Investment adviser · CRD 155563

CAPSTONE INVESTMENT ADVISORS, LLC

Investment adviser filing (IA)

NEW YORK, NY, United States · Form ADV filed Aug 5, 2026

Regulatory AUM: $91.5B
Client accounts: 31
Employees: 304
Advisory professionals: 115

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Pooled investment vehicles	29	$91,386,579,197	99.8%
Banks & thrifts	2	$139,957,890	0.2%

Filing source

Form ADV 2117710 · Aug 5, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

44 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

CAPSTONE GLOBAL MASTER (CAYMAN) LIMITEDHedge Fund · Last reported Aug 5, 2026$79.8BGross asset value

Feeder funds

CAPSTONE GLOBAL (US), LP
CAPSTONE GLOBAL INTERMEDIATE (CAYMAN) LIMITED
CAPSTONE GLOBAL (OFFSHORE) LIMITED

Fund administrator NORTHERN TRUST GLOBAL FUND SERVICES CAYMAN LIMITED GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS GRAND CAYMAN, Cayman Islands

Custodian BARCLAYS BANK PLC LONDON, United Kingdom Related to adviser: No

Custodian BARCLAYS CAPITAL INC. NEW YORK, New York, United States Related to adviser: No

Custodian BOFA SECURITIES, INC. NEW YORK, New York, United States Related to adviser: No

Custodian CANTOR FITZGERALD & CO. NEW YORK, New York, United States Related to adviser: No

Custodian CF SECURED, LLC NEW YORK, New York, United States Related to adviser: No

Custodian CITIBANK, N.A LONDON BRANCH LONDON, United Kingdom Related to adviser: No

Custodian GOLDMAN SACHS BANK EUROPE SE FRANKFURT, Germany Related to adviser: No

Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian GOLDMAN SACHS INTERNATIONAL LONDON, United Kingdom Related to adviser: No

Custodian J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States Related to adviser: No

Custodian J.P. MORGAN SECURITIES PLC LONDON, United Kingdom Related to adviser: No

Custodian MERRILL LYNCH INTERNATIONAL LONDON, United Kingdom Related to adviser: No

Custodian MERRILL LYNCH PROFESSIONAL CLEARING CORP. NEW YORK, New York, United States Related to adviser: No

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian NATIONAL FINANCIAL SERVICES LLC BOSTON, Massachusetts, United States Related to adviser: No

Custodian NATWEST MARKETS PLC LONDON, United Kingdom Related to adviser: No

Custodian SG AMERICAS SECURITIES, LLC NEW YORK, New York, United States Related to adviser: No

Custodian SOCIETE GENERALE S.A. LONDON, United Kingdom Related to adviser: No

Custodian STATE STREET GLOBAL MARKETS, LLC BOSTON, Massachusetts, United States Related to adviser: No

Custodian THE NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Custodian THE NORTHERN TRUST INTERNATIONAL BANKING CORPORATION JERSEY CITY, New Jersey, United States Related to adviser: No

Prime broker BARCLAYS BANK PLC LONDON, United Kingdom

Prime broker BARCLAYS CAPITAL INC. NEW YORK, New York, United States

Prime broker CANTOR FITZGERALD & CO. NEW YORK, New York, United States

Prime broker CF SECURED, LLC NEW YORK, New York, United States

Prime broker CITIGROUP GLOBAL MARKETS INC. NEW YORK, New York, United States

Prime broker GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States

Prime broker GOLDMAN SACHS INTERNATIONAL LONDON, United Kingdom

Prime broker J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States

Prime broker J.P. MORGAN SECURITIES PLC LONDON, United Kingdom

Prime broker MERRILL LYNCH INTERNATIONAL LONDON, United Kingdom

Prime broker MERRILL LYNCH PROFESSIONAL CLEARING CORP. NEW YORK, New York, United States

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Prime broker NATIONAL FINANCIAL SERVICES LLC BOSTON, Massachusetts, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

PRICEWATERHOUSECOOPERS
PCAOB 1266

BARCLAYS BANK PLC
LEI G5GSEF7VJP5I7OUK5573

BARCLAYS CAPITAL INC.
SEC 8-41342

BOFA SECURITIES, INC.
SEC 8-69787

CANTOR FITZGERALD & CO.
SEC 8-201

CF SECURED, LLC
SEC 8-69863

CITIBANK, N.A LONDON BRANCH
LEI E57ODZWZ7FF32TWEFA76

GOLDMAN SACHS BANK EUROPE SE
LEI 8IBZUGJ7JPLH368JE346

GOLDMAN SACHS & CO. LLC
SEC 8-129

GOLDMAN SACHS INTERNATIONAL
LEI W22LROWP2IHZNBB6K528

J.P. MORGAN SECURITIES LLC
SEC 8-35008

J.P. MORGAN SECURITIES PLC
LEI K6Q0W1PS1L1O4IQL9C32

MERRILL LYNCH INTERNATIONAL
LEI GGDZP1UYGU9STUHRDP48

MERRILL LYNCH PROFESSIONAL CLEARING CORP.
SEC 8-33359

MORGAN STANLEY & CO. LLC
SEC 8-15869

NATIONAL FINANCIAL SERVICES LLC
SEC 8-26740

NATWEST MARKETS PLC
LEI RR3QWICWWIPCS8A4S074

SG AMERICAS SECURITIES, LLC
SEC 8-66125

SOCIETE GENERALE S.A.
LEI O2RNE8IBXP4R0TD8PU41

STATE STREET GLOBAL MARKETS, LLC
SEC 8-69862

THE NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

THE NORTHERN TRUST INTERNATIONAL BANKING CORPORATION
LEI 54930042DBMRRWU1QM80

BARCLAYS CAPITAL INC.
CRD 19714 · SEC 8-41342

CANTOR FITZGERALD & CO.
CRD 134 · SEC 8-201

CF SECURED, LLC
CRD 285841 · SEC 8-69863

CITIGROUP GLOBAL MARKETS INC.
CRD 7059 · SEC 8-8177

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

J.P. MORGAN SECURITIES LLC
CRD 79 · SEC 8-35008

MERRILL LYNCH INTERNATIONAL
SEC 8-162416

MERRILL LYNCH PROFESSIONAL CLEARING CORP.
CRD 16139 · SEC 8-33359

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

NATIONAL FINANCIAL SERVICES LLC
CRD 13041 · SEC 8-26740

Fund details & source

Fund ID: 805-4412030448
Reported beneficial owners: 104
Minimum commitment: $100K
Form D file number: 021-106344
Form D file number: 021-106360

Form ADV 2117710 · Aug 5, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

CAPSTONE INCOME OPPORTUNITIES III, LLCHedge Fund · Last reported Aug 5, 2026$5.48BGross asset value

Form D fundraising filings

Capstone Income Opportunities III, LLC

Fund administrator NORTHERN TRUST HEDGE FUND SERVICES LLC CHICAGO, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP NEW YORK, New York, United States

Custodian MERRILL LYNCH PROFESSIONAL CLEARING CORP. NEW YORK, New York, United States Related to adviser: No

Custodian THE NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Prime broker MERRILL LYNCH PROFESSIONAL CLEARING CORP. NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

MERRILL LYNCH PROFESSIONAL CLEARING CORP.
SEC 8-33359

THE NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

MERRILL LYNCH PROFESSIONAL CLEARING CORP.
CRD 16139 · SEC 8-33359

Fund details & source

Fund ID: 805-7164299592
Reported beneficial owners: 1
Minimum commitment: $650M
Form D file number: 021-445945

Form ADV 2117710 · Aug 5, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

CAPSTONE DISPERSION MASTER FUND LTD.Hedge Fund · Last reported Aug 5, 2026$2.93BGross asset value

Feeder funds

Fund administrator NORTHERN TRUST GLOBAL FUND SERVICES CAYMAN LIMITED GRAND CAYMAN, Cayman Islands Investor statements: Some (provided to some but not all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS GRAND CAYMAN, Cayman Islands

Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian GOLDMAN SACHS INTERNATIONAL LONDON, United Kingdom Related to adviser: No

Custodian THE NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Custodian THE NORTHERN TRUST INTERNATIONAL BANKING CORPORATION JERSEY CITY, New Jersey, United States Related to adviser: No

Prime broker GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States

Prime broker GOLDMAN SACHS INTERNATIONAL LONDON, United Kingdom

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

PRICEWATERHOUSECOOPERS
PCAOB 1266

GOLDMAN SACHS & CO. LLC
SEC 8-129

GOLDMAN SACHS INTERNATIONAL
LEI W22LROWP2IHZNBB6K528

THE NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

THE NORTHERN TRUST INTERNATIONAL BANKING CORPORATION
LEI 54930042DBMRRWU1QM80

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

Fund details & source

Fund ID: 805-2056509073
Reported beneficial owners: 23
Minimum commitment: $100K
Form D file number: 021-335831
Form D file number: 021-378964

Form ADV 2117710 · Aug 5, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

CAPSTONE ALTERNATIVE RISK STRATEGY MASTER (CAYMAN) LPHedge Fund · Last reported Aug 5, 2026$1.15BGross asset value

Feeder funds

CAPSTONE ALTERNATIVE RISK STRATEGY (US) LP
CAPSTONE ALTERNATIVE RISK STRATEGY (OFFSHORE) LIMITED

Fund administrator NORTHERN TRUST GLOBAL FUND SERVICES CAYMAN LIMITED GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS GRAND CAYMAN, Cayman Islands

Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian GOLDMAN SACHS INTERNATIONAL LONDON, United Kingdom Related to adviser: No

Custodian NORTHERN TRUST GLOBAL FUND SERVICES CAYMAN LIMITED CAYMAN ISLANDS, Cayman Islands Related to adviser: No

Prime broker GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

PRICEWATERHOUSECOOPERS
PCAOB 1266

GOLDMAN SACHS & CO. LLC
SEC 8-129

GOLDMAN SACHS INTERNATIONAL
LEI W22LROWP2IHZNBB6K528

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

Fund details & source

Fund ID: 805-8452238816
Reported beneficial owners: 11
Minimum commitment: $100K
Form D file number: 021-452104
Form D file number: 021-452105

Form ADV 2117710 · Aug 5, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

CAPSTONE CROWN FUND LPHedge Fund · Last reported Aug 5, 2026$464MGross asset value

Fund administrator NORTHERN TRUST GLOBAL FUND SERVICES CAYMAN LIMITED GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP NEW YORK, New York, United States

Custodian BARCLAYS CAPITAL INC. NEW YORK, New York, United States Related to adviser: No

Custodian BARLCLAYS BANK PLC LONDON, United Kingdom Related to adviser: No

Custodian CITIBANK, N.A. LONDON BRANCH LONDON, United Kingdom Related to adviser: No

Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian GOLDMAN SACHS INTERNATIONAL LONDON, United Kingdom Related to adviser: No

Custodian THE NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Prime broker BARCLAYS CAPITAL INC. NEW YORK, New York, United States

Prime broker GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

BARCLAYS CAPITAL INC.
SEC 8-41342

BARLCLAYS BANK PLC
LEI G5GSEF7VJP5I7OUK5573

CITIBANK, N.A. LONDON BRANCH
LEI E57ODZWZ7FF32TWEFA76

GOLDMAN SACHS & CO. LLC
SEC 8-129

GOLDMAN SACHS INTERNATIONAL
LEI W22LROWP2IHZNBB6K528

THE NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

BARCLAYS CAPITAL INC.
CRD 19714 · SEC 8-41342

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

Fund details & source

Fund ID: 805-3184202301
Reported beneficial owners: 2
Minimum commitment: $100K

Form ADV 2117710 · Aug 5, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

CAPSTONE STORM FUND LPHedge Fund · Last reported Aug 5, 2026$428MGross asset value

Form D fundraising filings

Capstone Storm Fund LP