# 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.

- CRD: 283612
- Filed as: TORONADO PARTNERS LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/283612
- AdvisorCensus page: https://advisorcensus.com/firm/toronado-partners-llc-san-francisco-ca-283612

## Quick answers

**How 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

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 17, 2026)

- Asset-based fee: 1.5% of assets a year

> 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 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 brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $253,749,496
- Discretionary: $253,749,496
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $253,749,496 |

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

### Firm details
- Registered since: 2019 (7 years)
- Employees: 3 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- toronadocap.com
- LinkedIn @TORONADOCAPITALMANAGEMENT

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $754,155,684 | 5 | March 30, 2021 |
| October 2022 | $699,139,993 | 6 | March 28, 2022 |
| October 2023 | $603,571,000 | 6 | March 28, 2023 |
| October 2024 | $335,873,101 | 3 | August 29, 2024 |
| October 2025 | $333,124,580 | 3 | March 27, 2025 |
| October 2026 | $253,749,496 | 3 | March 17, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $333,124,580 to $253,749,496 (-24%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Toronado Partners LLC (CRD 283612): Form ADV filing data as of October 2026.