# Third Lake Partners, LLC

> Third Lake Partners, LLC is an SEC-registered investment advisory firm in Tampa, FL, registered since 2019, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 299961
- Filed as: THIRD LAKE PARTNERS, LLC
- Also doing business as: THIRD LAKE
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Tampa, FL
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/299961
- AdvisorCensus page: https://advisorcensus.com/firm/third-lake-partners-llc-tampa-fl-299961

## Quick answers

**How is Third Lake Partners, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Third Lake Partners, LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Third Lake Partners, LLC located?**
Third Lake Partners, LLC's principal office is in Tampa, FL, according to its Form ADV.

**Is Third Lake Partners, LLC registered with the SEC or a state?**
Third Lake Partners, LLC is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 299961.

**How much does Third Lake Partners, LLC manage?**
Third Lake Partners, LLC reports $5,970,075,889 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (49% discretionary).

**How have Third Lake Partners, LLC's assets and staff changed since 2021?**
In the Form ADV data for Third Lake Partners, LLC: Regulatory assets under management: $582,877,932 in the October 2021 data and $5,970,075,889 in the October 2026 data, up 924%. Total employees: 11 in October 2021 and 16 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Third Lake Partners, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (46); corporations or other businesses not listed above (8).

**Which custodians does Third Lake Partners, LLC use?**
Third Lake Partners, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Goldman Sachs & Co. LLC, Northern Trust Securities, Inc. and UBS Securities LLC as custodians holding 10% or more of its separately managed account assets.

**Does Third Lake Partners, 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/299961

**What changed in Third Lake Partners, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 14 to 13. Regulatory assets under management went from $3,351,962,319 to $5,970,075,889 (+78%). 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
- Hourly charges
- Fixed fees (other than subscription fees)
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Goldman Sachs & Co. LLC
- Northern Trust Securities, Inc.
- UBS Securities LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $5,970,075,889
- Discretionary: $2,899,692,312
- Non-discretionary: $3,070,383,577

### 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) | 46 | $1,764,573,250 |
| 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 | 8 | $4,205,502,639 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2019 (7 years)
- Employees: 16 total, 13 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [thirdlake.com](https://thirdlake.com)
- LinkedIn @thirdlake

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $582,877,932 | 11 | August 13, 2021 |
| October 2022 | $1,025,194,296 | 11 | August 3, 2022 |
| October 2023 | $2,167,397,704 | 19 | July 24, 2023 |
| October 2024 | $3,185,787,024 | 16 | March 29, 2024 |
| October 2025 | $3,351,962,319 | 15 | March 31, 2025 |
| October 2026 | $5,970,075,889 | 16 | March 31, 2026 |

Regulatory assets under management: $582,877,932 in the October 2021 data and $5,970,075,889 in the October 2026 data, up 924%.
Total employees: 11 in October 2021 and 16 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 14 to 13.
- Regulatory assets under management went from $3,351,962,319 to $5,970,075,889 (+78%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Third Lake Partners, LLC (CRD 299961): Form ADV filing data as of October 2026.