AdvisorCensus / Financial advisors / California / San Francisco / TURN/RIVER Management, L.P.
TURN/RIVER Management, L.P. is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2018, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.
Quick answers
From the filingHow is TURN/RIVER Management, L.P. compensated?
On its Form ADV (Item 5.E, October 2026), TURN/RIVER Management, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.
Where is TURN/RIVER Management, L.P. located?
TURN/RIVER Management, L.P.'s principal office is in San Francisco, CA, according to its Form ADV.
Is TURN/RIVER Management, L.P. registered with the SEC or a state?
TURN/RIVER Management, L.P. is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 165897.
How much does TURN/RIVER Management, L.P. manage?
TURN/RIVER Management, L.P. reports $6,592,633,843 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).
How have TURN/RIVER Management, L.P.'s assets and staff changed since 2021?
In the Form ADV data for TURN/RIVER Management, L.P.: Regulatory assets under management: $1,037,530,079 in the October 2021 data and $6,592,633,843 in the October 2026 data, up 535%. Total employees: 32 in October 2021 and 99 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does TURN/RIVER 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) (20).
Does TURN/RIVER 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/165897
What changed in TURN/RIVER Management, L.P.'s recent Form ADV filings?
In the April 2026 filing data: Employees performing advisory functions went from 62 to 87. Regulatory assets under management went from $4,862,952,100 to $6,592,633,843 (+36%). Updated its list of owners and control persons (Schedule A).
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
- Other
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 2ASee the firm's brochure (dated March 30, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$6,592,633,843 as of October 2026, filing dated March 30, 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)
- Other
Registration and firm details
Items 1, 2, 5- Also doing business as
- TURN/RIVER CAPITAL
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2018 (8 years)
- Employees
- Total: 99. Performing investment advisory functions: 87.
- 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 | $6,592,633,843 | 99 | March 30, 2026 |
| October 2025 | $4,862,952,100 | 71 | March 27, 2025 |
| October 2024 | $2,686,640,180 | 61 | March 25, 2024 |
| October 2023 | $2,440,581,642 | 57 | March 23, 2023 |
| October 2022 | $2,648,718,998 | 49 | March 30, 2022 |
| October 2021 | $1,037,530,079 | 32 | March 31, 2021 |
Regulatory assets under management: $1,037,530,079 in the October 2021 data and $6,592,633,843 in the October 2026 data, up 535%.
Total employees: 32 in October 2021 and 99 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
- Employees performing advisory functions went from 62 to 87.
- Regulatory assets under management went from $4,862,952,100 to $6,592,633,843 (+36%).
- Updated its list of owners and control persons (Schedule A).
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. TURN/RIVER Management, L.P. (CRD 165897): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/turn-river-management-l-p-san-francisco-ca-165897