# 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.

- CRD: 301822
- Filed as: WESTCAP MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/301822
- AdvisorCensus page: https://advisorcensus.com/firm/westcap-management-llc-san-francisco-ca-301822

## Quick answers

**How 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

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

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 1% to 2% a year (a range, as the brochure states it)

> 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)

> 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 brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $7,441,289,978
- Discretionary: $7,441,289,978
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 45 | $7,439,633,954 |
| Corporations or other businesses not listed above | 3 | $1,656,024 |

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

### Firm details
- Registered since: 2020 (6 years)
- Employees: 73 total, 15 performing advisory functions
- Wrap fee program participation: No
- 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
- London
- New York, NY
- Rye, NH

### Websites listed on Form ADV (Item 1.I)
- westcap.com
- LinkedIn @westcapgroup
- X @westcap8

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,914,106,373 | 23 | March 31, 2021 |
| October 2022 | $7,630,067,870 | 82 | September 13, 2022 |
| October 2023 | $6,876,755,049 | 97 | April 25, 2023 |
| October 2024 | $6,347,741,936 | 94 | March 29, 2024 |
| October 2025 | $8,810,959,570 | 80 | April 14, 2025 |
| October 2026 | $7,441,289,978 | 73 | March 31, 2026 |

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.

## 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%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Westcap Management, LLC (CRD 301822): Form ADV filing data as of October 2026.