# Reciprocal Capital

> Reciprocal Capital is an SEC-registered investment advisory firm in New York, NY, registered since 2016, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 285033
- Filed as: RECIPROCAL CAPITAL
- Legal name: Alfacap LLC, D/B/A Reciprocal Capital
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/285033
- AdvisorCensus page: https://advisorcensus.com/firm/reciprocal-capital-new-york-ny-285033

## Quick answers

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

**Where is Reciprocal Capital located?**
Reciprocal Capital's principal office is in New York, NY, according to its Form ADV.

**Is Reciprocal Capital registered with the SEC or a state?**
Reciprocal Capital is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 285033.

**How much does Reciprocal Capital manage?**
Reciprocal Capital reports $91,893,910 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (0% discretionary).

**How have Reciprocal Capital's assets and staff changed since 2021?**
In the Form ADV data for Reciprocal Capital: Regulatory assets under management: $154,355,963 in the October 2021 data and $91,893,910 in the October 2026 data, down 40%. Total employees: 1 in October 2021 and 1 in October 2026. Assets under management move with markets as well as with clients coming and going.

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

**Does Reciprocal Capital 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/285033

**Does Reciprocal Capital state an account minimum?**
Its Form ADV Part 2A brochure dated March 31, 2026 says: "Due to the nature of the investments, there is generally no minimum dollar value for establishing an advisory account."

**What changed in Reciprocal Capital's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $126,473,100 to $91,893,910 (-27%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Account minimum: None

> Due to the nature of the investments, there is generally no minimum dollar value for establishing an advisory account.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $91,893,910
- Discretionary: $9,605
- Non-discretionary: $91,884,305

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 7 | $91,893,910 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2016 (10 years)
- Employees: 1 total, 1 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- reciprocalcapital.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $154,355,963 | 1 | March 18, 2021 |
| October 2022 | $166,405,458 | 1 | September 26, 2022 |
| October 2023 | $140,716,088 | 1 | March 23, 2023 |
| October 2024 | $139,141,004 | 1 | March 22, 2024 |
| October 2025 | $126,473,100 | 1 | March 26, 2025 |
| October 2026 | $91,893,910 | 1 | March 31, 2026 |

Regulatory assets under management: $154,355,963 in the October 2021 data and $91,893,910 in the October 2026 data, down 40%.
Total employees: 1 in October 2021 and 1 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $126,473,100 to $91,893,910 (-27%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Reciprocal Capital (CRD 285033): Form ADV filing data as of October 2026.