# Varagon Capital Partners, L.P.

> Varagon Capital Partners, L.P. is an SEC-registered investment advisory firm in New York, NY, registered since 2016, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 23, 2026.

- CRD: 281851
- Filed as: VARAGON CAPITAL PARTNERS, L.P.
- Also doing business as: MAN GROUP, MAN VARAGON
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: July 23, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/281851
- AdvisorCensus page: https://advisorcensus.com/firm/varagon-capital-partners-l-p-new-york-ny-281851

## Quick answers

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

**Where is Varagon Capital Partners, L.P. located?**
Varagon Capital Partners, L.P.'s principal office is in New York, NY, according to its Form ADV; the August 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Varagon Capital Partners, L.P. registered with the SEC or a state?**
Varagon Capital Partners, L.P. is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 281851.

**How much does Varagon Capital Partners, L.P. manage?**
Varagon Capital Partners, L.P. reports $13,994,169,582 in regulatory assets under management in its Form ADV filing dated July 23, 2026 (55% discretionary).

**How have Varagon Capital Partners, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Varagon Capital Partners, L.P.: Regulatory assets under management: $14,555,632,892 in the October 2021 data and $13,994,169,582 in the October 2026 data, down 4%. Total employees: 80 in October 2021 and 78 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Varagon Capital Partners, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (14); insurance companies (12).

**Does Varagon Capital Partners, L.P. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.F (authorization as an attorney, accountant, or federal contractor revoked or suspended). 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/281851

**What changed in Varagon Capital Partners, L.P.'s recent Form ADV filings?**
In the November 2025 filing data: 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: $13,994,169,582
- Discretionary: $7,738,177,449
- Non-discretionary: $6,255,992,133

### 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) | 14 | $8,559,485,056 |
| 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 | 12 | $5,434,684,526 |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

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

### Firm details
- Registered since: 2016 (10 years)
- Employees: 78 total, 45 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, IL, MA, NY, TX
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.F: Has an authorization to act as an attorney, accountant, or federal contractor granted to the firm or an advisory affiliate ever been revoked or suspended?

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/281851

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Chicago, IL
- Dedham, MA

### Websites listed on Form ADV (Item 1.I)
- man.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $14,555,632,892 | 80 | March 30, 2021 |
| October 2022 | $15,747,213,706 | 80 | May 5, 2022 |
| October 2023 | $15,538,441,598 | 81 | September 15, 2023 |
| October 2024 | $13,745,373,750 | 70 | April 29, 2024 |
| October 2025 | $13,560,133,868 | 76 | April 21, 2025 |
| October 2026 | $13,994,169,582 | 78 | July 23, 2026 |

Regulatory assets under management: $14,555,632,892 in the October 2021 data and $13,994,169,582 in the October 2026 data, down 4%.
Total employees: 80 in October 2021 and 78 in October 2026.

## Changes in the filing (last 12 months)

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Varagon Capital Partners, L.P. (CRD 281851): Form ADV filing data as of October 2026.