Investment adviser · CRD 309419

INCLUSIVE CAPITAL PARTNERS, L.P.

Exempt reporting adviser (ERA)

Exempt reporting advisers use a shorter Form ADV report. Some adviser-level figures are not reported; fund disclosures appear below when available.

SAN FRANCISCO, CA, United States · Form ADV filed Sep 17, 2026

Adviser-level assets, account counts and staffing figures are unavailable in this filing. View the reported fund disclosures below →

Private funds & service providers

5 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.

INCLUSIVE CAPITAL PARTNERS SPRING MASTER FUND II, L.P.Hedge Fund · Last reported Sep 17, 2026$44.7MGross asset value

Feeder funds

Fund administrator INTERNATIONAL FUND SERVICES (N.A.) LLC NEW YORK, New York, United States Investor statements: No (provided to no investors) Related to adviser: No
Fund administrator MORGAN STANLEY FUND SERVICES (CAYMAN) LTD. DUBLIN, Ireland Investor statements: Yes (provided to all investors) Related to adviser: No
Fund administrator MORGAN STANLEY FUND SERVICES USA LLC PURCHASE, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor KPMG, LLP SAN FRANCISCO, California, United States
Custodian CARTA SECURITIES, LLC SAN FRANCISCO, California, United States Related to adviser: No
Custodian JPMORGAN CHASE BANK, N.A. NEW YORK, New York, United States Related to adviser: No
Custodian J.P. MORGAN SECURITIES LLC 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 SOLIUM CAPITAL ULC CALGARY, Canada Related to adviser: No
Custodian THE NORTHERN TRUST BANKING INTERNATIONAL CORPORATION CHICAGO, Illinois, United States Related to adviser: No
Prime broker J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States
Prime broker MORGAN STANLEY & 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

KPMG, LLP
PCAOB 185

CARTA SECURITIES, LLC
SEC 8-69701

J.P. MORGAN SECURITIES LLC
SEC 8-35008

MORGAN STANLEY & CO. LLC
SEC 8-15869

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

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

Fund details & source
Fund ID
805-6276426448
Reported beneficial owners
232
Minimum commitment
$250K
Form D file number
021-389309
Form D file number
021-389315
Form D file number
021-407883

Form ADV 2130574 · Sep 17, 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.

INCLUSIVE CAPITAL PARTNERS SPRING MASTER FUND, L.P.Hedge Fund · Last reported Sep 17, 2026$36.5MGross asset value

Feeder funds

Fund administrator INTERNATIONAL FUND SERVICES (N.A.) LLC NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor KPMG, LLP SAN FRANCISCO, California, United States
Custodian CARTA SECURITIES, LLC SAN FRANCISCO, California, United States Related to adviser: No
Custodian J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States Related to adviser: No
Custodian SOLIUM CAPITAL ULC CALGARY, Canada Related to adviser: No
Custodian STATE STREET BANK AND TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No
Prime broker J.P. MORGAN SECURITIES 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

KPMG, LLP
PCAOB 185

CARTA SECURITIES, LLC
SEC 8-69701 · LEI 282086

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

STATE STREET BANK AND TRUST COMPANY
LEI 571474TGEMMWANRLN572

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

Fund details & source
Fund ID
805-2126303788
Reported beneficial owners
103
Minimum commitment
$10M
Form D file number
021-307987
Form D file number
021-307988

Form ADV 2130574 · Sep 17, 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.

INCLUSIVE CAPITAL PARTNERS SPRING MASTER FUND A, L.P.Hedge Fund · Last reported Aug 30, 2021$72MGross asset value

Feeder funds

Fund administrator INTERNATIONAL FUND SERVICES (N.A.) LLC NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor KPMG, LLP SAN FRANCISCO, California, United States
Custodian STATE STREET BANK AND TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

KPMG, LLP
PCAOB 185

STATE STREET BANK AND TRUST COMPANY
LEI 571474TGEMMWANRLN572

Fund details & source
Fund ID
805-3437006802
Reported beneficial owners
1
Minimum commitment
$10M
Form D file number
021-355465

Form ADV 1563002 · Aug 30, 2021 · 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.

INCLUSIVE CAPITAL PARTNERS SPRING MASTER FUND B, L.P.Hedge Fund · Last reported May 27, 2026$54.7MGross asset value

Form D fundraising filings

INCLUSIVE CAPITAL PARTNERS SPRING MASTER FUND B, L.P.

Fund administrator MORGAN STANLEY FUND SERVICES (CAYMAN) LTD. DUBLIN, Ireland Investor statements: Yes (provided to all investors) Related to adviser: No
Fund administrator MORGAN STANLEY FUND SERVICES USA LLC PURCHASE, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor KPMG, LLP SAN FRANCISCO, California, United States
Custodian JPMORGAN CHASE BANK, N.A. NEW YORK, New York, United States Related to adviser: No
Custodian J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States Related to adviser: No
Custodian THE NORTHERN TRUST BANKING INTERNATIONAL CORPORATION CHICAGO, Illinois, United States Related to adviser: No
Prime broker J.P. MORGAN SECURITIES 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

KPMG, LLP
PCAOB 185

J.P. MORGAN SECURITIES LLC
SEC 8-35008

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

Fund details & source
Fund ID
805-5754122264
Reported beneficial owners
15
Minimum commitment
$1M
Form D file number
021-465371

Form ADV 2108546 · May 27, 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.

IN-CAP UL HOLDINGS, LLCPrivate Equity Fund · Last reported May 27, 2026$1.06MGross asset value

Form D fundraising filings

IN-CAP UL HOLDINGS, LLC

Fund administrator MORGAN STANLEY FUND SERVICES USA LLC PURCHASE, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor KPMG, LLP SAN FRANCISCO, California, United States
Custodian JPMORGAN CHASE BANK, N.A. NEW YORK, New York, United States Related to adviser: No
Custodian THE NORTHERN TRUST BANKING INTERNATIONAL CORPORATION CHICAGO, Illinois, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

KPMG, LLP
PCAOB 185

JPMORGAN CHASE BANK, N.A.
LEI 7H6GLXDRUGQFU57RNE97

Fund details & source
Fund ID
805-7453014410
Reported beneficial owners
4
Minimum commitment
$10M
Form D file number
021-407882

Form ADV 2108546 · May 27, 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.

Services & filing details

Most recent filing: Sep 17, 2026. View historical filings

Reported services

Not reported in these imported fields

Compensation

Not reported in these imported fields

Principal office

1170-A GORGAS AVENUE
SAN FRANCISCO, CA, 94129, United States

CRD 309419

Filing source

Form ADV 2130574 · Sep 17, 2026 · Items 1 & 5

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