NY.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. PFM Health Sciences, LP (CRD 146747): Form ADV filing data as of October 2026.