# Yucaipa Master Manager, LLC

> Yucaipa Master Manager, LLC is an SEC-registered investment advisory firm in Los Angeles, CA, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 158216
- Filed as: YUCAIPA MASTER MANAGER, LLC
- Also doing business as: CALIFORNIA MANAGEMENT ASSOCIATES II, LLC (RELYING ADVISER), CALIFORNIA MANAGEMENT ASSOCIATES, LLC (RELYING ADVISER), YASS MANAGER, LLC (RELYING ADVISER), YUCAIPA ALLIANCE MANAGEMENT, LLC (RELYING ADVISER)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Los Angeles, CA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/158216
- AdvisorCensus page: https://advisorcensus.com/firm/yucaipa-master-manager-llc-los-angeles-ca-158216

## Quick answers

**How is Yucaipa Master Manager, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Yucaipa Master Manager, LLC 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 Yucaipa Master Manager, LLC located?**
Yucaipa Master Manager, LLC's principal office is in Los Angeles, CA, according to its Form ADV.

**Is Yucaipa Master Manager, LLC registered with the SEC or a state?**
Yucaipa Master Manager, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 158216.

**How much does Yucaipa Master Manager, LLC manage?**
Yucaipa Master Manager, LLC reports $1,488,117,595 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Yucaipa Master Manager, LLC's assets and staff changed since 2021?**
In the Form ADV data for Yucaipa Master Manager, LLC: Regulatory assets under management: $1,877,417,473 in the October 2021 data and $1,488,117,595 in the October 2026 data, down 21%. Total employees: 28 in October 2021 and 23 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Yucaipa Master Manager, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (8).

**Does Yucaipa Master Manager, LLC report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158216

**What changed in Yucaipa Master Manager, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 21 to 22.

## 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: $1,488,117,595
- Discretionary: $1,488,117,595
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 8 | $1,488,117,595 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 23 total, 22 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158216

### Websites listed on Form ADV (Item 1.I)
- [yucaipaco.com](https://yucaipaco.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,877,417,473 | 28 | March 29, 2021 |
| October 2022 | $2,021,360,726 | 27 | March 30, 2022 |
| October 2023 | $1,332,393,245 | 25 | March 22, 2023 |
| October 2024 | $1,479,151,825 | 23 | March 26, 2024 |
| October 2025 | $1,388,807,105 | 22 | May 20, 2025 |
| October 2026 | $1,488,117,595 | 23 | March 30, 2026 |

Regulatory assets under management: $1,877,417,473 in the October 2021 data and $1,488,117,595 in the October 2026 data, down 21%.
Total employees: 28 in October 2021 and 23 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 21 to 22.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Yucaipa Master Manager, LLC (CRD 158216): Form ADV filing data as of October 2026.