Permanent Capital Management, LP
Permanent Capital Management, LP is an SEC-registered investment adviser based in Chicago, Illinois. Founded in June 2011, the firm provides institutional investment management solutions to a diverse group of clients including endowments, private foundations, family trusts, sovereign tribal nations, high-net-worth families and individuals, 403(b) plans, and traditional individual wealth management accounts. It also manages co-mingled private investment funds and special purpose vehicles. The firm is led by Principals John J. Regan and Joseph S. Steinberg, with Michael McCaffery serving as COO and CCO. As of mid-2025, the firm has 5 employees.
Investment Strategy
Permanent Capital Management, LP offers investment management on both a discretionary and non-discretionary basis, specializing in managing portfolios through exchange-traded securities, ETFs, and mutual funds, as well as allocations to separately managed accounts overseen by independent managers. The firm also advises qualified clients on investments in private placements, including debt, equity, and pooled vehicles, frequently via its own affiliated funds. Investment activity spans single-stock and treasury bond positions, with an emphasis on aligning each mandate with specific client objectives and guidelines. The firm’s client base primarily includes institutional and high-net-worth investors, approached with diversified, risk-managed strategies.
Latest 13F Filing Activity
Permanent Capital Management, LP filed their most recent 13F report on Sep 30, 2025 disclosing 150 equity positions with a total 13F market value of $535M. The fund increased holdings in Vanguard Index FDS, Vanguard Scottsdale FDS, Invesco Exchange Traded FD T among other positions. Permanent Capital Management, LP reduced exposure to PIMCO Calif Mun Income FD, Taboola.com LTD, Agnc Invt Corp. among others.
Top Holdings
Equity Positions (150)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
V VOO | VANGUARD INDEX FDS | 27.94% | $149.4M | 243,343 | $612.38 | $612.38 | +$149.4M |
V VGIT | VANGUARD SCOTTSDALE FDS | 7.86% | $42.1M | 700,835 | $60.03 | $60.03 | +$42.1M |
R RSP | INVESCO EXCHANGE TRADED FD T | 7.68% | $41.1M | 216,711 | $189.70 | $189.70 | +$41.1M |
V VEA | VANGUARD TAX-MANAGED FDS | 7.36% | $39.3M | 656,678 | $59.92 | $59.92 | +$39.3M |
M MSFT | MICROSOFT CORP | 7.01% | $37.5M | 72,416 | $517.95 | $517.95 | +$37.5M |
Industry Allocation
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