Fifth Down Cap Llc
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 312861
· SEC file 801-120623
·
· www.fifthdown.com
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ADV data as of Jul 01, 2026
- Regulatory AUM
- $1.9B
- Discretionary
- $1.9B
- Clients
- 60
- Avg AUM / client
- $31.2M
- Accounts
- 60
- Employees
- 23
AUM over time
$176M
$1.9B
Feb 24, 2021
Jul 1, 2026
Reported AUM from Form ADV filings, plotted by filing date · as of Jul 01, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 60 | $1.9B | 100.0% |
Private funds (32)
View all →Reported in Form ADV Section 7.B.(1), filing of Dec 2024 · $402M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Fifth Down Fund Of Funds 2022 Llc | Other Private Fund | Delaware | $63.0M | 87 |
| Fifth Down Capital Fund Ii Lp | Other Private Fund | Delaware | $62.6M | 119 |
| Fifth Down Fund Of Funds I Llc | Other Private Fund | Delaware | $61.8M | 96 |
| Fdc Sx Spv Ii Llc | Other Private Fund | Delaware | $26.1M | 62 |
| Fdc Sx Spv Iii Llc | Other Private Fund | Delaware | $25.2M | 30 |
| Fdc Sx Spv Llc | Other Private Fund | Delaware | $21.5M | 26 |
| 137 Opportunity Fund Ams | Other Private Fund | Delaware | $19.6M | 23 |
| Fdc Mhh Series A Spv Llc | Other Private Fund | Delaware | $15.3M | 50 |
| Fdc Gsto Spv Llc | Other Private Fund | Delaware | $15.0M | 16 |
| Fifth Down Capital Fund I, Lp | Other Private Fund | Delaware | $13.8M | 47 |
| Fdc Mhh Series A 2 Spv, Llc | Other Private Fund | Delaware | $9.8M | 47 |
| Fifth Down Spv Series 4 Llc | Other Private Fund | Delaware | $9.0M | 29 |
| Fdc Mhh 2023 Llc | Other Private Fund | Delaware | $8.5M | 30 |
| Fifth Down Sports Cards Spv Iii Llc | Other Private Fund | Delaware | $8.0M | 18 |
| Fifth Down Spv Series Vi Llc | Other Private Fund | Delaware | $6.9M | 43 |
People (6)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Spellman, Andrew, Michael | Founder & Managing Partner | Jan 2014 (13y) | 50% – 75% | |
| Friedland, Daniel, Marion | Managing Member | Jul 2021 (5y) | GP / trustee / elected manager of Goldcrest Capital Iii Gp, Llc (indirect) | |
| Ross, Adam, Brian | Managing Member | Jul 2021 (5y) | GP / trustee / elected manager of Goldcrest Capital Iii Gp, Llc (indirect) | |
| Christensen, Matthew, Quinn | Member | Oct 2022 (4y) | 10% – 25% | |
| Rowen, Brian | President & Managing Partner | Jul 2023 (3y) | Less than 5% | |
| Edelman, Charlotte, Joy | General Counsel & Chief Compliance Officer | Feb 2024 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Goldcrest Capital Fifth Down Capital Blocker, Inc. | Member | Sep 2023 | A | 5% – 10% |
| Goldcrest Capital Iii A, Lp | Shareholder | Apr 2023 | B | ≈ 3.75% – 10% via Goldcrest Capital Fifth Down Capital Blocker, Inc. |
| Adam B. Ross Revocable Trust, U/A/D November 6, 2001 | Assignee | Jul 2021 | B | 75% or more of Goldcrest Capital Iii Gp, Llc (indirect) |
| Goldcrest Capital Iii Gp, Llc | General Partner | Jul 2021 | B | GP / trustee / elected manager of Goldcrest Capital Iii A, Lp (indirect) |
Undisclosed: 0% – 35% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Goldcrest Capital Iii A, Lp: 75% – 100% of Goldcrest Capital Fifth Down Capital Blocker, Inc. × 5% – 10% direct ≈ 3.75% – 10% 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 (32, $402M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Fifth Down Fund Of Funds 2022 Llc | Other Private Fund | $63.0M | $0 | 87 |
| Fifth Down Capital Fund Ii Lp | Other Private Fund | $62.6M | $0 | 119 |
| Fifth Down Fund Of Funds I Llc | Other Private Fund | $61.8M | $0 | 96 |
| Fdc Sx Spv Ii Llc | Other Private Fund | $26.1M | $0 | 62 |
| Fdc Sx Spv Iii Llc | Other Private Fund | $25.2M | $0 | 30 |
| Fdc Sx Spv Llc | Other Private Fund | $21.5M | $0 | 26 |
| 137 Opportunity Fund Ams | Other Private Fund | $19.6M | $0 | 23 |
| Fdc Mhh Series A Spv Llc | Other Private Fund | $15.3M | $0 | 50 |
| Fdc Gsto Spv Llc | Other Private Fund | $15.0M | $0 | 16 |
| Fifth Down Capital Fund I, Lp | Other Private Fund | $13.8M | $0 | 47 |
| Fdc Mhh Series A 2 Spv, Llc | Other Private Fund | $9.8M | $0 | 47 |
| Fifth Down Spv Series 4 Llc | Other Private Fund | $9.0M | $0 | 29 |
| Fdc Mhh 2023 Llc | Other Private Fund | $8.5M | $0 | 30 |
| Fifth Down Sports Cards Spv Iii Llc | Other Private Fund | $8.0M | $0 | 18 |
| Fifth Down Spv Series Vi Llc | Other Private Fund | $6.9M | $0 | 43 |
| Fdc Peregrine Llc | Other Private Fund | $6.2M | $0 | 22 |
| Vlr Fdc Spv Llc | Other Private Fund | $5.7M | $0 | 16 |
| Fdc Mhh Series B Llc | Other Private Fund | $5.5M | $0 | 29 |
| Fifth Down Spv Series V Llc | Other Private Fund | $4.3M | $0 | 19 |
| Fifth Down Spv Series X Llc | Other Private Fund | $2.7M | $0 | 27 |
| Fifth Down Spv Series Viii Llc | Other Private Fund | $2.7M | $0 | 27 |
| Fifth Down Sports Cards Spv Llc | Other Private Fund | $2.4M | $0 | 11 |
| Fifth Down Spv Series Iii, Llc | Other Private Fund | $1.2M | $0 | 11 |
| Fifth Down Spv Series 2 Llc | Other Private Fund | $1.1M | $0 | 8 |
| Fifth Down Spv Series Ix Llc | Other Private Fund | $1.1M | $0 | 22 |
Top 25 of 32 funds by gross assets · all funds
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 07/01/2026 | 12.4 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
- • Selection of other advisers
Custody
Firm reports having 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: Jul 01, 2026.
View current Form ADV (SEC/IAPD) ↗