# Phase 3 Capital Management LLC

> Phase 3 Capital Management LLC is an SEC-registered investment advisory firm in Boca Raton, FL, registered since 2018, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 2, 2026.

- CRD: 294408
- Filed as: PHASE 3 CAPITAL MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boca Raton, FL
- Filing period: October 2026
- Form ADV filing dated: September 2, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/294408
- AdvisorCensus page: https://advisorcensus.com/firm/phase-3-capital-management-llc-boca-raton-fl-294408

## Quick answers

**How is Phase 3 Capital Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Phase 3 Capital Management LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Phase 3 Capital Management LLC located?**
Phase 3 Capital Management LLC's principal office is in Boca Raton, FL, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Phase 3 Capital Management LLC registered with the SEC or a state?**
Phase 3 Capital Management LLC is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 294408.

**How much does Phase 3 Capital Management LLC manage?**
Phase 3 Capital Management LLC reports $2,537,991,000 in regulatory assets under management in its Form ADV filing dated September 2, 2026 (100% discretionary).

**How have Phase 3 Capital Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Phase 3 Capital Management LLC: Regulatory assets under management: $1,015,167,000 in the October 2021 data and $2,537,991,000 in the October 2026 data, up 150%. Total employees: 5 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Phase 3 Capital Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6).

**Does Phase 3 Capital Management LLC 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/294408

**What changed in Phase 3 Capital Management LLC's recent Form ADV filings?**
In the January 2026 filing data: No longer registered or notice-filed in IL.

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $2,537,991,000
- Discretionary: $2,537,991,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $2,537,991,000 |

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

### Firm details
- Registered since: 2018 (8 years)
- Employees: 9 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL
- 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
- Northbrook, IL

### Websites listed on Form ADV (Item 1.I)
- p3cm.com
- LinkedIn @phase-3-capital-management-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,015,167,000 | 5 | July 14, 2021 |
| October 2022 | $1,647,471,000 | 7 | March 14, 2022 |
| October 2023 | $1,009,879,000 | 7 | March 23, 2023 |
| October 2024 | $1,276,718,000 | 8 | March 21, 2024 |
| October 2025 | $2,802,720,000 | 9 | April 29, 2025 |
| October 2026 | $2,537,991,000 | 9 | September 2, 2026 |

Regulatory assets under management: $1,015,167,000 in the October 2021 data and $2,537,991,000 in the October 2026 data, up 150%.
Total employees: 5 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### January 2026
- No longer registered or notice-filed in IL.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Phase 3 Capital Management LLC (CRD 294408): Form ADV filing data as of October 2026.