Azarias Capital Management, L.P.
- Regulatory AUM
- $189M
- Discretionary
- $189M
- Clients
- 2
- Avg AUM / client
- $94.4M
- Accounts
- 6
- Employees
- 6
AUM over time
Annual snapshots from Form ADV filings · as of Jun 09, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 2 | $37.6M | 19.9% |
| Charitable organizations | 0 | $66.2M | 35.0% |
| Other investment advisers | 0 | $21.1M | 11.2% |
| Corporations and other businesses | 0 | $63.9M | 33.8% |
Private funds (2)
Reported in Form ADV Section 7.B.(1), filing of May 2024 · $37.6M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Azarias Uranium Opportunity Fund, Lp | Hedge Fund | Delaware | $24.9M | 37 |
| Azarias Focused Small Cap Value Fund, L.P. | Hedge Fund | Delaware | $12.7M | 18 |
People (8)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Daren Clark Heitman | Chief Investment Officer & Managing Member Of Azarias Capital Management Lp | CFA | May 2014 (12y) | ≈ 0% – 5% via Azarias Capital Management Llc |
| Caton, Christopher, Scott | Partner & Co Portfolio Manager | Jul 2015 (11y) | 10% – 25% | |
| Christopher James Gillespie | Partner & Co Portfolio Manager | Jul 2015 (11y) | 10% – 25% | |
| Kneeley, Stephen, Joseph | Partner | Mar 2017 (9y) | 5% – 10% | |
| Lacroix, Christopher, Joseph | Partner | Mar 2017 (9y) | 5% – 10% | |
| Kelly, Colleen, Anne | Chief Compliance Officer | Apr 2019 (7y) | Less than 5% | |
| Percarpio, Timothy, John | Managing Partner & Investor Relations | Apr 2023 (3y) | 10% – 25% | |
| Daniel Mark Petruzzi | Registered representative | CFA | Oct 2023 (3y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Azarias Capital Management Llc | General Partner Of Registrant | May 2014 | A | Less than 5% |
Undisclosed: 0% – 35% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Daren Clark Heitman: 75% – 100% of Azarias Capital Management Llc × 0% – 5% direct ≈ 0% – 5% 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 (2, $37.6M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Azarias Uranium Opportunity Fund, Lp | Hedge Fund | $24.9M | $250K | 37 |
| Azarias Focused Small Cap Value Fund, L.P. | Hedge Fund | $12.7M | $500K | 18 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 06/09/2026 | 1.43 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
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- BNY Mellon $102M (54% of AUM) Jun 2026
- Wells Fargo $58.8M (31% of AUM) Jun 2026
- Pershing $28.0M (15% of AUM) Jun 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: Jun 09, 2026.
View current Form ADV (SEC/IAPD) ↗