Acorn Advisory Capital, L.P.
- Regulatory AUM
- $3.0B
- Discretionary
- $1.9B
- Clients
- 7
- Avg AUM / client
- $423M
- Accounts
- 7
- Employees
- 22
AUM over time
Annual snapshots from Form ADV filings · as of Mar 19, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 1 | $5.5M | 0.18% |
| Pooled investment vehicles (non-investment companies) | 4 | $930M | 31.4% |
| Insurance companies | 2 | $2.0B | 68.4% |
Private funds (3)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $705M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Build Master Fund, Ltd. master | Hedge Fund | Cayman Islands | $586M | 24 |
| Build Private Credit, L.P. | Other Private Fund | Delaware | $73.4M | 6 |
| Acorn Eur Alternative Income Fund Llc | Other Private Fund | Delaware | $46.3M | 2 |
People (3)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Fleming, Catherine, Marie | Chief Operating Officer And Chief Compliance Officer | Jul 1995 (31y) | Less than 5% | |
| Coulter, Chad, William | General Counsel | Jan 2021 (6y) | Less than 5% | |
| Sherman, Donald, Alan | President And Ceo, Investment Committee Member | Jan 2021 (6y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Delphi Financial Group, Inc. | Owner | Dec 2020 | A | 75% or more |
| Acorn Advisory Capital Management Llc | General Partner | Jun 2005 | A | Less than 5% |
| Build Capital Management, Llc | General Partner | Nov 2016 | A | Less than 5% |
| Delphi Financial Group, Inc. | Owner | Dec 2020 | B | ≈ 0% – 5% via Acorn Advisory Capital Management Llc |
| Tokio Marine & Nichido Fire Insurance Company | Owner | Dec 2020 | B | ≈ 56.25% – 100% via Delphi Financial Group, Inc. |
| Tokio Marine Holdings Inc | Owner | Mar 1944 | B | ≈ 42.19% – 100% via Tokio Marine & Nichido Fire Insurance Company |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Delphi Financial Group, Inc.: 75% – 100% of Acorn Advisory Capital Management Llc × 0% – 5% direct ≈ 0% – 5% of the firm
- Tokio Marine & Nichido Fire Insurance Company: 75% – 100% of Delphi Financial Group, Inc. × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Tokio Marine Holdings Inc: 75% – 100% of Tokio Marine & Nichido Fire Insurance Company × 75% – 100% of Delphi Financial Group, Inc. × 75% – 100% direct ≈ 42.19% – 100% 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 (3, $705M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Build Master Fund, Ltd. | Hedge Fund | $586M | $5.0M | 24 |
| Build Private Credit, L.P. | Other Private Fund | $73.4M | $1.0M | 6 |
| Acorn Eur Alternative Income Fund Llc | Other Private Fund | $46.3M | $1.0M | 2 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/19/2026 | 1.74 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 individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- BNY Mellon $935M (32% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have 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 19, 2026.
View current Form ADV (SEC/IAPD) ↗