# S2 Fund Manager, LLC

> S2 Fund Manager, LLC is an SEC-registered investment advisory firm in Dallas, TX, registered since 2023, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated July 14, 2026.

- CRD: 323759
- Filed as: S2 FUND MANAGER, LLC
- Also doing business as: S2 CAPITAL
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: July 14, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/323759
- AdvisorCensus page: https://advisorcensus.com/firm/s2-fund-manager-llc-dallas-tx-323759

## Quick answers

**How is S2 Fund Manager, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), S2 Fund Manager, 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 S2 Fund Manager, LLC located?**
S2 Fund Manager, LLC's principal office is in Dallas, TX, according to its Form ADV.

**Is S2 Fund Manager, LLC registered with the SEC or a state?**
S2 Fund Manager, LLC is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 323759.

**How much does S2 Fund Manager, LLC manage?**
S2 Fund Manager, LLC reports $474,775,840 in regulatory assets under management in its Form ADV filing dated July 14, 2026 (100% discretionary).

**How have S2 Fund Manager, LLC's assets and staff changed since 2023?**
In the Form ADV data for S2 Fund Manager, LLC: Regulatory assets under management: $100,050,000 in the October 2023 data and $474,775,840 in the October 2026 data, up 375%. Total employees: 30 in October 2023 and 42 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does S2 Fund Manager, 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 S2 Fund Manager, 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/323759

**What changed in S2 Fund Manager, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $792,258,466 to $464,747,990 (-41%). No longer lists an office in Stamford, CT. 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: $474,775,840
- Discretionary: $474,775,840
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $474,775,840 |

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

### Firm details
- Registered since: 2023 (3 years)
- Employees: 42 total, 14 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- s2cp.com
- LinkedIn @s2-capital-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | $100,050,000 | 30 | August 30, 2023 |
| October 2024 | $312,207,616 | 33 | April 2, 2024 |
| October 2025 | $792,258,466 | 45 | March 31, 2025 |
| October 2026 | $474,775,840 | 42 | July 14, 2026 |

Regulatory assets under management: $100,050,000 in the October 2023 data and $474,775,840 in the October 2026 data, up 375%.
Total employees: 30 in October 2023 and 42 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $792,258,466 to $464,747,990 (-41%).
- No longer lists an office in Stamford, CT.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. S2 Fund Manager, LLC (CRD 323759): Form ADV filing data as of October 2026.