# System 2 Advisors, L.P.

> System 2 Advisors, L.P. is an SEC-registered investment advisory firm in Summit, NJ, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 164189
- Filed as: SYSTEM 2 ADVISORS, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Summit, NJ
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/164189
- AdvisorCensus page: https://advisorcensus.com/firm/system-2-advisors-l-p-summit-nj-164189

## Quick answers

**How is System 2 Advisors, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), System 2 Advisors, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is System 2 Advisors, L.P. located?**
System 2 Advisors, L.P.'s principal office is in Summit, NJ, according to its Form ADV.

**Is System 2 Advisors, L.P. registered with the SEC or a state?**
System 2 Advisors, L.P. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 164189.

**How much does System 2 Advisors, L.P. manage?**
System 2 Advisors, L.P. reports $912,860,000 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (6% discretionary).

**How have System 2 Advisors, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for System 2 Advisors, L.P.: Regulatory assets under management: $193,000,000 in the October 2021 data and $912,860,000 in the October 2026 data, up 373%. Total employees: 4 in October 2021 and 6 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does System 2 Advisors, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (9); investment companies (2).

**Does System 2 Advisors, L.P. 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/164189

**Does System 2 Advisors, L.P. state an account minimum?**
Its Form ADV Part 2A brochure dated March 31, 2026 says: "Underlying investors in each Fund typically must invest a minimum of $100,000 USD, although this requirement may be waived."

**What changed in System 2 Advisors, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $742,000,000 to $912,860,000 (+23%).

## 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: $100,000 (the brochure says it may be waived or negotiated)

> Underlying investors in each Fund typically must invest a minimum of $100,000 USD, although this requirement may be waived.

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

### Regulatory assets under management (Item 5.F)
- Total: $912,860,000
- Discretionary: $52,170,000
- Non-discretionary: $860,690,000

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Banking or thrift institutions | Not reported | $0 |
| Investment companies | 2 | $52,170,000 |
| Pooled investment vehicles (other than investment companies and business development companies) | 9 | $860,690,000 |
| Corporations or other businesses not listed above | Not reported | $0 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 6 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, NJ, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- s2adv.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $193,000,000 | 4 | March 16, 2021 |
| October 2022 | $331,000,000 | 5 | March 31, 2022 |
| October 2023 | $450,000,000 | 5 | August 24, 2023 |
| October 2024 | $615,000,000 | 6 | July 10, 2024 |
| October 2025 | $742,000,000 | 7 | March 25, 2025 |
| October 2026 | $912,860,000 | 6 | March 31, 2026 |

Regulatory assets under management: $193,000,000 in the October 2021 data and $912,860,000 in the October 2026 data, up 373%.
Total employees: 4 in October 2021 and 6 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $742,000,000 to $912,860,000 (+23%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. System 2 Advisors, L.P. (CRD 164189): Form ADV filing data as of October 2026.