# Phoenix Merchant Partners, LP

> Phoenix Merchant Partners, LP is an SEC-registered investment advisory firm in Rye, NY, registered since 2023, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 324381
- Filed as: PHOENIX MERCHANT PARTNERS, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Rye, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/324381
- AdvisorCensus page: https://advisorcensus.com/firm/phoenix-merchant-partners-lp-rye-ny-324381

## Quick answers

**How is Phoenix Merchant Partners, LP compensated?**
On its Form ADV (Item 5.E, October 2026), Phoenix Merchant Partners, LP reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Phoenix Merchant Partners, LP located?**
Phoenix Merchant Partners, LP's principal office is in Rye, NY, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Phoenix Merchant Partners, LP registered with the SEC or a state?**
Phoenix Merchant Partners, LP is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 324381.

**How much does Phoenix Merchant Partners, LP manage?**
Phoenix Merchant Partners, LP reports $2,064,771,124 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (49% discretionary).

**How have Phoenix Merchant Partners, LP's assets and staff changed since 2023?**
In the Form ADV data for Phoenix Merchant Partners, LP: Regulatory assets under management: $997,395,860 in the October 2024 data and $2,064,771,124 in the October 2026 data, up 107%. Total employees: 9 in October 2023 and 29 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Phoenix Merchant Partners, LP serve?**
By number of clients on Form ADV Item 5.D: other (5); pooled investment vehicles (other than investment companies and business development companies) (2).

**Which custodians does Phoenix Merchant Partners, LP use?**
Phoenix Merchant Partners, LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Pinnacle Bank and U.S. Bancorp Investments, Inc. as custodians holding 10% or more of its separately managed account assets.

**Does Phoenix Merchant Partners, 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/324381

**What changed in Phoenix Merchant Partners, LP's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,610,735,191 to $2,064,771,124 (+28%). Added an office in Dallas, TX.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Pinnacle Bank
- U.S. Bancorp Investments, Inc.

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: $2,064,771,124
- Discretionary: $1,020,595,200
- Non-discretionary: $1,044,175,924

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $752,203,085 |
| Other | 5 | $1,312,568,039 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2023 (3 years)
- Employees: 29 total, 12 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- 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
- Dallas, TX

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | Not reported | 9 | August 2, 2023 |
| October 2024 | $997,395,860 | 17 | August 2, 2024 |
| October 2025 | $1,610,735,191 | 24 | June 27, 2025 |
| October 2026 | $2,064,771,124 | 29 | March 31, 2026 |

Regulatory assets under management: $997,395,860 in the October 2024 data and $2,064,771,124 in the October 2026 data, up 107%.
Total employees: 9 in October 2023 and 29 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,610,735,191 to $2,064,771,124 (+28%).
- Added an office in Dallas, TX.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Phoenix Merchant Partners, LP (CRD 324381): Form ADV filing data as of October 2026.