# Virage Capital Management LP

> Virage Capital Management LP is an SEC-registered investment advisory firm in Houston, TX, registered since 2014, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 167992
- Filed as: VIRAGE CAPITAL MANAGEMENT LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Houston, TX
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/167992
- AdvisorCensus page: https://advisorcensus.com/firm/virage-capital-management-lp-houston-tx-167992

## Quick answers

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

**Where is Virage Capital Management LP located?**
Virage Capital Management LP's principal office is in Houston, TX, according to its Form ADV.

**Is Virage Capital Management LP registered with the SEC or a state?**
Virage Capital Management LP is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 167992.

**How much does Virage Capital Management LP manage?**
Virage Capital Management LP reports $588,349,174 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (95% discretionary).

**How have Virage Capital Management LP's assets and staff changed since 2021?**
In the Form ADV data for Virage Capital Management LP: Regulatory assets under management: $564,230,754 in the October 2021 data and $588,349,174 in the October 2026 data, up 4%. Total employees: 14 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Virage Capital Management LP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6); other (2); corporations or other businesses not listed above (1).

**Which custodians does Virage Capital Management LP use?**
Virage Capital Management LP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists JP Morgan Chase Bank, N.A. as a custodian holding 10% or more of its separately managed account assets.

**Does Virage Capital Management LP report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation), 11.D(3) (another regulator's finding of causing a business's authorization to be denied, suspended, revoked, or restricted), and 11.D(5) (another regulator's denial, suspension, or revocation of a registration or license, bar, or restriction). 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/167992

**What changed in Virage Capital Management LP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 7 to 6. Regulatory assets under management went from $690,939,646 to $588,349,174 (-15%).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- JP Morgan Chase Bank, N.A.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $588,349,174
- Discretionary: $557,827,357
- Non-discretionary: $30,521,817

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $467,924,215 |
| Corporations or other businesses not listed above | 1 | $6,929,252 |
| Other | 2 | $113,495,707 |

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

### Firm details
- Registered since: 2014 (12 years)
- Employees: 12 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports 3 disclosure items 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?
- 11.D(3): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?
- 11.D(5): Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?

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/167992

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $564,230,754 | 14 | September 21, 2021 |
| October 2022 | $668,416,671 | 15 | September 26, 2022 |
| October 2023 | $1,524,293,719 | 17 | March 28, 2023 |
| October 2024 | $994,808,747 | 14 | July 1, 2024 |
| October 2025 | $690,939,646 | 14 | March 28, 2025 |
| October 2026 | $588,349,174 | 12 | March 30, 2026 |

Regulatory assets under management: $564,230,754 in the October 2021 data and $588,349,174 in the October 2026 data, up 4%.
Total employees: 14 in October 2021 and 12 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 7 to 6.
- Regulatory assets under management went from $690,939,646 to $588,349,174 (-15%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Virage Capital Management LP (CRD 167992): Form ADV filing data as of October 2026.