Lapis Advisers, LP
● SEC registered since 2010CRD 153710SEC# 801-71696Denver, CO
Ranks #3,304 of 5,980 private fund managers by regulatory AUM.
Reg. AUM
$789.5M
Fund GAV
$693.5M
Private funds
8
Employees
12
Accounts
8
Location
Denver, CO
About Lapis Advisers
Lapis Advisers invests in municipal special situations and has expanded into high-yield credit and equity across industries, including senior living and healthcare. It emphasizes disciplined underwriting, active asset management, and longstanding industry relationships.
Summary based on the firm’s website.
Lapis Advisers, LP assets under management
Lapis Advisers, LP operates as an SEC-registered investment adviser based in Denver, CO. The firm has been registered since 2010. It reports $789.5 million in regulatory assets under management and employs 12 people. Lapis Advisers, LP manages 8 private funds with combined gross assets of $693.5 million, including Lapis Municipal Opportunities Fund IV LP. By regulatory assets, it ranks 3,304 of 5,980 private fund managers.
Lapis Advisers, LP private funds
8 funds · $693.5M GAV| Fund | Type | Gross assets | Min. |
|---|---|---|---|
| Lapis Municipal Opportunities Fund IV LP | Private Equity | $295.8M | $50K |
| Lapis Municipal Opportunities Fund V LP | Private Equity | $228.3M | $50K |
| Lapis Municipal Opportunities Fund III LP | Private Equity | $55.8M | $50K |
| Mustang Snf Holdings LLC | Private Equity | $31.6M | $2M |
| Lapis Crestone Municipal Opportunities Fund III LP | Private Equity | $28.5M | $20M |
| Lapis Crestone Municipal Opportunities Fund IV LP | Private Equity | $26.6M | $20M |
| Lapis Crestone Municipal Opportunities Fund II LP | Private Equity | $17.3M | $20M |
| Lapis Crestone Municipal Opportunities Fund LP | Private Equity | $9.6M | $20M |
Lapis Advisers, LP owners & executives
9 reported| Name | Title | Ownership | Since |
|---|---|---|---|
| Barbara Terrell | Limited Partner | 10-25% | 2013 |
| Frank Ross Chavez | Chief Financial Officer | Under 5% | 2015 |
| Frank Ross Chavez | Chief Compliance Officer | Under 5% | 2016 |
| Kjerstin Roen Hatch Control | Limited Partner, Manager Of Gp | Over 75% | 2009 |
| Lapis-Gp, LLC Control | General Partner | Under 5% | 2009 |
| MCM Advisers, LP | Limited Partner | 10-25% | 2009 |
| McM-Gp, Inc Control | General Partner | — | 2006 |
| Mpf Founders, LP Control | Limited Partner | 50-75% | 2009 |
| Mpf Principals, LP Control | Limited Partner | 25-50% | 2009 |
Frequently asked questions
How much does Lapis Advisers, LP manage?
Lapis Advisers, LP reports $789.5 million in regulatory assets under management on its Form ADV.
How many private funds does Lapis Advisers, LP manage?
Lapis Advisers, LP manages 8 private funds with combined gross assets of $693.5 million.
How many employees does Lapis Advisers, LP have?
Lapis Advisers, LP reports 12 employees.
Where is Lapis Advisers, LP located?
Lapis Advisers, LP is based in Denver, CO and has been SEC-registered since 2010.
Does Lapis Advisers, LP disclose fund performance?
Lapis Advisers, LP is not required to publicly disclose fund returns. Form ADV filings include assets, ownership, and service providers, shown above.
Contact & registration
| Address | 811 E 17th Avenue, Denver, CO 80218 |
| Phone | 415-376-6280 |
| Fax | 415-376-6281 |
| Office hours | 8:00a.m. - 5:00p.m. |
| SEC region | Denver Regional Office (DRO) |
| Umbrella registration | Yes |
| Discloses disciplinary history | No |
Regulatory AUM
$789.5M▼ 12%
Mar '25Form ADV, monthlyOct '26
How this firm compares
Regulatory AUMTop 38%
Larger than 62% of 16,389 advisers
AUM vs fund managersTop 55%
Larger than 45% of 5,980 private-fund managers
Number of fundsTop 30%
More funds than 70% of fund managers
EmployeesTop 35%
More than 65% of 16,799 advisers
Assets under management
$789.5Mregulatory AUM
Discretionary $789.5M
Service providers
Auditor
Prime broker
Administrator