Granite State Capital Management, Lp
- Regulatory AUM
- $1.3B
- Discretionary
- $1.3B
- Clients
- 10
- Avg AUM / client
- $133M
- Accounts
- 10
- Employees
- 7
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Mar 31, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 10 | $1.3B | 100.0% |
Private funds (5)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $109M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Granite State Capital Master Fund Ii, L.P. master | Private Equity Fund | Cayman Islands | $47.1M | 26 |
| Granite State Senior Loan Funding 2023 1, Ltd | Securitized Asset Fund | Cayman Islands | $21.5M | 1 |
| Granite State Capital Master Fund, L.P. master | Private Equity Fund | Cayman Islands | $21.0M | 14 |
| Granite State Senior Loan Funding 2023 2, Ltd | Securitized Asset Fund | Cayman Islands | $19.6M | 1 |
| Granite State Senior Loan Funding 2024 1, Ltd | Securitized Asset Fund | Cayman Islands | $0 | 0 |
People (4)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Shirreffs, David, Gordon | Limited Partner And President | Jul 2016 (10y) | ≈ 0% – 3.75% via Granite State Capital Management, Llc | |
| Shirreffs, Steve, Tyler | Limited Partner | Jul 2016 (10y) | ≈ 0% – 3.75% via Granite State Capital Management, Llc | |
| Gelles, Jeffrey, Herman | Managing Member | Nov 2016 (10y) | ≈ 14.06% – 50% via Clouds Rest Capital Llc | |
| Merriman, William, Patrick | Chief Compliance Officer And Chief Financial Officer | Nov 2016 (10y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Crc Gsc, Llc | Limited Partner | Mar 2018 | A | 25% – 50% |
| Granite State Capital Management, Llc | General Partner | Oct 2016 | A | Less than 5% |
| Clouds Rest Capital Llc | Managing Member | Dec 2017 | B | ≈ 18.75% – 50% via Crc Gsc, Llc |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Shirreffs, David, Gordon: 50% – 75% of Granite State Capital Management, Llc × 0% – 5% direct ≈ 0% – 3.75% of the firm
- Shirreffs, Steve, Tyler: 50% – 75% of Granite State Capital Management, Llc × 0% – 5% direct ≈ 0% – 3.75% of the firm
- Gelles, Jeffrey, Herman: 75% – 100% of Clouds Rest Capital Llc × 75% – 100% of Crc Gsc, Llc × 25% – 50% direct ≈ 14.06% – 50% of the firm
- Clouds Rest Capital Llc: 75% – 100% of Crc Gsc, Llc × 25% – 50% direct ≈ 18.75% – 50% 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 (5, $109M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Granite State Capital Master Fund Ii, L.P. | Private Equity Fund | $47.1M | $5.0M | 26 |
| Granite State Senior Loan Funding 2023 1, Ltd | Securitized Asset Fund | $21.5M | $0 | 1 |
| Granite State Capital Master Fund, L.P. | Private Equity Fund | $21.0M | $5.0M | 14 |
| Granite State Senior Loan Funding 2023 2, Ltd | Securitized Asset Fund | $19.6M | $0 | 1 |
| Granite State Senior Loan Funding 2024 1, Ltd | Securitized Asset Fund | $0 | $0 | 0 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 2.21 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
Custody
Firm reports it does not have custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗