# VMG Partners II, LLC

> VMG Partners II, LLC 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 July 21, 2026.

- CRD: 157720
- Filed as: VMG PARTNERS II, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: July 21, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/157720
- AdvisorCensus page: https://advisorcensus.com/firm/vmg-partners-ii-llc-san-francisco-ca-157720

## Quick answers

**How is VMG Partners II, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), VMG Partners II, LLC 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 VMG Partners II, LLC located?**
VMG Partners II, LLC's principal office is in San Francisco, CA, according to its Form ADV.

**Is VMG Partners II, LLC registered with the SEC or a state?**
VMG Partners II, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157720.

**How much does VMG Partners II, LLC manage?**
VMG Partners II, LLC reports $3,171,264,048 in regulatory assets under management in its Form ADV filing dated July 21, 2026 (100% discretionary).

**How have VMG Partners II, LLC's assets and staff changed since 2021?**
In the Form ADV data for VMG Partners II, LLC: Regulatory assets under management: $2,697,815,049 in the October 2021 data and $3,171,264,048 in the October 2026 data, up 18%. Total employees: 32 in October 2021 and 36 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does VMG Partners II, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (28).

**Does VMG Partners II, LLC 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/157720

**What changed in VMG Partners II, LLC's recent Form ADV filings?**
In the August 2026 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

### Regulatory assets under management (Item 5.F)
- Total: $3,171,264,048
- Discretionary: $3,171,264,048
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 28 | $3,171,264,048 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 36 total, 30 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- medium.com/@VMG_Partners
- unfinishedbiz.com
- vmgpartners.com
- vmgpartners.substack.com
- LinkedIn @UNFINISHED-BIZ
- LinkedIn @VMG-PARTNERS
- X @UNFIN_BIZ
- X @VMG_PARTNERS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,697,815,049 | 32 | August 3, 2021 |
| October 2022 | $3,224,297,342 | 42 | March 31, 2022 |
| October 2023 | $2,902,808,287 | 39 | March 31, 2023 |
| October 2024 | $2,961,628,228 | 36 | May 17, 2024 |
| October 2025 | $3,387,245,759 | 39 | March 28, 2025 |
| October 2026 | $3,171,264,048 | 36 | July 21, 2026 |

Regulatory assets under management: $2,697,815,049 in the October 2021 data and $3,171,264,048 in the October 2026 data, up 18%.
Total employees: 32 in October 2021 and 36 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 34 to 30.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. VMG Partners II, LLC (CRD 157720): Form ADV filing data as of October 2026.