AdvisorCensus / Financial advisors / California / San Francisco / Westcap Management, LLC
Westcap Management, LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2020, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.
Quick answers
From the filingHow is Westcap Management, LLC compensated?
On its Form ADV (Item 5.E, October 2026), Westcap Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
How much does Westcap Management, LLC charge?
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 1% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Westcap Management, LLC located?
Westcap Management, LLC's principal office is in San Francisco, CA, according to its Form ADV; the April 2026 filing also lists 3 other offices (Schedule D, Section 1.F).
Is Westcap Management, LLC registered with the SEC or a state?
Westcap Management, LLC is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 301822.
How much does Westcap Management, LLC manage?
Westcap Management, LLC reports $7,441,289,978 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).
How have Westcap Management, LLC's assets and staff changed since 2021?
In the Form ADV data for Westcap Management, LLC: Regulatory assets under management: $1,914,106,373 in the October 2021 data and $7,441,289,978 in the October 2026 data, up 289%. Total employees: 23 in October 2021 and 73 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Westcap Management, LLC serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (45); corporations or other businesses not listed above (3).
Does Westcap Management, 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/301822
Does Westcap Management, LLC state an account minimum?
Its Form ADV Part 2A brochure dated March 31, 2026 says: "We generally target a minimum capital commitment of $5,000,000 by investors, although that level of investment can be waived by the applicable General Partner or Managing Member of a Fund."
What changed in Westcap Management, LLC's recent Form ADV filings?
In the April 2026 filing data: Employees performing advisory functions went from 16 to 15. Regulatory assets under management went from $8,810,959,570 to $7,441,289,978 (-16%).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: 1% to 2% a year (a range, as the brochure states it)
The brochure's wording
In general, depending on the Fund, the management fees range from 1% to 2% annually of the total capital committed to a Fund by its investors and may be waived or reduced in our discretion for particular investors.
Account minimum: $5,000,000 (the brochure says it may be waived or negotiated)
The brochure's wording
We generally target a minimum capital commitment of $5,000,000 by investors, although that level of investment can be waived by the applicable General Partner or Managing Member of a Fund.
As stated in the firm's Form ADV Part 2A brochure dated March 31, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$7,441,289,978 as of October 2026, filing dated March 31, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2020 (6 years)
- Employees
- Total: 73. Performing investment advisory functions: 15.
- Wrap fee program participation
- No.
- Other offices (Schedule D, Section 1.F)
-
3 other offices, as of the April 2026 filing
- States registered or notice-filed
- Not reported.
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $7,441,289,978 | 73 | March 31, 2026 |
| October 2025 | $8,810,959,570 | 80 | April 14, 2025 |
| October 2024 | $6,347,741,936 | 94 | March 29, 2024 |
| October 2023 | $6,876,755,049 | 97 | April 25, 2023 |
| October 2022 | $7,630,067,870 | 82 | September 13, 2022 |
| October 2021 | $1,914,106,373 | 23 | March 31, 2021 |
Regulatory assets under management: $1,914,106,373 in the October 2021 data and $7,441,289,978 in the October 2026 data, up 289%.
Total employees: 23 in October 2021 and 73 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Employees performing advisory functions went from 16 to 15.
- Regulatory assets under management went from $8,810,959,570 to $7,441,289,978 (-16%).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Westcap Management, LLC (CRD 301822): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/westcap-management-llc-san-francisco-ca-301822