Permanent Capital Management, LP

CHICAGO, IL · CIK 2054108 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2023 · limited partnership

Assets managed$768.9m
Staff10 · 1 in investment roles
Main clients (by assets)Companies 68%, High net worth individuals 17%, Insurers 7%
Private funds3 · $48.5m gross assets
Websitepermcapital.com
Form ADV · 2026-09-29SEC adviser record

Kindventure, institutions
Others nearbyChicago, IL, San Mateo, CA

As an employer

Offices in1 country
Private fundsother private 2, venture capital 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Chicago, IL (main office)United States	United States	about 1
San Mateo, CAUnited States	United States

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$746.7m reported value +16.1% vs Q1 2026

211positions

77.8%in top 10

66 new 49 added 38 reduced 10 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	1,160,445	$182.1m24.39%	24.39%	Added +517.1k	+517,052 80.4%
2	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	253,227	$173.9m23.29%	23.29%	Added +6.6k	+6,611 2.7%
3	ISHARES TR CORE US AGGBD ET AGG	AGG	651,553	$64.5m8.64%	8.64%	Added +4.1k	+4,128 0.6%
4	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	675,379	$48.1m6.44%	6.44%	Added +6.7k	+6,725 1.0%
5	VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT	VGIT	600,884	$35.4m4.75%	4.75%	Added +5.0k	+5,046 0.8%
6	MICROSOFT CORP COM MSFT	MSFT	73,008	$27.2m3.65%	3.65%	Added +341	+341 0.5%
7	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	292,236	$17.4m2.34%	2.34%	Reduced -84	-84 -0.0%
8	WISDOMTREE TR FLOATNG RAT TREA USFR	USFR	278,781	$14.0m1.88%	1.88%	Added +3.9k	+3,925 1.4%
9	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	25,411	$9.4m1.26%	1.26%	Added +3.8k	+3,766 17.4%
10	ISHARES TR MSCI ACWI ETF ACWI	ACWI	54,862	$8.6m1.15%	1.15%	Unchanged
11	SPDR SER TR PORTFOLIO LN TSR SPTL	SPTL	278,085	$7.3m0.98%	0.98%	Reduced -3.9k	-3,909 -1.4%
12	CATERPILLAR INC COM CAT	CAT	5,465	$5.8m0.78%	0.78%	Reduced -152	-152 -2.7%
13	NVIDIA CORPORATION COM NVDA	NVDA	23,070	$4.6m0.62%	0.62%	Added +36	+36 0.2%
14	ISHARES TR RUS 1000 GRW ETF IWF	IWF	35,109	$4.4m0.58%	0.58%	Reduced -105.2k	-105,207 -75.0%
15	APPLE INC COM AAPL	AAPL	14,538	$4.2m0.56%	0.56%	Added +67	+67 0.5%
16	AURORA INNOVATION INC CLASS A COM AUR	AUR	603,200	$4.1m0.55%	0.55%	Reduced -737.0k	-737,023 -55.0%
17	AMAZON COM INC COM AMZN	AMZN	16,652	$4.0m0.53%	0.53%	Reduced -20	-20 -0.1%
18	VALUED ADVISERS TR KOVITZ CORE EQT EQTY	EQTY	138,184	$3.9m0.52%	0.52%	New
19	ALPHABET INC CAP STK CL A GOOGL	GOOGL	10,023	$3.6m0.48%	0.48%	Reduced -125	-125 -1.2%
20	UBS GROUP AG SHS UBS	UBS	64,477	$3.2m0.43%	0.43%	Unchanged
21	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	4,185	$3.1m0.42%	0.42%	Unchanged
22	BANK NEW YORK MELLON CORP COM BNY	BNY	20,794	$3.0m0.40%	0.40%	Unchanged
23	SPDR GOLD TR GOLD SHS GLD	GLD	8,157	$3.0m0.40%	0.40%	Unchanged
24	EXPAND ENERGY CORPORATION COM EXE	EXE	26,635	$2.4m0.33%	0.33%	Added +4.2k	+4,239 18.9%
25	KIMBERLY-CLARK CORP COM KMB	KMB	20,522	$2.3m0.31%	0.31%	Reduced -3.8k	-3,758 -15.5%
26	QUEST DIAGNOSTICS INC COM DGX	DGX	10,706	$2.3m0.30%	0.30%	Added +6.8k	+6,760 171.3%
27	CADIZ INC COM NEW CDZI	CDZI	537,680	$2.2m0.30%	0.30%	Added +63.7k	+63,661 13.4%
28	UNION PAC CORP COM UNP	UNP	7,913	$2.2m0.29%	0.29%	Unchanged
29	ALPHABET INC CAP STK CL C GOOG	GOOG	5,939	$2.1m0.28%	0.28%	Reduced -71	-71 -1.2%
30	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	8,945	$1.9m0.25%	0.25%	Reduced -103.5k	-103,533 -92.0%
31	O-I GLASS INC COM OI	OI	186,778	$1.8m0.24%	0.24%	Added +107.4k	+107,365 135.2%
32	LOEWS CORP COM L	L	15,454	$1.7m0.23%	0.23%	Reduced -1	-1 -0.0%
33	ALASKA AIR GROUP INC COM ALK	ALK	33,099	$1.7m0.23%	0.23%	Added +15.3k	+15,264 85.6%
34	BROADCOM INC COM AVGO	AVGO	4,072	$1.5m0.21%	0.21%	Added +154	+154 3.9%
35	JOHNSON & JOHNSON COM JNJ	JNJ	6,055	$1.5m0.21%	0.21%	Added +267	+267 4.6%
36	GOLAR LNG LTD SHS GLNG	GLNG	28,796	$1.4m0.19%	0.19%	Unchanged
37	VANGUARD INDEX FDS VALUE ETF VTV	VTV	6,480	$1.4m0.19%	0.19%	Added +5.4k	+5,355 476.0%
38	CAPITAL ONE FINL CORP COM COF	COF	6,859	$1.4m0.18%	0.18%	Unchanged
39	MGM RESORTS INTERNATIONAL COM MGM	MGM	28,463	$1.4m0.18%	0.18%	Reduced -3.6k	-3,602 -11.2%
40	META PLATFORMS INC CL A META	META	2,410	$1.4m0.18%	0.18%	Added +100	+100 4.3%
41	TECK RESOURCES LTD CL B TECK	TECK	21,526	$1.3m0.17%	0.17%	Unchanged
42	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	4,298	$1.2m0.16%	0.16%	Added +2.5k	+2,459 133.7%
43	ISHARES TR RUSSELL 2000 ETF IWM	IWM	4,007	$1.2m0.16%	0.16%	Reduced -195	-195 -4.6%
44	VANGUARD STAR FDS VG TL INTL STK F VXUS	VXUS	13,986	$1.2m0.16%	0.16%	Added +6.0k	+5,974 74.6%
45	WALMART INC COM WMT	WMT	10,383	$1.2m0.16%	0.16%	Added +5	+5 0.1%
46	MARINEMAX INC COM HZO	HZO	31,474	$1.2m0.15%	0.15%	Reduced -403	-403 -1.3%
47	ISHARES TR S&P 100 ETF OEF	OEF	3,149	$1.2m0.15%	0.15%	New
48	AXIS CAP HLDGS LTD SHS AXS	AXS	10,053	$1.1m0.15%	0.15%	Unchanged
49	UNILEVER PLC SPON ADR NEW UL	UL	17,648	$1.1m0.14%	0.14%	Added +1	+1 0.0%
50	NORTHERN TR CORP COM NTRS	NTRS	6,011	$1.0m0.14%	0.14%	Unchanged
51	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	1,423	$1.0m0.14%	0.14%	Unchanged
52	JPMORGAN CHASE & CO COM JPM	JPM	3,158	$1.0m0.14%	0.14%	Unchanged
53	COCA COLA CO COM KO	KO	12,263	$1.0m0.13%	0.13%	Unchanged
54	GENERAL MTRS CO COM GM	GM	12,652	$975.2k0.13%	0.13%	Added +2	+2 0.0%
55	AMERICAN INTL GROUP INC COM NEW AIG	AIG	12,868	$959.1k0.13%	0.13%	Reduced -2	-2 -0.0%
56	DEERE & CO COM DE	DE	1,479	$940.6k0.13%	0.13%	Reduced -1	-1 -0.1%
57	COSTCO WHSL CORP NEW COM COST	COST	990	$926.0k0.12%	0.12%	Added +83	+83 9.2%
58	ABBVIE INC COM ABBV	ABBV	3,622	$911.5k0.12%	0.12%	Unchanged
59	BRUNSWICK CORP COM BC	BC	10,730	$903.9k0.12%	0.12%	Unchanged
60	APPLIED MATLS INC COM AMAT	AMAT	1,233	$891.5k0.12%	0.12%	Unchanged
61	BOEING CO COM BA	BA	4,021	$870.4k0.12%	0.12%	Added +1	+1 0.0%
62	CITIGROUP INC COM NEW C	C	6,160	$862.2k0.12%	0.12%	Unchanged
63	HOWARD HUGHES HOLDINGS INC COM HHH	HHH	12,000	$857.9k0.11%	0.11%	New
64	QXO INC COM NEW QXO	QXO	49,526	$855.8k0.11%	0.11%	New
65	INTEL CORP COM INTC	INTC	6,032	$842.2k0.11%	0.11%	Added +2.4k	+2,398 66.0%
66	CARDINAL HEALTH INC COM CAH	CAH	3,418	$812.0k0.11%	0.11%	Added +1.2k	+1,245 57.3%
67	INVESCO EXCH TRADED FD TR II KBW BK ETF KBWB	KBWB	8,726	$811.3k0.11%	0.11%	Reduced -2	-2 -0.0%
68	PROLOGIS INC. COM PLD	PLD	5,892	$798.2k0.11%	0.11%	Unchanged
69	LIFE360 INC COM LIF	LIF	14,328	$793.2k0.11%	0.11%	Unchanged
70	HONEYWELL INTL INC COM HON	HON	3,445	$771.3k0.10%	0.10%	New
71	PG&E CORP COM PCG	PCG	45,577	$767.8k0.10%	0.10%	Reduced -21.4k	-21,445 -32.0%
72	HONEYWELL AEROSPACE INC COM HONA	HONA	3,445	$761.6k0.10%	0.10%	New
73	PRIMO BRANDS CORPORATION CLASS A COM SHS PRMB	PRMB	30,675	$749.7k0.10%	0.10%	Unchanged
74	IMMUNEERING CORP CLASS A COM IMRX	IMRX	150,000	$748.5k0.10%	0.10%	New
75	CORNING INC COM GLW	GLW	2,896	$739.8k0.10%	0.10%	Added +1.1k	+1,135 64.5%
76	BWX TECHNOLOGIES INC COM BWXT	BWXT	3,789	$737.5k0.10%	0.10%	Reduced -149	-149 -3.8%
77	VERIZON COMMUNICATIONS INC COM VZ	VZ	16,746	$709.0k0.09%	0.09%	Added +1.4k	+1,423 9.3%
78	EXXON MOBIL CORP COM XOM	XOM	5,177	$707.8k0.09%	0.09%	Reduced -10	-10 -0.2%
79	ISHARES TR MSCI EAFE ETF EFA	EFA	6,648	$690.6k0.09%	0.09%	Unchanged
80	NEXTERA ENERGY INC COM NEE	NEE	7,810	$685.5k0.09%	0.09%	Unchanged
81	BP PLC SPONSORED ADR BP	BP	18,429	$680.9k0.09%	0.09%	Added +3	+3 0.0%
82	BANK AMERICA CORP COM BAC	BAC	11,929	$679.7k0.09%	0.09%	Unchanged
83	VISA INC COM CL A V	V	1,913	$656.3k0.09%	0.09%	Reduced -383	-383 -16.7%
84	NEWS CORP NEW CL A NWSA	NWSA	26,361	$654.5k0.09%	0.09%	Unchanged
85	ELI LILLY & CO COM LLY	LLY	544	$652.5k0.09%	0.09%	Added +1	+1 0.2%
86	BECTON DICKINSON & CO COM BDX	BDX	4,277	$647.2k0.09%	0.09%	Reduced -418	-418 -8.9%
87	TESLA INC COM TSLA	TSLA	1,525	$641.4k0.09%	0.09%	Added +642	+642 72.7%
88	BUTTERFLY NETWORK INC COM CL A BFLY	BFLY	75,000	$631.5k0.08%	0.08%	Unchanged
89	PROGRESSIVE CORP COM PGR	PGR	2,888	$630.9k0.08%	0.08%	Unchanged
90	MICRON TECHNOLOGY INC COM MU	MU	542	$626.1k0.08%	0.08%	New
91	SMURFIT WESTROCK PLC SHS SW	SW	12,061	$557.9k0.07%	0.07%	New
92	FERMI INC COM FRMI	FRMI	60,000	$549.6k0.07%	0.07%	Unchanged
93	WISDOMTREE TR US QTLY DIV GRT DGRW	DGRW	5,745	$549.3k0.07%	0.07%	New
94	MARSH & MCLENNAN COS INC COM MRSH	MRSH	3,252	$542.0k0.07%	0.07%	Unchanged
95	VANGUARD WORLD FD INF TECH ETF VGT	VGT	4,458	$532.8k0.07%	0.07%	New
96	LAM RESEARCH CORP COM NEW LRCX	LRCX	1,227	$532.0k0.07%	0.07%	Added +197	+197 19.1%
97	DIMENSIONAL ETF TRUST INTERNATNAL VAL DFIV	DFIV	9,670	$522.4k0.07%	0.07%	New
98	ADVANCED MICRO DEVICES INC COM AMD	AMD	846	$491.4k0.07%	0.07%	New
99	WATERS CORP COM WAT	WAT	1,308	$490.6k0.07%	0.07%	Reduced -62	-62 -4.5%
100	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	1,015	$485.5k0.07%	0.07%	Added +49	+49 5.1%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
VANGUARD INDEX FDS VB	VB	13,892	$4.0m13.9k shares
FIDELITY COVINGTON TRUST FDVV	FDVV	7,097	$419.2k7.1k shares
VAIL RESORTS INC MTN	MTN	2,862	$364.0k2.9k shares
FIDELITY MERRIMACK STR TR FBND	FBND	7,942	$361.8k7.9k shares
CRH PLC CRH	CRH	2,765	$327.4k2.8k shares
INTUITIVE SURGICAL INC ISRG	ISRG	641	$293.3k641 shares
ISHARES TR QUAL	QUAL	1,369	$283.7k1.4k shares
BROOKFIELD CORP BN	BN	5,823	$262.7k5.8k shares
THERMO FISHER SCIENTIFIC INC TMO	TMO	511	$244.7k511 shares
GOLUB CAP BDC INC GBDC	GBDC	11,728	$160.7k11.7k shares