Cercano Management Llc
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 315897
· SEC file 801-122903
· Bellevue, WA
· www.cercanolp.com
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ADV data as of Jul 01, 2026
- Regulatory AUM
- $7.3B
- Discretionary
- $7.0B
- Clients
- 33
- Avg AUM / client
- $221M
- Accounts
- 48
- Employees
- 62
AUM over time
$7.3B
$10.6B
Nov 2021
Jul 2026
Annual snapshots from Form ADV filings · as of Jul 01, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 6 | $590M | 8.1% |
| Pooled investment vehicles (non-investment companies) | 27 | $6.3B | 86.4% |
| Charitable organizations | 0 | $216K | 0.0% |
| Corporations and other businesses | 0 | $403M | 5.54% |
Private funds (29)
View all →Reported in Form ADV Section 7.B.(1), filing of Nov 2024 · $10.2B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Fifth Street Station Llc | Hedge Fund | Delaware | $3.5B | 2 |
| Cougar Investment Holdings Llc | Other Private Fund | Delaware | $1.9B | 1 |
| Pacf Holdco Llc | Other Private Fund | Delaware | $1.3B | 1 |
| Vc Asset Management Llc | Other Private Fund | Delaware | $649M | 2 |
| Aloysius Investments Lp | Hedge Fund | Delaware | $425M | 1 |
| Cougar Continuation Llc | Private Equity Fund | Delaware | $369M | 1 |
| Evergreen Credit Opportunities Llc | Hedge Fund | Delaware | $360M | 1 |
| Vcvc V Llc | Venture Capital Fund | Delaware | $325M | 2 |
| Vc Capital Holdings Columbia Llc | Private Equity Fund | Delaware | $228M | 2 |
| Palouse Investments Llc | Hedge Fund | Delaware | $225M | 2 |
| Vc Altair Equity Llc | Venture Capital Fund | Delaware | $204M | 2 |
| Vc Overlake Opportunities Llc | Private Equity Fund | Delaware | $185M | 2 |
| Vcvc Iv Llc | Venture Capital Fund | Delaware | $158M | 2 |
| Vulcan Capital Singapore Greenhouse Pte. Ltd. | Venture Capital Fund | Singapore | $118M | 1 |
| Vc Capital Growth Equity Ii Llc | Venture Capital Fund | Delaware | $101M | 2 |
People (7)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Orndorff, Christopher, Neil | President, Management Committee Member | Jul 2021 (5y) | ≈ 37.5% – 75% via Cercano Management Holdings L.P. | |
| Choi, Yongbai | Exec Vp And Management Committee Member | Jan 2022 (5y) | Less than 5% | |
| Hwang, Albert, Firman | Exec Vp And Management Committee Member | Jan 2022 (5y) | Less than 5% | |
| Shoop, Joel, William | Chief Financial Officer | Jan 2022 (5y) | Less than 5% | |
| Glemann, Gabrielle | General Counsel | Jun 2023 (3y) | Less than 5% | |
| Khauv, Malinda, Mei Yin | Chief Compliance Officer | Aug 2023 (3y) | Less than 5% | |
| Jason Matthew Butler | Registered representative | CFP Personal Financial Specialist | Jan 2026 (1y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Cercano Management Holdings L.P. | Member | Jan 2022 | A | 75% or more |
| The Estate Of Paul G. Allen | Limited Partner | Jan 2022 | B | ≈ 18.75% – 50% via Cercano Management Holdings L.P. |
| Cercano Management Gp Llc | General Partner | Jan 2022 | B | GP / trustee / elected manager of Cercano Management Holdings L.P. (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Orndorff, Christopher, Neil: 50% – 75% of Cercano Management Holdings L.P. × 75% – 100% direct ≈ 37.5% – 75% of the firm
- The Estate Of Paul G. Allen: 25% – 50% of Cercano Management Holdings L.P. × 75% – 100% 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 (29, $10.2B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Fifth Street Station Llc | Hedge Fund | $3.5B | $0 | 2 |
| Cougar Investment Holdings Llc | Other Private Fund | $1.9B | $0 | 1 |
| Pacf Holdco Llc | Other Private Fund | $1.3B | $0 | 1 |
| Vc Asset Management Llc | Other Private Fund | $649M | $0 | 2 |
| Aloysius Investments Lp | Hedge Fund | $425M | $0 | 1 |
| Cougar Continuation Llc | Private Equity Fund | $369M | $0 | 1 |
| Evergreen Credit Opportunities Llc | Hedge Fund | $360M | $0 | 1 |
| Vcvc V Llc | Venture Capital Fund | $325M | $0 | 2 |
| Vc Capital Holdings Columbia Llc | Private Equity Fund | $228M | $0 | 2 |
| Palouse Investments Llc | Hedge Fund | $225M | $0 | 2 |
| Vc Altair Equity Llc | Venture Capital Fund | $204M | $0 | 2 |
| Vc Overlake Opportunities Llc | Private Equity Fund | $185M | $0 | 2 |
| Vcvc Iv Llc | Venture Capital Fund | $158M | $0 | 2 |
| Vulcan Capital Singapore Greenhouse Pte. Ltd. | Venture Capital Fund | $118M | $0 | 1 |
| Vc Capital Growth Equity Ii Llc | Venture Capital Fund | $101M | $0 | 2 |
| Vcvc Iii Llc | Venture Capital Fund | $80.5M | $0 | 2 |
| Cercano Zambezi Venture Capital L.P. | Venture Capital Fund | $46.4M | $0 | 2 |
| Cercano Zambezi Asia L.P. | Venture Capital Fund | $35.6M | $0 | 2 |
| Sb Illiquid Investments Llc | Hedge Fund | $35.5M | $0 | 4 |
| Cercano Zambezi Opportunities L.P. | Venture Capital Fund | $20.2M | $0 | 2 |
| Pacf Private Credit Lp | Other Private Fund | $8.4M | $0 | 2 |
| Pacf Private Equity Lp | Private Equity Fund | $6.7M | $0 | 2 |
| Pacf Venture Capital Lp | Venture Capital Fund | $3.3M | $0 | 2 |
| Cercano Big Hat Venture Capital Lp | Venture Capital Fund | $3.0M | $0 | 2 |
| Cercano Integrity Venture Capital Lp | Venture Capital Fund | $2.4M | $0 | 2 |
Top 25 of 29 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 | 7.52 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
- • Hourly charges
- • Fixed fees
- • Performance-based fees
Services
- • Financial planning services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
Custody
Reported custodians
- Northern Trust $477M (4% of AUM) Mar 2026
- Goldman Sachs $404M (6% of AUM) Jul 2026
- National Financial Services (Fidelity) $341M (5% of AUM) Jul 2026
- Charles Schwab & Co. $90.2M (1% of AUM) Jul 2026
- Morgan Stanley $36.9M (0% of AUM) Mar 2026
- J.P. Morgan $3.2M (0% of AUM) Jul 2026
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: Jul 01, 2026.
View current Form ADV (SEC/IAPD) ↗