Waterfall Asset Management, Llc
- Regulatory AUM
- $22.0B
- Discretionary
- $22.0B
- Clients
- 64
- Avg AUM / client
- $344M
- Accounts
- 68
- Employees
- 133
AUM over time
Annual snapshots from Form ADV filings · as of Jul 23, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 3 | $8.2B | 37.2% |
| Pooled investment vehicles (non-investment companies) | 50 | $12.1B | 54.9% |
| Pension and profit sharing plans | Fewer than 5 clients | $1.8M | 0.01% |
| State or municipal government entities | Fewer than 5 clients | $127M | 0.57% |
| Insurance companies | 11 | $1.6B | 7.31% |
| Corporations and other businesses | Fewer than 5 clients | $2.9M | 0.01% |
Private funds (27)
View all →Reported in Form ADV Section 7.B.(1), filing of Nov 2024 · $15.2B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Waterfall Victoria Master Fund, Ltd. master | Hedge Fund | Cayman Islands | $5.8B | 230 |
| Waterfall Eden Master Fund, Ltd. master | Hedge Fund | Cayman Islands | $3.0B | 320 |
| Waterfall Sandstone Fund, L.P. | Hedge Fund | Cayman Islands | $1.3B | 3 |
| Lake Cascade Fund, Lp | Hedge Fund | Delaware | $1.1B | 2 |
| Waterfall Rock Island, Llc | Hedge Fund | Delaware | $663M | 2 |
| Waterfall Eagle Fund, Llc | Hedge Fund | Delaware | $587M | 2 |
| Waterfall Delta Offshore Master Fund, Lp master | Hedge Fund | Cayman Islands | $488M | 4 |
| Waterfall Sandstone Opportunity Fund, L.P. | Hedge Fund | Cayman Islands | $437M | 11 |
| Waterfall Dislocation Opportunity Master Fund, Lp master | Hedge Fund | Cayman Islands | $387M | 29 |
| Waterfall Atlas Master Fund B, Lp master | Hedge Fund | Delaware | $363M | 57 |
| Waterfall Silver Spring Fund, Lp | Hedge Fund | Delaware | $132M | 2 |
| Waterfall Big Falls Opportunity Fund I, Lp Series A master | Hedge Fund | Delaware | $108M | 2 |
| Waterfall Augusta Fund, Lp | Hedge Fund | Cayman Islands | $100M | 2 |
| Waterfall Big Falls Opportunity Fund I, Lp Series B master | Hedge Fund | Delaware | $100M | 2 |
| Waterfall Lasalle Fund, Llc Series B | Hedge Fund | Cayman Islands | $100M | 4 |
People (4)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Capasse, Thomas, Edward | Manager | Jan 2005 (22y) | ≈ 18.75% – 50% via Waterfall Partners Holdings, Lp | |
| Ross, Jack, Jay | Manager | Jan 2005 (22y) | ≈ 18.75% – 50% via Waterfall Partners Holdings, Lp | |
| Nick, Kenneth, Adam | General Counsel, Chief Compliance Officer, Chief Operating Officer | Oct 2011 (15y) | Less than 5% | |
| Breakstone, Brian | Chief Financial Officer | Aug 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Waterfall Partners Holdings, Lp | Member | Jan 2016 | A | 75% or more |
| Waterfall Partners Gp, Llc | General Partner | Jan 2016 | B | GP / trustee / elected manager of Waterfall Partners Holdings, Lp (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Capasse, Thomas, Edward: 25% – 50% of Waterfall Partners Holdings, Lp × 75% – 100% direct ≈ 18.75% – 50% of the firm
- Ross, Jack, Jay: 25% – 50% of Waterfall Partners Holdings, Lp × 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 (27, $15.2B gross assets)
Top 25 of 27 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) | 03/30/2026 | 8.31 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
- • Other fees
- • SEE SCHEDULE D - MISCELLANEOUS
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Northern Trust $474M (2% of AUM) Mar 2026
- BNY Mellon $391M (2% of AUM) Mar 2026
- Brown Brothers Harriman & Co. $195M (1% of AUM) Mar 2026
- Carrington Mortgage Services $127M (1% of AUM) Aug 2025
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: Jul 23, 2026.
View current Form ADV (SEC/IAPD) ↗