Investment adviser · CRD 297235

MIDDLEGROUND CAPITAL

Investment adviser filing (IA)

MIDDLEGROUND MANAGEMENT, LP

LEXINGTON, KY, United States · Form ADV filed May 21, 2026

Regulatory AUM: $3.89B
Client accounts: 24
Employees: 111
Advisory professionals: 38

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	24	$3,887,849,106	100.0%

Filing source

Form ADV 2107709 · May 21, 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

24 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.

MIDDLEGROUND PARTNERS II, LPPrivate Equity Fund · Last reported May 21, 2026$755MGross asset value

Form D fundraising filings

MiddleGround Partners II, L.P.

Fund administrator APEX FUND SERVICES INC. EVANSVILLE, Indiana, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor COHN REZNICK, LLC HARTFORD, Connecticut, United States

Custodian BMO HARRIS BANK, N.A. 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

COHN REZNICK, LLC
PCAOB 596

Fund details & source

Fund ID: 805-5765344181
Reported beneficial owners: 70
Minimum commitment: $5M
Form D file number: 021-396868

Form ADV 2107709 · May 21, 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.

MIDDLEGROUND PARTNERS I, L.P.Private Equity Fund · Last reported May 21, 2026$507MGross asset value

Form D fundraising filings

MiddleGround Partners I, L.P.

Fund administrator APEX FUND SERVICES INC. EVANSVILLE, Indiana, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG, LLP NEW YORK, New York, United States

Custodian BMO HARRIS BANK, N.A. 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

Fund details & source

Fund ID: 805-9688882857
Reported beneficial owners: 32
Minimum commitment: $3M
Form D file number: 021-329489

Form ADV 2107709 · May 21, 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.

MIDDLEGROUND CARBON CV, LPPrivate Equity Fund · Last reported May 21, 2026$406MGross asset value

Form D fundraising filings

MiddleGround Carbon CV, L.P.

Fund administrator APEX FUND SERVICES INC. EVANSVILLE, Indiana, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG LLP NEW YORK, New York, United States

Custodian BMO HARRIS BANK, N.A. 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

Fund details & source

Fund ID: 805-2066923672
Reported beneficial owners: 46
Minimum commitment: $2M
Form D file number: 021-498378

Form ADV 2107709 · May 21, 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.

MIDDLEGROUND PARTNERS III, LPPrivate Equity Fund · Last reported May 21, 2026$278MGross asset value

Form D fundraising filings

MiddleGround Partners III, L.P.

Fund administrator APEX FUND SERVICES INC. EVANSVILLE, Indiana, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor COHN REZNICK, LLC HARTFORD, Connecticut, United States

Custodian BMO HARRIS BANK, N.A, CHICAGO, Illinois, United States Related to adviser: No

Marketer FIRST AVENUE NEW YORK, New York, United States Related to adviser: No

Marketer LAZARD FRERES & CO. LLC NEW YORK, New York, United States Related to adviser: No

Provider details

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

COHN REZNICK, LLC
PCAOB 596

FIRST AVENUE
CRD 145860 · SEC 8-67758

LAZARD FRERES & CO. LLC
CRD 2528 · SEC 8-2595

Fund details & source

Fund ID: 805-2259618095
Reported beneficial owners: 39
Minimum commitment: $2M
Form D file number: 021-493593

Form ADV 2107709 · May 21, 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.

MIDDLEGROUND MOBILITY OPPORTUNITY FUND, LPPrivate Equity Fund · Last reported May 21, 2026$255MGross asset value

Form D fundraising filings

MiddleGround Mobility Opportunity Fund, L.P.

Fund administrator APEX FUND SERVICES INC. EVANSVILLE, Indiana, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG, LLP NEW YORK, New York, United States

Custodian BMO HARRIS BANK, N.A. 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

Fund details & source

Fund ID: 805-4787056113
Reported beneficial owners: 24
Minimum commitment: $5M
Form D file number: 021-387456

Form ADV 2107709 · May 21, 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.

MIDDLEGROUND COPPER CO-INVEST PARTNERS, LPPrivate Equity Fund · Last reported May 21, 2026$245MGross asset value

Form D fundraising filings

MiddleGround Copper Co-Invest Partners, L.P.

Fund administrator APEX FUND SERVICES INC. EVANSVILLE, Indiana, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor COHN REZNICK LLC HARTFORD, Connecticut, United States

Custodian BMO HARRIS BANK, N.A. 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

COHN REZNICK LLC
PCAOB 596

Fund details & source

Fund ID: 805-5891511494
Reported beneficial owners: 21
Minimum commitment: $5M
Form D file number: 021-460743

Form ADV 2107709 · May 21, 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.

MIDDLEGROUND FORCE CO-INVEST PARTNERS, LPPrivate Equity Fund · Last reported May 21, 2026$200MGross asset value

Fund administrator APEX FUND SERVICES INC. EVANSVILLE, Indiana, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KMPG, LLP NEW YORK, New York, United States

Custodian BMO HARRIS BANK, N.A. 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

KMPG, LLP
PCAOB 185

Fund details & source

Fund ID: 805-3834563146
Reported beneficial owners: 18
Minimum commitment: $300K

Form ADV 2107709 · May 21, 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: May 21, 2026. View historical filings

Reported services

Pooled investment vehicle management

Compensation

Percentage of assets · Performance-based

Principal office

1500 ARISTIDES BLVD.
LEXINGTON, KY, 40511, United States

CRD 297235

Filing source

Form ADV 2107709 · May 21, 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.