Investment adviser · CRD 109171

PALO ALTO INVESTORS LP

Investment adviser filing (IA)

PALO ALTO, CA, United States · Form ADV filed Mar 27, 2026

Regulatory AUM
$696M
Form ADV · Item 5.F
Client accounts
13
Accounts, not individual clients
Employees
10
Reported in this filing
Advisory professionals
4
Investment advisory functions

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client typeClientsRegulatory assetsShare of AUM
Pooled investment vehicles13$696,000,000100.0%
Filing source

Form ADV 2057526 · Mar 27, 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

16 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.

PALO ALTO HEALTHCARE MASTER FUND II, L.P.Hedge Fund · Last reported Mar 27, 2026$280MGross asset value

Feeder funds

Fund administrator MORGAN STANLEY FUND SERVICES (CAYMAN) LTD. GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor EISNERAMPER US (CAYMAN) LTD GRAND CAYMAN, Cayman Islands
Custodian MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No
Custodian NORTHERN TRUST INTERNATIONAL BANKING CORPORATION JERSEY CITY, New Jersey, United States Related to adviser: No
Marketer CAPITAL CONNECT, LLC VERO BEACH, Florida, United States Related to adviser: No
Marketer CREWE CAPITAL SALT LAKE CITY, Utah, United States Related to adviser: No
Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States
Prime broker PERSHING LLC LOS ANGELES, California, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

EISNERAMPER US (CAYMAN) LTD
PCAOB 274

MORGAN STANLEY & CO. LLC
SEC 8-15869

NORTHERN TRUST INTERNATIONAL BANKING CORPORATION
LEI 6PTKHDJ8HDUF78PFWH30

CAPITAL CONNECT, LLC
CRD 329399 · SEC 8-71196

CREWE CAPITAL
CRD 152527 · SEC 8-68460

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

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source
Fund ID
805-9698386413
Reported beneficial owners
69
Minimum commitment
$1M
Form D file number
021-116452
Form D file number
021-91122

Form ADV 2057526 · Mar 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.

PALO ALTO HEALTHCARE MASTER FUND, L.P.Hedge Fund · Last reported Mar 27, 2026$227MGross asset value

Feeder funds

Fund administrator MORGAN STANLEY FUND SERVICES (CAYMAN) LTD. GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor EISNERAMPER US (CAYMAN) LTD GRAND CAYMAN, Cayman Islands
Custodian NORTHERN TRUST INTERNATIONAL BANKING CORPORATION JERSEY CITY, New Jersey, United States Related to adviser: No
Custodian PERSHING LLC LOS ANGELES, California, United States Related to adviser: No
Marketer CAPITAL CONNECT, LLC VERO BEACH, Florida, United States Related to adviser: No
Marketer CREWE CAPITAL SALT LAKE CITY, Utah, United States Related to adviser: No
Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States
Prime broker PERSHING LLC LOS ANGELES, California, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

EISNERAMPER US (CAYMAN) LTD
PCAOB 274

NORTHERN TRUST INTERNATIONAL BANKING CORPORATION
LEI 6PTKHDJ8HDUF78PFWH30

PERSHING LLC
SEC 8-17574

CAPITAL CONNECT, LLC
CRD 329399 · SEC 8-71196

CREWE CAPITAL
CRD 152527 · SEC 8-68460

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

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source
Fund ID
805-1843426087
Reported beneficial owners
30
Minimum commitment
$1M
Form D file number
021-119293
Form D file number
021-93417

Form ADV 2057526 · Mar 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.

PALO ALTO ADVANCED LIFE SCIENCES MASTER FUND, L.P.Hedge Fund · Last reported Mar 27, 2026$87MGross asset value

Feeder funds

Fund administrator MORGAN STANLEY FUND SERVICES (CAYMAN) LTD. GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor EISNERAMPER US (CAYMAN) LTD GRAND CAYMAN, Cayman Islands
Custodian MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No
Custodian THE NORTHERN TRUST INTERNATIONAL BANKING CORPORATIONS JERSEY CITY, New Jersey, United States Related to adviser: No
Marketer CAPITAL CONNECT, LLC VERO BEACH, Florida, United States Related to adviser: No
Marketer CREWE CAPITAL SALT LAKE CITY, Utah, United States Related to adviser: No
Marketer MORGAN STANLEY MENLO PARK, California, United States Related to adviser: No
Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States
Prime broker PERSHING LLC LOS ANGELES, California, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

EISNERAMPER US (CAYMAN) LTD
PCAOB 274

MORGAN STANLEY & CO. LLC
SEC 8-15869

THE NORTHERN TRUST INTERNATIONAL BANKING CORPORATIONS
LEI 6PTKHDJ8HDUF78PFWH30

CAPITAL CONNECT, LLC
CRD 329399 · SEC 8-71196

CREWE CAPITAL
CRD 152527 · SEC 8-68460

MORGAN STANLEY
CRD 149777 · SEC 801-70103

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

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source
Fund ID
805-5339200980
Reported beneficial owners
27
Minimum commitment
$5M
Form D file number
021-148979
Form D file number
021-235882

Form ADV 2057526 · Mar 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.

MICRO CAP PARTNERS, L.P.Hedge Fund · Last reported Mar 27, 2026$84MGross asset value
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 EISNERAMPER LLP SAN FRANCISCO, California, United States
Custodian MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No
Custodian NORTHERN TRUST INTERNATIONAL BANKING CORPORATION JERSEY CITY, New Jersey, United States Related to adviser: No
Marketer CAPITAL CONNECT, LLC VERO BEACH, Florida, United States Related to adviser: No
Marketer CREWE CAPITAL SALT LAKE CITY, Utah, United States Related to adviser: No
Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States
Prime broker PERSHING LLC LOS ANGELES, California, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

EISNERAMPER LLP
PCAOB 274

MORGAN STANLEY & CO. LLC
SEC 8-15869

NORTHERN TRUST INTERNATIONAL BANKING CORPORATION
LEI 6PTKHDJ8HDUF78PFWH30

CAPITAL CONNECT, LLC
CRD 329399 · SEC 8-71196

CREWE CAPITAL
CRD 152527 · SEC 8-68460

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

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source
Fund ID
805-6986817957
Reported beneficial owners
25
Minimum commitment
$1M
Form D file number
021-94171

Form ADV 2057526 · Mar 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.

PALO ALTO KOREA FUND, L.P.Hedge Fund · Last reported Mar 27, 2026$11MGross asset value

Form D fundraising filings

Palo Alto Korea Fund, L.P.

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 EISNERAMPER LLP SAN FRANCISCO, California, United States
Custodian MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No
Custodian NORTHERN TRUST INTERNATIONAL BANKING CORPORATION JERSEY CITY, New Jersey, United States Related to adviser: No
Marketer CAPITAL CONNECT, LLC VERO BEACH, Florida, United States Related to adviser: No
Marketer CREWE CAPITAL SALT LAKE CITY, Utah, United States Related to adviser: No
Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States
Prime broker PERSHING LLC LOS ANGELES, California, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

EISNERAMPER LLP
PCAOB 274

MORGAN STANLEY & CO. LLC
SEC 8-15869

NORTHERN TRUST INTERNATIONAL BANKING CORPORATION
LEI 6PTKHDJ8HDUF78PFWH30

CAPITAL CONNECT, LLC
CRD 329399 · SEC 8-71196

CREWE CAPITAL
CRD 152527 · SEC 8-68460

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

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source
Fund ID
805-4567520406
Reported beneficial owners
3
Minimum commitment
$250K
Form D file number
021-140086

Form ADV 2057526 · Mar 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.

PALO ALTO PE FUND, L.P.Hedge Fund · Last reported Mar 27, 2026$3MGross asset value

Form D fundraising filings

Palo Alto PE Fund, L.P.

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 EISNERAMPER LLP SAN FRANCISCO, California, United States
Custodian MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No
Custodian NORTHERN TRUST INTERNATIONAL BANKING CORPORATION JERSEY CITY, New Jersey, United States Related to adviser: No
Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States
Prime broker PERSHING LLC LOS ANGELES, California, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

EISNERAMPER LLP
PCAOB 274

MORGAN STANLEY & CO. LLC
SEC 8-15869

NORTHERN TRUST INTERNATIONAL BANKING CORPORATION
LEI 6PTKHDJ8HDUF78PFWH30

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

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source
Fund ID
805-2262473693
Reported beneficial owners
2
Minimum commitment
$1M
Form D file number
021-242584

Form ADV 2057526 · Mar 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.

LAGUNITA, LPHedge Fund · Last reported Mar 30, 2020$203MGross asset value

Form D fundraising filings

Lagunita, LP

Feeder funds

Fund administrator MORGAN STANLEY FUND SERVICES (CAYMAN) LTD. GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor KPMG LLC GRAND CAYMAN, Cayman Islands
Custodian MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States Related to adviser: No
Marketer MMX GLOBAL PARTNERS, LLC WAYZATA, Minnesota, United States Related to adviser: No
Prime broker MORGAN STANLEY & CO. LLC SAN FRANCISCO, California, United States
Prime broker PERSHING LLC LOS ANGELES, California, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

KPMG LLC
PCAOB 185

MORGAN STANLEY & CO. LLC
SEC 8-15869

MMX GLOBAL PARTNERS, LLC
CRD 286531 · SEC 8-69889

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

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source
Fund ID
805-4815150783
Reported beneficial owners
30
Minimum commitment
$100K
Form D file number
021-215963
Form D file number
021-220497

Form ADV 1389944 · Mar 30, 2020 · 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: Mar 27, 2026. View historical filings

Reported services

Pooled investment vehicle management

Compensation

Percentage of assets · Performance-based

Principal office

101 UNIVERSITY AVE, SUITE 200
PALO ALTO, CA, 94301-1638, United States

CRD 109171

Filing source

Form ADV 2057526 · Mar 27, 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.