# Waterwheel Capital Management

> Waterwheel Capital Management is an SEC-registered investment advisory firm in Athens, Greece, registered since 2017, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 26, 2026.

- CRD: 289407
- Filed as: WATERWHEEL CAPITAL MANAGEMENT
- Legal name: Waterwheel Capital Management, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Athens, Greece
- Filing period: October 2026
- Form ADV filing dated: March 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/289407
- AdvisorCensus page: https://advisorcensus.com/firm/waterwheel-capital-management-athens-289407

## Quick answers

**How is Waterwheel Capital Management compensated?**
On its Form ADV (Item 5.E, October 2026), Waterwheel Capital Management 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 Waterwheel Capital Management located?**
Waterwheel Capital Management's principal office is in Athens, Greece, according to its Form ADV.

**Is Waterwheel Capital Management registered with the SEC or a state?**
Waterwheel Capital Management is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 289407.

**How much does Waterwheel Capital Management manage?**
Waterwheel Capital Management reports $238,475,520 in regulatory assets under management in its Form ADV filing dated March 26, 2026 (100% discretionary).

**How have Waterwheel Capital Management's assets and staff changed since 2021?**
In the Form ADV data for Waterwheel Capital Management: Regulatory assets under management: $141,292,179 in the October 2021 data and $238,475,520 in the October 2026 data, up 69%. Total employees: 2 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Waterwheel Capital Management serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (8).

**Does Waterwheel Capital Management 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/289407

**What changed in Waterwheel Capital Management's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $137,629,500 to $238,475,520 (+73%).

## 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: $238,475,520
- Discretionary: $238,475,520
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 8 | $238,475,520 |

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

### Firm details
- Registered since: 2017 (9 years)
- Employees: 2 total, 2 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- LinkedIn @waterwheel-capital-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $141,292,179 | 2 | March 23, 2021 |
| October 2022 | $231,406,194 | 2 | September 16, 2022 |
| October 2023 | $233,178,449 | 2 | March 30, 2023 |
| October 2024 | $194,667,433 | 2 | March 29, 2024 |
| October 2025 | $137,629,500 | 2 | March 31, 2025 |
| October 2026 | $238,475,520 | 2 | March 26, 2026 |

Regulatory assets under management: $141,292,179 in the October 2021 data and $238,475,520 in the October 2026 data, up 69%.
Total employees: 2 in October 2021 and 2 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $137,629,500 to $238,475,520 (+73%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Waterwheel Capital Management (CRD 289407): Form ADV filing data as of October 2026.