# Sweetwater Private Equity

> Sweetwater Private Equity is an SEC-registered investment advisory firm in Encinitas, CA, registered since 2019, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated August 31, 2026.

- CRD: 297613
- Filed as: SWEETWATER PRIVATE EQUITY
- Legal name: Sweetwater Investment Management LLC
- Also doing business as: DBA. SWEETWATER PRIVATE EQUITY
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Encinitas, CA
- Filing period: October 2026
- Form ADV filing dated: August 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/297613
- AdvisorCensus page: https://advisorcensus.com/firm/sweetwater-private-equity-encinitas-ca-297613

## Quick answers

**How is Sweetwater Private Equity compensated?**
On its Form ADV (Item 5.E, October 2026), Sweetwater Private Equity 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 Sweetwater Private Equity located?**
Sweetwater Private Equity's principal office is in Encinitas, CA, according to its Form ADV; the September 2025 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Sweetwater Private Equity registered with the SEC or a state?**
Sweetwater Private Equity is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 297613.

**How much does Sweetwater Private Equity manage?**
Sweetwater Private Equity reports $1,580,323,645 in regulatory assets under management in its Form ADV filing dated August 31, 2026 (100% discretionary).

**How have Sweetwater Private Equity's assets and staff changed since 2021?**
In the Form ADV data for Sweetwater Private Equity: Regulatory assets under management: $596,043,769 in the October 2021 data and $1,580,323,645 in the October 2026 data, up 165%. Total employees: 7 in October 2021 and 20 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Sweetwater Private Equity serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (14).

**Does Sweetwater Private Equity report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.G (pending regulatory proceeding). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/297613

**What changed in Sweetwater Private Equity's recent Form ADV filings?**
In the April 2026 filing data: Item 11 disclosure answers changed: 1 yes answer, previously 0 (now yes: 11.G). Employees performing advisory functions went from 14 to 11. Regulatory assets under management went from $1,371,846,380 to $1,580,323,645 (+15%). No longer lists an office in Charleston, SC. 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: $1,580,323,645
- Discretionary: $1,580,323,645
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 14 | $1,580,323,645 |

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

### Firm details
- Registered since: 2019 (6 years)
- Employees: 20 total, 11 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.G: Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/297613

### Other offices (Schedule D, Section 1.F), as of the September 2025 filing
- Charleston, SC

### Websites listed on Form ADV (Item 1.I)
- sweetwaterpe.com
- LinkedIn @sweetwater-private-equity
- X @SweetwaterInvst

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $596,043,769 | 7 | April 29, 2021 |
| October 2022 | $887,577,107 | 10 | May 5, 2022 |
| October 2023 | $823,936,431 | 10 | March 29, 2023 |
| October 2024 | $1,139,916,747 | 14 | June 12, 2024 |
| October 2025 | $1,293,398,986 | 21 | March 28, 2025 |
| October 2026 | $1,580,323,645 | 20 | August 31, 2026 |

Regulatory assets under management: $596,043,769 in the October 2021 data and $1,580,323,645 in the October 2026 data, up 165%.
Total employees: 7 in October 2021 and 20 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Item 11 disclosure answers changed: 1 yes answer, previously 0 (now yes: 11.G).
- Employees performing advisory functions went from 14 to 11.
- Regulatory assets under management went from $1,371,846,380 to $1,580,323,645 (+15%).
- No longer lists an office in Charleston, SC.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Sweetwater Private Equity (CRD 297613): Form ADV filing data as of October 2026.