# True Wind Capital Management, L.P.

> True Wind Capital Management, L.P. is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2016, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 281109
- Filed as: TRUE WIND CAPITAL MANAGEMENT, L.P.
- 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/281109
- AdvisorCensus page: https://advisorcensus.com/firm/true-wind-capital-management-l-p-san-francisco-ca-281109

## Quick answers

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

**Where is True Wind Capital Management, L.P. located?**
True Wind Capital Management, L.P.'s principal office is in San Francisco, CA, according to its Form ADV.

**Is True Wind Capital Management, L.P. registered with the SEC or a state?**
True Wind Capital Management, L.P. is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 281109.

**How much does True Wind Capital Management, L.P. manage?**
True Wind Capital Management, L.P. reports $2,078,315,040 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have True Wind Capital Management, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for True Wind Capital Management, L.P.: Regulatory assets under management: $1,645,509,873 in the October 2021 data and $2,078,315,040 in the October 2026 data, up 26%. Total employees: 21 in October 2021 and 28 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does True Wind Capital Management, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12).

**Does True Wind Capital Management, L.P. 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/281109

**What changed in True Wind Capital Management, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 19 to 17. 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: $2,078,315,040
- Discretionary: $2,078,315,040
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 12 | $2,078,315,040 |

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

### Firm details
- Registered since: 2016 (10 years)
- Employees: 28 total, 17 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)
- truewind.com
- LinkedIn @TRUE-WIND-CAPITAL

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,645,509,873 | 21 | October 1, 2021 |
| October 2022 | $1,844,133,321 | 20 | March 30, 2022 |
| October 2023 | $1,925,025,443 | 23 | March 28, 2023 |
| October 2024 | $1,844,004,991 | 23 | March 27, 2024 |
| October 2025 | $2,212,332,541 | 26 | March 27, 2025 |
| October 2026 | $2,078,315,040 | 28 | March 30, 2026 |

Regulatory assets under management: $1,645,509,873 in the October 2021 data and $2,078,315,040 in the October 2026 data, up 26%.
Total employees: 21 in October 2021 and 28 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 19 to 17.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. True Wind Capital Management, L.P. (CRD 281109): Form ADV filing data as of October 2026.