# Thorntree Capital Partners LP

> Thorntree Capital Partners LP is an SEC-registered investment advisory firm in Boston, MA, registered since 2016, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated July 8, 2026.

- CRD: 283643
- Filed as: THORNTREE CAPITAL PARTNERS LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: July 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/283643
- AdvisorCensus page: https://advisorcensus.com/firm/thorntree-capital-partners-lp-boston-ma-283643

## Quick answers

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

**Where is Thorntree Capital Partners LP located?**
Thorntree Capital Partners LP's principal office is in Boston, MA, according to its Form ADV.

**Is Thorntree Capital Partners LP registered with the SEC or a state?**
Thorntree Capital Partners LP is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 283643.

**How much does Thorntree Capital Partners LP manage?**
Thorntree Capital Partners LP reports $955,280,269 in regulatory assets under management in its Form ADV filing dated July 8, 2026 (100% discretionary).

**How have Thorntree Capital Partners LP's assets and staff changed since 2021?**
In the Form ADV data for Thorntree Capital Partners LP: Regulatory assets under management: $986,185,851 in the October 2021 data and $955,280,269 in the October 2026 data, down 3%. Total employees: 8 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Thorntree Capital Partners LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6).

**Does Thorntree Capital Partners LP 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/283643

**Does Thorntree Capital Partners LP state an account minimum?**
Its Form ADV Part 2A brochure dated July 8, 2026 says: "The minimum commitment for a Fund Investor is generally $1,000,000. However, ThornTree and/or its affiliates maintain discretion to accept less than the minimum investment threshold."

**What changed in Thorntree Capital Partners LP's recent Form ADV filings?**
In the August 2026 filing data: 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

### Fees and minimums (Form ADV Part 2A brochure dated July 8, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> The minimum commitment for a Fund Investor is generally $1,000,000. However, ThornTree and/or its affiliates maintain discretion to accept less than the minimum investment threshold.

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

### Regulatory assets under management (Item 5.F)
- Total: $955,280,269
- Discretionary: $955,280,269
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $955,280,269 |

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

### Firm details
- Registered since: 2016 (10 years)
- Employees: 8 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $986,185,851 | 8 | March 26, 2021 |
| October 2022 | $918,790,433 | 8 | September 13, 2022 |
| October 2023 | $570,189,408 | 9 | March 31, 2023 |
| October 2024 | $752,295,521 | 9 | March 28, 2024 |
| October 2025 | $1,084,145,947 | 10 | March 31, 2025 |
| October 2026 | $955,280,269 | 8 | July 8, 2026 |

Regulatory assets under management: $986,185,851 in the October 2021 data and $955,280,269 in the October 2026 data, down 3%.
Total employees: 8 in October 2021 and 8 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 7 to 6.
- Regulatory assets under management went from $1,084,145,947 to $955,280,269 (-12%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Thorntree Capital Partners LP (CRD 283643): Form ADV filing data as of October 2026.