# Yiheng Capital Management, L.P.

> Yiheng Capital Management, L.P. is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2013, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 163812
- Filed as: YIHENG CAPITAL MANAGEMENT, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/163812
- AdvisorCensus page: https://advisorcensus.com/firm/yiheng-capital-management-l-p-san-francisco-ca-163812

## Quick answers

**How is Yiheng Capital Management, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), Yiheng Capital Management, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Yiheng Capital Management, L.P. located?**
Yiheng Capital Management, L.P.'s principal office is in San Francisco, CA, according to its Form ADV.

**Is Yiheng Capital Management, L.P. registered with the SEC or a state?**
Yiheng Capital Management, L.P. is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 163812.

**How much does Yiheng Capital Management, L.P. manage?**
Yiheng Capital Management, L.P. reports $675,770,000 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Yiheng Capital Management, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Yiheng Capital Management, L.P.: Regulatory assets under management: $4,898,748,000 in the October 2021 data and $675,770,000 in the October 2026 data, down 86%. Total employees: 13 in October 2021 and 6 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Yiheng Capital Management, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).

**Does Yiheng Capital Management, L.P. 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/163812

**What changed in Yiheng Capital Management, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,227,286,000 to $675,770,000 (-45%).

## 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: $675,770,000
- Discretionary: $675,770,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $675,770,000 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |

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

### Firm details
- Registered since: 2013 (13 years)
- Employees: 6 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- yihengcapital.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,898,748,000 | 13 | March 31, 2021 |
| October 2022 | $3,817,585,000 | 16 | March 29, 2022 |
| October 2023 | $3,031,082,000 | 16 | April 6, 2023 |
| October 2024 | $2,617,000,000 | 16 | March 27, 2024 |
| October 2025 | $1,227,286,000 | 8 | March 26, 2025 |
| October 2026 | $675,770,000 | 6 | March 30, 2026 |

Regulatory assets under management: $4,898,748,000 in the October 2021 data and $675,770,000 in the October 2026 data, down 86%.
Total employees: 13 in October 2021 and 6 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,227,286,000 to $675,770,000 (-45%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Yiheng Capital Management, L.P. (CRD 163812): Form ADV filing data as of October 2026.