# Pleasant Lake Partners LLC

> Pleasant Lake Partners LLC is an SEC-registered investment advisory firm in Rincon, PR, registered since 2023, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated August 28, 2026.

- CRD: 304281
- Filed as: PLEASANT LAKE PARTNERS LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Rincon, PR
- Filing period: October 2026
- Form ADV filing dated: August 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/304281
- AdvisorCensus page: https://advisorcensus.com/firm/pleasant-lake-partners-llc-rincon-pr-304281

## Quick answers

**How is Pleasant Lake Partners LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Pleasant Lake Partners LLC 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 Pleasant Lake Partners LLC located?**
Pleasant Lake Partners LLC's principal office is in Rincon, PR, according to its Form ADV.

**Is Pleasant Lake Partners LLC registered with the SEC or a state?**
Pleasant Lake Partners LLC is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 304281.

**How much does Pleasant Lake Partners LLC manage?**
Pleasant Lake Partners LLC reports $2,055,856,750 in regulatory assets under management in its Form ADV filing dated August 28, 2026 (100% discretionary).

**How have Pleasant Lake Partners LLC's assets and staff changed since 2022?**
In the Form ADV data for Pleasant Lake Partners LLC: Regulatory assets under management: $763,117,717 in the October 2023 data and $2,055,856,750 in the October 2026 data, up 169%. Total employees: 5 in October 2023 and 19 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Pleasant Lake Partners LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (11).

**Does Pleasant Lake Partners 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/304281

**What changed in Pleasant Lake Partners LLC's recent Form ADV filings?**
In the September 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

### Regulatory assets under management (Item 5.F)
- Total: $2,055,856,750
- Discretionary: $2,050,716,569
- Non-discretionary: $5,140,181

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 11 | $2,055,856,750 |

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

### Firm details
- Registered since: 2023 (3 years)
- Employees: 19 total, 14 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: PR
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [plpfunds.com](https://plpfunds.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2022 | Not reported | Not reported | March 30, 2022 |
| October 2023 | $763,117,717 | 5 | June 30, 2023 |
| October 2024 | $1,268,751,079 | 7 | March 28, 2024 |
| October 2025 | $1,613,983,111 | 8 | March 28, 2025 |
| October 2026 | $2,055,856,750 | 19 | August 28, 2026 |

Regulatory assets under management: $763,117,717 in the October 2023 data and $2,055,856,750 in the October 2026 data, up 169%.
Total employees: 5 in October 2023 and 19 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 4 to 14.
- Regulatory assets under management went from $1,613,983,111 to $2,055,856,750 (+27%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pleasant Lake Partners LLC (CRD 304281): Form ADV filing data as of October 2026.