Private fund adviser · SAN Francisco, CA
Carmel Partners
Carmel Management III, LLC · SEC-registered investment adviser · CRD 160892 · SEC 801-74214
At a glance
Carmel Partners is an SEC-registered investment adviser based in SAN Francisco, California, with $8.0 billion in regulatory assets under management as of its Form ADV filed March 31, 2026. Its largest client group by assets is pooled investment vehicles. By Form ADV it is a private fund adviser, ranked 709th of 4,686 private fund advisers and 1,571st of 17,210 SEC-registered advisers by assets.
Main office 415-273-2900carmelpartners.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $8.0B
- Rank among private fund advisers
- #709 of 4,686
- Rank among all SEC RIAs
- #1,571 of 17,210
- Rank in California
- #162 of 1,873
- Clients
- 8
- Accounts
- 8
- Discretionary
- 100% of AUM
- Employees
- 164
- Advisory staff
- 11
- Offices
- 6
Owners and executives on its Form ADV
- Ron D. ZeffExecutive Committee Chair, Managing Member & Chief Executive Officer
- Matthew T. GoldenExecutive Committee Member, General Counsel, Managing Partner & Chief Compliance Officer
- Elizabeth TennicanExecutive Committee Secretary, Managing Partner & Head of Investor Relations
- Michael G. HalperVice Chair of Executive Committee
- Phillip M. OwensExecutive Committee Member, Managing Partner & Chief Financial Officer
- Bryan C. CraneExecutive Committee Member, Managing Partner & Chief Investment Officer
Custody and brokerage
Custodian
Carmel Partners’s Form ADV lists no custodian for separately managed accounts. Firms report one only when they manage $10 million or more in those accounts.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Pooled investment vehicles | 8 | $8.0B | 100% |
Private funds
Carmel Partners reports 8 private funds with $8.0B in gross assets: real estate funds (Form ADV Item 7.B).
Disciplinary disclosures
Carmel Partners reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Portfolio management for pooled investment vehicles
How it’s paid
- A percentage of assets under management
- Performance-based fees
Form ADV and brochures on the SEC’s adviser search ↗carmelpartners.com ↗
AtlasMembers
The full record on Carmel Partners
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 1,098 peers of its type and size
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- Owners and executives, with titles and stakes
- 6 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
- 1Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does Carmel Partners manage?
Carmel Partners reports $8.0 billion in regulatory assets under management across 8 accounts, 100% of it on a discretionary basis, on its Form ADV filed March 31, 2026.
What kind of firm is Carmel Partners?
Carmel Partners is a private fund adviser by its Form ADV answers. Private funds are at least half of its business by assets.
Who are Carmel Partners’s clients?
By assets, its largest client types are pooled investment vehicles ($8.0 billion, 8 clients).
Does Carmel Partners manage private funds?
Yes. It reports 8 private funds with $8.0 billion in gross assets, including real estate funds.
Does Carmel Partners have any disciplinary history?
Carmel Partners reports no disciplinary disclosures in Item 11 of its Form ADV. Check the SEC’s adviser search for the latest record.
Where these numbers come from
Every figure is Carmel Partners’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-03-31), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →