# Tree Line Capital Partners, LLC

> Tree Line Capital Partners, LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2015, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 173784
- Filed as: TREE LINE CAPITAL PARTNERS, LLC
- Also doing business as: ENHANCED SBIC II GP, LLC, PPC-TL SENIOR SECONDARY LOANS GP, LLC, TLDL (SC) GP, LLC, TREE LINE DIRECT LENDING GP II, LLC, TREE LINE DIRECT LENDING GP, LLC, TREE LINE DIRECT LENDING III GP, LLC, TREE LINE DIRECT LENDING IV GP, LLC, TREE LINE ISAR SENIOR LOAN FUND GP, LLC, TREE LINE SBIC II, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/173784
- AdvisorCensus page: https://advisorcensus.com/firm/tree-line-capital-partners-llc-san-francisco-ca-173784

## Quick answers

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

**Where is Tree Line Capital Partners, LLC located?**
Tree Line Capital Partners, LLC's principal office is in San Francisco, CA, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Tree Line Capital Partners, LLC registered with the SEC or a state?**
Tree Line Capital Partners, LLC is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 173784.

**How much does Tree Line Capital Partners, LLC manage?**
Tree Line Capital Partners, LLC reports $3,847,683,975 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Tree Line Capital Partners, LLC's assets and staff changed since 2021?**
In the Form ADV data for Tree Line Capital Partners, LLC: Regulatory assets under management: $1,113,144,774 in the October 2021 data and $3,847,683,975 in the October 2026 data, up 246%. Total employees: 17 in October 2021 and 30 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Tree Line Capital Partners, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (14).

**Does Tree Line Capital 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/173784

**What changed in Tree Line Capital Partners, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 18 to 20. Regulatory assets under management went from $3,005,373,114 to $3,847,683,975 (+28%). Changed its office addresses in New York, NY. Added an office in Austin, TX. Registered or notice-filed in TX. 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

### Regulatory assets under management (Item 5.F)
- Total: $3,847,683,975
- Discretionary: $3,847,683,975
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 14 | $2,774,597,045 |
| Other investment advisers | Fewer than 5 | $1,026,887,075 |
| Insurance companies | Fewer than 5 | $46,199,855 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2015 (11 years)
- Employees: 30 total, 20 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Austin, TX
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- treelinecp.com
- LinkedIn @tree-line-capital-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,113,144,774 | 17 | July 27, 2021 |
| October 2022 | $1,589,286,594 | 18 | March 31, 2022 |
| October 2023 | $2,152,185,785 | 23 | March 31, 2023 |
| October 2024 | $2,272,501,287 | 23 | September 9, 2024 |
| October 2025 | $3,005,373,114 | 29 | July 8, 2025 |
| October 2026 | $3,847,683,975 | 30 | March 30, 2026 |

Regulatory assets under management: $1,113,144,774 in the October 2021 data and $3,847,683,975 in the October 2026 data, up 246%.
Total employees: 17 in October 2021 and 30 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 18 to 20.
- Regulatory assets under management went from $3,005,373,114 to $3,847,683,975 (+28%).
- Changed its office addresses in New York, NY.
- Added an office in Austin, TX.
- Registered or notice-filed in TX.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Tree Line Capital Partners, LLC (CRD 173784): Form ADV filing data as of October 2026.