Third Lake Partners, Llc
- Regulatory AUM
- $6.0B
- Discretionary
- $2.9B
- Clients
- 54
- Avg AUM / client
- $111M
- Accounts
- 53
- Employees
- 16
AUM over time
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 46 | $1.8B | 29.6% |
| Corporations and other businesses | 8 | $4.2B | 70.4% |
Private funds (44)
View all →Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $1.5B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Third Lake Pm Alternative Yield Strategy Fund I, Lp | Other Private Fund | Delaware | $238M | 12 |
| Third Lake Re Industrial Fund I, Lp | Real Estate Fund | Delaware | $177M | 6 |
| Third Lake Re Multifamily Fund V, Lp | Real Estate Fund | Delaware | $79.3M | 15 |
| Third Lake Pc Fund I, Lp | Other Private Fund | Delaware | $74.7M | 8 |
| Third Lake Pm Us Defensive Equity Strategy Fund I, Lp | Other Private Fund | Delaware | $72.4M | 2 |
| Third Lake Re Multifamily Fund Iii Lp | Real Estate Fund | Delaware | $50.5M | 18 |
| Third Lake Op Return Strategy Fund I, Lp | Private Equity Fund | Delaware | $46.9M | 19 |
| Third Lake Re Multifamily Fund Iv Lp | Real Estate Fund | Delaware | $46.5M | 13 |
| Third Lake Re Multifamily Fund Vi, Lp | Real Estate Fund | Delaware | $45.0M | 12 |
| Third Lake Re Ph Development Fund Iv, Lp | Real Estate Fund | Delaware | $43.5M | 3 |
| Third Lake Re Senior Living Fund I, Lp | Real Estate Fund | Delaware | $38.2M | 16 |
| Third Lake Pc Ecs Iv Fund, Llc | Other Private Fund | Delaware | $33.5M | 9 |
| Third Lake Re Ph Development Fund Iii, Lp | Real Estate Fund | Delaware | $33.2M | 6 |
| Third Lake Pc Asof Viii Fund, Llc | Other Private Fund | Delaware | $29.4M | 9 |
| Third Lake Re Ph Development Fund I, Lp | Real Estate Fund | Delaware | $28.4M | 5 |
People (5)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Forsythe, Robert, Stanton | Trustee | Jul 2021 (5y) | ≈ 7.03% – 37.5% via Robert S. Forsythe Revocable Trust | |
| Jones, Kenneth, Paul | Co Founder & Managing Partner | Jul 2021 (5y) | ≈ 9.38% – 37.5% via Third Lake Executives, Llc | |
| Oldfield, Stewart, Martin | Principal & Chief Strategy Officer | Jul 2021 (5y) | Less than 5% | |
| Fell, Case, W | Partner | Dec 2023 (3y) | Less than 5% | |
| Walker, Kristopher, Scott | Chief Compliance Officer | Feb 2024 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Third Lake Holdings, Llc | Owner | Aug 2020 | A | 75% or more |
| Third Lake Executives, Llc | Member | May 2023 | B | ≈ 37.5% – 75% via Third Lake Holdings, Llc |
| Robert S. Forsythe Revocable Trust | Member | May 2023 | B | ≈ 9.38% – 37.5% via Third Lake Executives, Llc |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Forsythe, Robert, Stanton: 75% – 100% of Robert S. Forsythe Revocable Trust × 25% – 50% of Third Lake Executives, Llc × 50% – 75% of Third Lake Holdings, Llc × 75% – 100% direct ≈ 7.03% – 37.5% of the firm
- Jones, Kenneth, Paul: 25% – 50% of Third Lake Executives, Llc × 50% – 75% of Third Lake Holdings, Llc × 75% – 100% direct ≈ 9.38% – 37.5% of the firm
- Third Lake Executives, Llc: 50% – 75% of Third Lake Holdings, Llc × 75% – 100% direct ≈ 37.5% – 75% of the firm
- Robert S. Forsythe Revocable Trust: 25% – 50% of Third Lake Executives, Llc × 50% – 75% of Third Lake Holdings, Llc × 75% – 100% direct ≈ 9.38% – 37.5% 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 (44, $1.5B gross assets)
Top 25 of 44 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) | 03/31/2026 | 10.8 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 $1.1B (19% of AUM) Mar 2026
- UBS $275M (5% of AUM) Mar 2026
- Goldman Sachs $27.8M (0% of AUM) Mar 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: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗