Tree Line Capital Partners, Llc
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 173784
· SEC file 801-106682
· San Francisco, CA
· TREELINECP.COM
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ADV data as of Mar 30, 2026
- Regulatory AUM
- $3.8B
- Discretionary
- $3.8B
- Clients
- 14
- Avg AUM / client
- $275M
- Accounts
- 18
- Employees
- 30
AUM over time
$176M
$3.8B
Sep 2015
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 14 | $2.8B | 72.1% |
| Other investment advisers | Fewer than 5 clients | $1.0B | 26.7% |
| Insurance companies | Fewer than 5 clients | $46.2M | 1.2% |
Private funds (8)
Reported in Form ADV Section 7.B.(1), filing of Sep 2024 · $1.6B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Tree Line Direct Lending Iii, Lp master | Hedge Fund | Delaware | $447M | 15 |
| Tree Line Credit Strategies, Lp | Hedge Fund | Delaware | $364M | 13 |
| Tree Line Direct Lending Ii, Lp | Hedge Fund | Delaware | $330M | 15 |
| Enhanced Sbic Ii, Lp | Hedge Fund | Delaware | $244M | 35 |
| Ppc Tl Senior Secondary Loans, Lp | Hedge Fund | Delaware | $167M | 3 |
| Tree Line Direct Lending, Lp | Hedge Fund | Delaware | $42.6M | 17 |
| Tree Line Isar Senior Loan Fund, Lp | Hedge Fund | Delaware | $35.7M | 5 |
| Tldl(sc), Lp | Hedge Fund | Cayman Islands | $7.5M | 2 |
People (11)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Carey, James, Dawson | Managing Member | Dec 2008 (18y) | 75% or more of Jc Trident V, Llc (indirect) | |
| Wermuth, David, Jay | Managing Member | Dec 2008 (18y) | 75% or more of Dw Trident V, Llc (indirect) | |
| Zerbib, Nicolas, David | Managing Member | Dec 2008 (18y) | 75% or more of Nz Trident V, Llc (indirect) | |
| Davis, Charles, Arthur | Managing Member | Dec 2011 (15y) | 75% or more of Cd Trident V, Llc (indirect) | |
| Antoon, Nicole, Fiorenza | Chief Compliance Officer | Oct 2014 (12y) | Less than 5% | |
| Bronner, Scott, Jonathan | Member Of Board Of Managers | Oct 2014 (12y) | Less than 5% | |
| Quimby, Thomas, Reynolds | Managing Member And Member Of Board Of Managers | Oct 2014 (12y) | 5% – 10% | |
| Schroeder, Jonathon, Voss | Managing Member And Member Of Board Of Managers | Oct 2014 (12y) | 5% – 10% | |
| Badciong, Tina, Marie | Chief Financial Officer | Jun 2020 (6y) | Less than 5% | |
| Cole, Catherine, Frances | Member Of Board Of Managers | Jul 2024 (2y) | Less than 5% | |
| Dyslin, Bradley, Eugene | Member Of Board Of Managers | Jul 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Aflac Gi Holdings, Llc | Member | Jul 2024 | A | 25% – 50% |
| Trident Tree Line Management Inc. | Member | Oct 2014 | A | 10% – 25% |
| University Of Texas System | Member | May 2015 | A | 10% – 25% |
| Aflac Incorporated | Sole Member | Jun 2021 | B | ≈ 18.75% – 50% via Aflac Gi Holdings, Llc |
| Trident V, L.P. | Member | Jul 2024 | B | ≈ 5% – 18.75% via Trident Tree Line Management Inc. |
| Trident V Parallel Fund, L.P. | Member | Jul 2024 | B | ≈ 2.5% – 12.5% via Trident Tree Line Management Inc. |
| Trident Capital V, L.P. | General Partner | Dec 2008 | B | GP / trustee / elected manager of Trident V, L.P. (indirect) |
| Cd Trident V, Llc | General Partner | Dec 2008 | B | GP / trustee / elected manager of Trident Capital V, L.P, (indirect) |
| Jc Trident V, Llc | General Partner | Dec 2008 | B | GP / trustee / elected manager of Trident Capital V, L.P. (indirect) |
| Dw Trident V, Llc | General Partner | Dec 2008 | B | GP / trustee / elected manager of Trident Capital V, L.P. (indirect) |
| Nz Trident V, Llc | General Partner | Dec 2008 | B | GP / trustee / elected manager of Trident Capital V, L.P. (indirect) |
| Trident Capital V Pf, L.P. | General Partner | Dec 2011 | B | GP / trustee / elected manager of Trident V Parallel Fund, L.P. (indirect) |
Undisclosed: 0% – 45% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Aflac Incorporated: 75% – 100% of Aflac Gi Holdings, Llc × 25% – 50% direct ≈ 18.75% – 50% of the firm
- Trident V, L.P.: 50% – 75% of Trident Tree Line Management Inc. × 10% – 25% direct ≈ 5% – 18.75% of the firm
- Trident V Parallel Fund, L.P.: 25% – 50% of Trident Tree Line Management Inc. × 10% – 25% direct ≈ 2.5% – 12.5% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (8, $1.6B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Tree Line Direct Lending Iii, Lp | Hedge Fund | $447M | $500K | 15 |
| Tree Line Credit Strategies, Lp | Hedge Fund | $364M | $500K | 13 |
| Tree Line Direct Lending Ii, Lp | Hedge Fund | $330M | $500K | 15 |
| Enhanced Sbic Ii, Lp | Hedge Fund | $244M | $250K | 35 |
| Ppc Tl Senior Secondary Loans, Lp | Hedge Fund | $167M | $5.0M | 3 |
| Tree Line Direct Lending, Lp | Hedge Fund | $42.6M | $500K | 17 |
| Tree Line Isar Senior Loan Fund, Lp | Hedge Fund | $35.7M | $500K | 5 |
| Tldl(sc), Lp | Hedge Fund | $7.5M | $10.0M | 2 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 5.07 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Northern Trust $412M (26% of AUM) Nov 2022
- Merrill Lynch $38.6M (5% of AUM) Mar 2020
- Sei Investments Global Fund Services Limited $38.6M (5% of AUM) Mar 2020
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗