# Valiant Capital Management, L.P.

> Valiant Capital Management, L.P. is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 15, 2026.

- CRD: 158071
- Filed as: VALIANT 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: May 15, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/158071
- AdvisorCensus page: https://advisorcensus.com/firm/valiant-capital-management-l-p-san-francisco-ca-158071

## Quick answers

**How is Valiant Capital Management, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Valiant Capital Management, L.P. reports these compensation arrangements: a percentage of assets under its management; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Valiant Capital Management, L.P. located?**
Valiant Capital Management, L.P.'s principal office is in San Francisco, CA, according to its Form ADV; the June 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Valiant Capital Management, L.P. registered with the SEC or a state?**
Valiant Capital Management, L.P. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 158071.

**How much does Valiant Capital Management, L.P. manage?**
Valiant Capital Management, L.P. reports $3,827,816,303 in regulatory assets under management in its Form ADV filing dated May 15, 2026 (100% discretionary).

**How have Valiant Capital Management, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Valiant Capital Management, L.P.: Regulatory assets under management: $4,210,171,574 in the October 2021 data and $3,827,816,303 in the October 2026 data, down 9%. Total employees: 27 in October 2021 and 29 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Valiant 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) (13).

**Does Valiant Capital Management, L.P. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158071

**What changed in Valiant Capital Management, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 10 to 14. Regulatory assets under management went from $2,731,402,810 to $3,827,816,303 (+40%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $3,827,816,303
- Discretionary: $3,827,816,303
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 13 | $3,756,703,896 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | Fewer than 5 | $71,112,407 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 29 total, 14 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158071

### Other offices (Schedule D, Section 1.F), as of the June 2026 filing
- Santa Monica, CA

### Websites listed on Form ADV (Item 1.I)
- [valiantcapital.com](https://valiantcapital.com)
- [valiantperegrine.com](https://valiantperegrine.com)
- LinkedIn @valiant-capital-partners
- LinkedIn @valiant-peregrine

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,210,171,574 | 27 | June 8, 2021 |
| October 2022 | $3,619,807,075 | 29 | March 31, 2022 |
| October 2023 | $2,393,575,123 | 29 | August 18, 2023 |
| October 2024 | $2,813,312,473 | 29 | April 17, 2024 |
| October 2025 | $2,731,402,810 | 25 | April 22, 2025 |
| October 2026 | $3,827,816,303 | 29 | May 15, 2026 |

Regulatory assets under management: $4,210,171,574 in the October 2021 data and $3,827,816,303 in the October 2026 data, down 9%.
Total employees: 27 in October 2021 and 29 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 10 to 14.
- Regulatory assets under management went from $2,731,402,810 to $3,827,816,303 (+40%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Valiant Capital Management, L.P. (CRD 158071): Form ADV filing data as of October 2026.