AdvisorCensus / Financial advisors / California / San Francisco / Toronado Partners LLC
Toronado Partners LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2019, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 17, 2026.
Quick answers
From the filingHow is Toronado Partners LLC compensated?
On its Form ADV (Item 5.E, October 2026), Toronado Partners LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
How much does Toronado Partners LLC charge?
Its Form ADV Part 2A brochure dated March 17, 2026 states: Asset-based fee: 1.5% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Toronado Partners LLC located?
Toronado Partners LLC's principal office is in San Francisco, CA, according to its Form ADV.
Is Toronado Partners LLC registered with the SEC or a state?
Toronado Partners LLC is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 283612.
How much does Toronado Partners LLC manage?
Toronado Partners LLC reports $253,749,496 in regulatory assets under management in its Form ADV filing dated March 17, 2026 (100% discretionary).
How have Toronado Partners LLC's assets and staff changed since 2021?
In the Form ADV data for Toronado Partners LLC: Regulatory assets under management: $754,155,684 in the October 2021 data and $253,749,496 in the October 2026 data, down 66%. Total employees: 5 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Toronado Partners LLC serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).
Does Toronado 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/283612
Does Toronado Partners LLC state an account minimum?
Its Form ADV Part 2A brochure dated March 17, 2026 says: "The Funds generally require a minimum initial investment of $1,000,000, however, the minimum initial contribution is subject to reduction or waiver at the discretion of the Fund General Partner or Offshore Fund Board of Directors."
What changed in Toronado Partners LLC's recent Form ADV filings?
In the April 2026 filing data: Regulatory assets under management went from $333,124,580 to $253,749,496 (-24%).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: 1.5% of assets a year
The brochure's wording
The Management Fee is generally equal to 1.5% per annum of the value of the Funds’ net assets under management.
Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)
The brochure's wording
The Funds generally require a minimum initial investment of $1,000,000, however, the minimum initial contribution is subject to reduction or waiver at the discretion of the Fund General Partner or Offshore Fund Board of Directors.
As stated in the firm's Form ADV Part 2A brochure dated March 17, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$253,749,496 as of October 2026, filing dated March 17, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2019 (7 years)
- Employees
- Total: 3. Performing investment advisory functions: 2.
- Wrap fee program participation
- No.
- States registered or notice-filed
-
1 state or jurisdiction
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $253,749,496 | 3 | March 17, 2026 |
| October 2025 | $333,124,580 | 3 | March 27, 2025 |
| October 2024 | $335,873,101 | 3 | August 29, 2024 |
| October 2023 | $603,571,000 | 6 | March 28, 2023 |
| October 2022 | $699,139,993 | 6 | March 28, 2022 |
| October 2021 | $754,155,684 | 5 | March 30, 2021 |
Regulatory assets under management: $754,155,684 in the October 2021 data and $253,749,496 in the October 2026 data, down 66%.
Total employees: 5 in October 2021 and 3 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Regulatory assets under management went from $333,124,580 to $253,749,496 (-24%).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Toronado Partners LLC (CRD 283612): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/toronado-partners-llc-san-francisco-ca-283612