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| First Principles Group Management LLC
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| 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) |
|---|
| 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 | ||||
| PE | FPG AD Astra IV LLC | [2024-06-30] | 33.9 M | 182.1 M |
| Filed 2023-10-10 (D) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $303,000 · Remaining Indefinite · Duration One year or less · Revenue Not Applicable | ||||
| PE | FPG AD Astra VII LP | [2024-06-30] | 2.5 M | 21.1 M |
| Filed 2024-09-05 (D) · Exemption 506(b), 3(c), 3(c)(1) · Remaining Indefinite · Duration One year or less · Net Assets Decline to Disclose | ||||
| PE | FPG AD Astra VI LLC | [2024-06-30] | 5.0 M | 94.7 M |
| Filed 2024-01-29 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Net Assets Decline to Disclose | ||||
| PE | FPG AD Astra V LLC | [2024-06-30] | 48.5 M | 258.0 M |
| Filed 2023-10-10 (D) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $126,250 · Remaining Indefinite · Duration One year or less · Revenue Not Applicable | ||||
| VC | FPG AD Claritas II LP | [2024-06-30] | 38.8 M | |
| Filed 2024-05-13 (D) · Exemption 506(b), 3(c), 3(c)(1) · Remaining Indefinite · Duration One year or less · Revenue Not Applicable | ||||
| VC | FPG AD Claritas I LP | [2024-06-30] | 213.5 M | |
| Filed 2024-05-10 (D) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration One year or less · Revenue Not Applicable | ||||
| VC | FPG AD Nexum I LP | [2024-06-30] | 2.0 M | 6.7 M |
| Offered $1,999,996 · Filed 2023-12-27 (D) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $5,100 · Duration One year or less · Revenue Not Applicable | ||||
| VC | FPG Big Tree LLC | [2024-06-30] | 21.3 M | 20.6 M |
| Offered $21,345,720 · Filed 2023-09-15 (D) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $103,000 · Duration One year or less · Revenue Not Applicable | ||||
| VC | FPG Huge Tree LLC | [2024-06-30] | 33.3 M | 32.6 M |
| Offered $33,271,500 · Filed 2023-09-15 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $153,750 · Duration One year or less · Revenue Not Applicable | ||||
| PE | FPG Free Bird Fund LLC | [2023-03-29] | 13.0 M | 27.1 M |
| Offered $13,000,000 · Filed 2022-11-07 (D) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $51,250 · Duration One year or less · Net Assets $5,000,001 - $25,000,000 | ||||
| PE | FPG Fund IV LLC | [2023-03-29] | 25.6 M | 136.8 M |
| Offered $25,625,000 · Filed 2023-02-07 (D) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $256,250 · Duration One year or less · Net Assets $25,000,001 - $50,000,000 | ||||
| PE | First Principles Group Fund II Ocisly LLC | [2022-12-07] | 35.9 M | 180.6 M |
| Offered $35,943,750 · Filed 2022-11-14 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $50,625 · Duration One year or less · Net Assets $25,000,001 - $50,000,000 | ||||
| PE | First Principles Group Fund I LLC | [2022-12-07] | 15.2 M | 126.1 M |
| Offered $15,150,000 · Filed 2021-09-27 (D) · Exemption 506(b), 3(c)(7) · Minimum $50,500 · Duration One year or less · Net Assets $5,000,001 - $25,000,000 | ||||
| AUM Breakdown | Accounts | AUM ($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 | 2011 - 2026 |
|---|---|---|---|---|
| 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 |
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