First Principles Group Management LLC

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First Principles Group Management LLC ✚
CRD #	322950
SEC #	801-130840
CIK #
AUM	1,636.0 M (2026-05-13)
Employees	2 (100% Investors, 0% Brokers)
Fees
Minimum
Phone	847-668-7950
Address
Source	[IAPD] [Website] [Twitter] [Instagram]

Total AUM ($M) Copy

Type	Form D Funds	Date	Sold	AUM
PE	FPG AD Astra IX LP	[2026-03-31]	10.1 M	27.3 M
	Filed 2025-02-21 (D) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $101,500 · Remaining Indefinite · Duration One year or less · Net Assets $5,000,001 - $25,000,000
PE	FPG AD Astra X LP	[2026-03-31]	25.5 M	50.1 M
	Filed 2025-11-05 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $101,500 · Remaining Indefinite · Duration One year or less · Revenue Not Applicable
VC	FPG AD Claritas IV LP	[2026-03-31]	10.1 M	20.7 M
	Offered $10,148,125 · Filed 2025-07-22 (D) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $50,750 · Duration One year or less · Revenue Not Applicable
VC	FPG AD Claritas VI LP	[2026-03-31]	10.6 M	10.6 M
	Offered $10,568,640 · Filed 2025-12-22 (D) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $101,000 · Duration One year or less · Revenue Not Applicable
VC	FPG AD Claritas V LP	[2026-03-31]		39.9 M
	Filed 2025-12-04 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Not Applicable
VC	FPG AD Novo III LP	[2026-03-31]		7.8 M
	Filed 2025-09-30 (D) · Exemption 506(b), 3(c), 3(c)(1) · Remaining Indefinite · Duration One year or less · Revenue Not Applicable
VC	FPG AD Ultra II LP	[2026-03-31]	9.3 M	10.8 M
	Offered $9,291,081 · Filed 2025-05-15 (D) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $151,500 · Duration One year or less · Revenue Not Applicable
PE	FPG AD Astra VIII LP	[2025-03-31]	20.4 M	64.8 M
	Filed 2024-09-17 (D) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $35,700 · Remaining Indefinite · Duration One year or less · Net Assets Decline to Disclose
PE	FPG AD Claritas III LP	[2025-03-31]	7.4 M	23.5 M
	Offered $7,358,750 · Filed 2024-11-27 (D) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $50,750 · Duration One year or less · Net Assets Decline to Disclose
VC	FPG AD Ultra I LP	[2025-03-31]	13.0 M	41.9 M
	Filed 2024-09-05 (D) · Exemption 506(b), 3(c), 3(c)(1) · Remaining Indefinite · Duration One year or less · Revenue Decline to Disclose
View All

AUM Breakdown	Accounts	AUM ($M)
By Client Type
(a) Individuals (other than high net worth individuals)	0	0.0
(b) Individuals (high net worth individuals)	0	0.0
(c) Banking or thrift institutions	0	0.0
(d) Investment companies	0	0.0
(e) Business development companies	0	0.0
(f) Pooled investment vehicles	23	1,636.0
(g) Pension and profit sharing plans	0	0.0
(h) Charitable organizations	0	0.0
(i) State or municipal government entities	0	0.0
(j) Other investment advisers	0	0.0
(k) Insurance companies	0	0.0
(l) Sovereign wealth funds and foreign official institutions	0	0.0
(m) Corporations or other businesses not listed above	0	0.0
(n) Other	0	0.0
Total	23	1,636.0
By Discretionary
Discretionary	23	1,636.0
Non-Discretionary	0	0.0
Total	23	1,636.0
By Non-United States Persons
Non-United States Persons		0.0
United States Persons		1,636.0
Total	23	1,636.0

Form D Directors	Role	# Filings	# Firms
Robert Maurer	Executive Officer	23	2
Benjamin Holland	Executive Officer	18	2
First Principles Group Management LLC	Executive Officer, Promoter	17	2
Fpg Partners IV GP LLC	Executive Officer, Promoter	15	2
Michael Friedberg	Executive Officer	10	2
First Principles Group Management	Executive Officer	1	1

Firm Profile (Form ADV)
Serves	Institutional
Fund Types	Private Equity

Comparable Firms	State	AUM
50T Holdings LLC ✚	NY	1,659.7 M
Indigo Partners LLC ✚	AZ	1,657.5 M
Blue Sea Capital LLC ✚	FL	1,650.7 M
MWP Advisory LLC ✚	NY	1,647.8 M
Era Partners LLC ✚	CA	1,646.0 M
Forgelight LLC ✚	FL	1,634.5 M
KarpReilly LLC ✚	CT	1,628.8 M
Muller & Monroe Asset Management LLC ✚	IL	1,625.3 M
Atlantic Street Capital Management LLC ✚	CT	1,611.3 M
Activant Capital Group LLC ✚	CT	1,608.3 M

First Principles Group Management LLC

Assets, Funds, Holdings