Adage Capital Management: Platform Profile

Overview

Adage Capital Management is a Boston-based SEC-registered private-fund adviser. Its public website is restricted to authorized clients and limited partners rather than functioning as a public marketing or subscription platform.

Current regulatory data show a highly concentrated advisory structure: one pooled-investment-vehicle client and one advisory account, with all reported regulatory AUM discretionary.

May fit better for

• qualified investors evaluating a large institutional hedge-fund manager;
• investors comfortable with a private-fund-only access model;
• allocators able to evaluate a broad public-equity portfolio without treating 13F as total exposure;
• investors who can meet vehicle-specific eligibility and minimum requirements;
• institutions comfortable with performance-based fee structures.

May fit less well for

• retail investors seeking public self-service signup;
• users expecting transparent public fund terms;
• investors who interpret a 13F filing as complete portfolio exposure;
• users who assume one private-fund minimum is a universal manager minimum;
• investors seeking daily-liquid registered-fund access from the manager itself.

Adage is SEC registered

Current IAPD status:

• Legal adviser: Adage Capital Management, L.P.
• CRD: 160679
• SEC number: 801-73131
• SEC registration effective: 2012-02-17
• SEC registered investment adviser: Yes

The current registration also identifies Adage Capital Services LLC as a relying adviser.

Regulatory AUM is $70.436B

Current March 25, 2026 Form ADV:

• Regulatory AUM: $70.436B
• Regulatory AUM as of: 2026-03-25
• Discretionary AUM: $70.436B
• Client accounts: 1
• Pooled vehicle share of AUM: 100%

This is regulatory AUM, not a public-marketing AUM claim.

Q2 2026 13F value is $71.317B

Current SEC filing for June 30, 2026:

• Q2 2026 13F value: $71.317B
• Q2 2026 13F as of: 2026-06-30
• Q2 2026 13F entry count: 1002

The numerical similarity between the March regulatory AUM and June 13F value does not make them interchangeable.

They are measured on different dates and under different filing definitions.

Current public website is private-client oriented

The website states that it is for the exclusive use of clients and limited partners and requires authorization.

The site also states that it is not soliciting action or providing a public offer of advisory services.

Adage reports one private fund in the cited filing record

AUMdb's current adviser profile shows one reported private fund, Adage Capital Partners, L.P.

The cited private-fund schedule is older than the March 2026 regulatory-AUM date:

• Private fund schedule source period: 2024
• Adage Capital Partners gross assets: $52.0B
• Adage Capital Partners minimum: $10M
• Fund type: Hedge Fund

Current Form ADV reports both asset-based and performance-based compensation

• Asset based fees: Yes
• Performance based fees: Yes

A compensation method does not establish one universal fee percentage.

Assessment

Adage is a good example of why numerical closeness is not definitional equivalence.

Its March 2026 regulatory AUM is $70.436B; its June 2026 13F value is $71.317B. Those figures answer different questions. The private-fund schedule supplies a third asset measure on an older date.

The canonical review should preserve all three without collapsing them.