{ "crd_number": 165897, "slug": "turn-river-management-l-p-san-francisco-ca-165897", "primary_business_name": "TURN/RIVER MANAGEMENT, L.P.", "legal_name": "TURN/RIVER MANAGEMENT, L.P.", "dbas": [ "TURN/RIVER CAPITAL" ], "city": "San Francisco", "state": "CA", "country": "United States", "cbsa_code": "41860", "metro": { "cbsa_code": "41860", "common_name": "San Francisco", "msa_name": "San Francisco-Oakland-Fremont, CA", "path": "/advisors/ca/san-francisco" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2018-07-27", "years_registered": 8, "period": "2026-10-01", "filing_date": "2026-03-30", "carried_forward": false, "raum_total": 6592633843.0, "raum_discretionary": 6592633843.0, "raum_non_discretionary": 0.0, "raum_band": "over_5b", "raum_band_label": "Over $5 billion", "total_employees": 99, "advisory_employees": 87, "client_count_bucket": null, "clients_by_type": { "pooled_investment_vehicles": { "raum": 6592633843.0, "count": 20 } }, "compensation_types": [ "other", "percentage_of_aum", "performance_based" ], "advisory_activities": [ "other", "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "CA" ], "websites": [ "https://linkedin.com/company/turn-river-capital", "https://turnriver.com" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/165897", "city_as_filed": "SAN FRANCISCO", "url": "https://advisorcensus.com/firm/turn-river-management-l-p-san-francisco-ca-165897", "display_name": "TURN/RIVER Management, L.P.", "summary": "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.", "citation": "AdvisorCensus. TURN/RIVER Management, L.P. (CRD 165897): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees", "Other" ], "advisory_activity_labels": [ "Portfolio management for pooled investment vehicles (other than investment companies)", "Other" ], "quick_answers": [ { "q": "How is TURN/RIVER Management, L.P. compensated?", "a": "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." }, { "q": "Where is TURN/RIVER Management, L.P. located?", "a": "TURN/RIVER Management, L.P.'s principal office is in San Francisco, CA, according to its Form ADV." }, { "q": "Is TURN/RIVER Management, L.P. registered with the SEC or a state?", "a": "TURN/RIVER Management, L.P. is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 165897." }, { "q": "How much does TURN/RIVER Management, L.P. manage?", "a": "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)." }, { "q": "How have TURN/RIVER Management, L.P.'s assets and staff changed since 2021?", "a": "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." }, { "q": "What types of clients does TURN/RIVER Management, L.P. serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (20)." }, { "q": "Does TURN/RIVER Management, L.P. report any disciplinary disclosures?", "a": "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" }, { "q": "What changed in TURN/RIVER Management, L.P.'s recent Form ADV filings?", "a": "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)." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 1037530079.0, "total_employees": 32, "filing_date": "2021-03-31" }, { "period": "2022-10-01", "regulatory_assets_under_management": 2648718998.0, "total_employees": 49, "filing_date": "2022-03-30" }, { "period": "2023-10-01", "regulatory_assets_under_management": 2440581642.0, "total_employees": 57, "filing_date": "2023-03-23" }, { "period": "2024-10-01", "regulatory_assets_under_management": 2686640180.0, "total_employees": 61, "filing_date": "2024-03-25" }, { "period": "2025-10-01", "regulatory_assets_under_management": 4862952100.0, "total_employees": 71, "filing_date": "2025-03-27" }, { "period": "2026-10-01", "regulatory_assets_under_management": 6592633843.0, "total_employees": 99, "filing_date": "2026-03-30" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "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)." ] } ], "fees_from_brochure": null, "custodians": [], "custodians_note": null, "markdown_url": "https://advisorcensus.com/firm/turn-river-management-l-p-san-francisco-ca-165897.md", "clients": [ { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 20, "fewer_than_5": false, "raum": 6592633843.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/165897", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }