# Polychain Capital LP

> Polychain Capital LP is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2018, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 28, 2026.

- CRD: 285022
- Filed as: POLYCHAIN CAPITAL LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/285022
- AdvisorCensus page: https://advisorcensus.com/firm/polychain-capital-lp-san-francisco-ca-285022

## Quick answers

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

**Where is Polychain Capital LP located?**
Polychain Capital LP's principal office is in San Francisco, CA, according to its Form ADV.

**Is Polychain Capital LP registered with the SEC or a state?**
Polychain Capital LP is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 285022.

**How much does Polychain Capital LP manage?**
Polychain Capital LP reports $2,901,320,856 in regulatory assets under management in its Form ADV filing dated March 28, 2026 (100% discretionary).

**How have Polychain Capital LP's assets and staff changed since 2021?**
In the Form ADV data for Polychain Capital LP: Regulatory assets under management: $2,003,624,498 in the October 2021 data and $2,901,320,856 in the October 2026 data, up 45%. Total employees: 38 in October 2021 and 36 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Polychain Capital LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (19).

**Does Polychain Capital 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/285022

**What changed in Polychain Capital LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 10 to 14. Regulatory assets under management went from $5,598,543,862 to $2,901,320,856 (-48%). 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: $2,901,320,856
- Discretionary: $2,901,320,856
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 19 | $2,901,320,856 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

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

### Firm details
- Registered since: 2018 (8 years)
- Employees: 36 total, 14 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.

### Websites listed on Form ADV (Item 1.I)
- polychain.capital
- LinkedIn @polychain-capital
- X @polychain
- X @polychaincap

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,003,624,498 | 38 | June 21, 2021 |
| October 2022 | $6,627,305,743 | 45 | March 31, 2022 |
| October 2023 | $2,610,949,877 | 41 | May 19, 2023 |
| October 2024 | $5,039,703,850 | 32 | March 28, 2024 |
| October 2025 | $5,598,543,862 | 31 | March 27, 2025 |
| October 2026 | $2,901,320,856 | 36 | March 28, 2026 |

Regulatory assets under management: $2,003,624,498 in the October 2021 data and $2,901,320,856 in the October 2026 data, up 45%.
Total employees: 38 in October 2021 and 36 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 10 to 14.
- Regulatory assets under management went from $5,598,543,862 to $2,901,320,856 (-48%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Polychain Capital LP (CRD 285022): Form ADV filing data as of October 2026.