# VRM Penzini Capital L.L.C.

> VRM Penzini Capital L.L.C. is an SEC-registered investment advisory firm in San Juan, PR, registered since 2026, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 24, 2026.

- CRD: 336315
- Filed as: VRM PENZINI CAPITAL L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Juan, PR
- Filing period: October 2026
- Form ADV filing dated: March 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/336315
- AdvisorCensus page: https://advisorcensus.com/firm/vrm-penzini-capital-l-l-c-san-juan-pr-336315

## Quick answers

**How is VRM Penzini Capital L.L.C. compensated?**
On its Form ADV (Item 5.E, October 2026), VRM Penzini Capital L.L.C. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is VRM Penzini Capital L.L.C. located?**
VRM Penzini Capital L.L.C.'s principal office is in San Juan, PR, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is VRM Penzini Capital L.L.C. registered with the SEC or a state?**
VRM Penzini Capital L.L.C. is an SEC-registered investment advisory firm, registered since 2026. Status as filed: Approved. CRD 336315.

**How much does VRM Penzini Capital L.L.C. manage?**
VRM Penzini Capital L.L.C. reports $269,217,587 in regulatory assets under management in its Form ADV filing dated March 24, 2026 (100% discretionary).

**What types of clients does VRM Penzini Capital L.L.C. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12).

**Does VRM Penzini Capital L.L.C. 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/336315

**What changed in VRM Penzini Capital L.L.C.'s recent Form ADV filings?**
In the April 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
- Fixed fees (other than subscription fees)
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $269,217,587
- Discretionary: $269,217,587
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 12 | $269,217,587 |

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

### Firm details
- Registered since: 2026 (0 years)
- Employees: 4 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: PR
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Coral Gable, FL

### Websites listed on Form ADV (Item 1.I)
- [vrmpenzini.com](https://vrmpenzini.com)
- LinkedIn @vrm-penzini

## Changes in the filing (last 12 months)

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

### December 2025
- Began filing reports as an exempt reporting adviser.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. VRM Penzini Capital L.L.C. (CRD 336315): Form ADV filing data as of October 2026.