# 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.

- CRD: 165897
- Filed as: TURN/RIVER MANAGEMENT, L.P.
- Also doing business as: TURN/RIVER CAPITAL
- 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/165897
- AdvisorCensus page: https://advisorcensus.com/firm/turn-river-management-l-p-san-francisco-ca-165897

## Quick answers

**How 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

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

### Regulatory assets under management (Item 5.F)
- Total: $6,592,633,843
- Discretionary: $6,592,633,843
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 20 | $6,592,633,843 |

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

### Firm details
- Registered since: 2018 (8 years)
- Employees: 99 total, 87 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)
- turnriver.com
- LinkedIn @turn-river-capital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,037,530,079 | 32 | March 31, 2021 |
| October 2022 | $2,648,718,998 | 49 | March 30, 2022 |
| October 2023 | $2,440,581,642 | 57 | March 23, 2023 |
| October 2024 | $2,686,640,180 | 61 | March 25, 2024 |
| October 2025 | $4,862,952,100 | 71 | March 27, 2025 |
| October 2026 | $6,592,633,843 | 99 | March 30, 2026 |

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.

## 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. TURN/RIVER Management, L.P. (CRD 165897): Form ADV filing data as of October 2026.