{"url":"https://nivawealth.com/firms/first-turn-management-327421","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/327421","regulatoryAum":900123029,"crd":"327421","history":[{"filedOn":"2024-03-28","regulatoryAum":711648446,"clients":3,"employees":2,"offices":1},{"filedOn":"2025-04-17","regulatoryAum":536599383,"clients":4,"employees":3,"offices":1},{"filedOn":"2026-03-25","regulatoryAum":900123029,"clients":4,"employees":4,"offices":1}],"secFileNumber":"801-128649","legalName":"First Turn Management, LLC","displayName":"First Turn Management","slug":"first-turn-management-327421","website":"https://firstturnmgmt.com/","classification":{"segment":"institutions","segmentLabel":"Institutional","type":"institutional_private_markets_manager","typeLabel":"Private markets","feeDisclosure":"payment_only"},"linkedinUrl":"https://www.linkedin.com/company/first-turn-mgmt/","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"674 Via De La Valle, Suite 308","city":"Solana Beach","state":"CA","stateName":"California","country":"United States","postalCode":"92075"},"tradeNames":[],"registration":{"secApproved":"28 August 2023","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":null,"staff":{"employees":4,"advisory":4,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":900123029,"discretionary":900123029,"discretionaryAccounts":4,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":89,"nonAumClients":0},"clientTypes":[{"label":"Pooled investment vehicles","clients":3,"regulatoryAum":93074884},{"label":"Sovereign wealth funds and foreign official institutions","clients":1,"regulatoryAum":807048145}],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[{"name":"Citigroup Global Markets Inc.","shortName":"Citigroup Global Markets","location":"New York, NY","smaAssets":807048145},{"name":"JP Morgan Chase","shortName":"J.P. Morgan","location":"Columbus, OH","smaAssets":93074884}],"custodyNote":"First Turn Management has custody of client assets.","otherCustodians":[],"leadership":[{"name":"Catherine Newcomb","title":"Chief Compliance Officer","crd":"2177017"},{"name":"Tracy Murphy","title":"Director","crd":"7790579"},{"name":"Stephen Rosetta","title":"Director","crd":"7790578"},{"name":"Lisa Wheatley","title":"Director, Managing Partner & Portfolio Manager","crd":"6631993"}],"ownership":[{"label":"WCW Capital, LLC","detail":"Member in the 50% to 75% ownership band and a control person, since July 2023."},{"label":"Cedb, LLC","detail":"Member in the 10% to 25% ownership band, since July 2023."},{"label":"Ramiq, Inc. Cash Balance Plan (Fka Tam Investors, LLC Cash Balance Plan)","detail":"Member in the 10% to 25% ownership band, since July 2023."},{"label":"Lansara Advisors, Inc. Cash Balance Plan","detail":"Member in the 10% to 25% ownership band, since July 2023."},{"label":"Lisa Wheatley","detail":"Indirect owner: a manager of WCW Capital, LLC in the 75% or more band and a control person, since May 2023.","parent":"WCW Capital, LLC"},{"label":"RF Manager, LLC","detail":"Indirect owner: manager of Cedb, LLC and a control person, since May 2021.","parent":"Cedb, LLC"},{"label":"Ce Solo K Plan","detail":"Indirect owner: a sole member of Cedb, LLC in the 75% or more band and a control person, since December 2006.","parent":"Cedb, LLC"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"California","offices":1,"addresses":[{"street":"674 Via De La Valle, Suite 308","city":"Solana Beach","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"310-902-0958","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"Exchange-traded equity securities","percent":97},{"label":"Cash and cash equivalents","percent":3}],"privateFunds":2},"sources":{"adv1FilingDate":"25 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/327421/PDF/327421.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-21","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does First Turn Management have?","answer":"First Turn Management has 4 clients and manages $900 million for them, as of March 2026. They include 3 pooled investment vehicles and 1 sovereign wealth fund or foreign official institution.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 25 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does First Turn Management offer?","answer":"First Turn Management provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does First Turn Management use?","answer":"First Turn Management’s separately managed account assets are held at Citigroup Global Markets Inc. (New York, NY), with $807M and JP Morgan Chase (Columbus, OH), with $93.1M. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 25 March 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does First Turn Management have?","answer":"First Turn Management has 0 investment adviser representatives registered with state securities authorities, out of 4 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does First Turn Management invest in?","answer":"At the end of its last fiscal year, First Turn Management’s separately managed accounts held 97% exchange-traded equities and 3% cash and equivalents. It advises 2 private funds.","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns First Turn Management?","answer":"First Turn Management is owned through holding companies by Lisa Wheatley and Ce Solo K Plan. Its direct owners are WCW Capital, LLC (50% to 75%), Cedb, LLC (10% to 25%), Ramiq, Inc. Cash Balance Plan (Fka Tam Investors, LLC Cash Balance Plan) (10% to 25%) and Lansara Advisors, Inc. Cash Balance Plan (10% to 25%).","source":"Form ADV Part 1A, Schedules A and B, filed 25 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does First Turn Management get paid?","answer":"First Turn Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact First Turn Management?","answer":"First Turn Management’s main office is at 674 Via De La Valle, Suite 308, Solana Beach, CA 92075. Its phone number is 310-902-0958. Its website is firstturnmgmt.com.","source":"Form ADV Part 1A, Item 1.F, filed 25 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":{"url":"https://nivawealth.com/firms/first-turn-management-327421/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-14","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1993440/000199344026000004/0001993440-26-000004-index.html","totalValue":934715611,"positionCount":31,"top10Share":0.5358244123730592,"top10":[{"issuer":"REVOLUTION MEDICINES INC","titleOfClass":"COM","cusip":"76155X100","value":77778695,"shares":415307,"shareType":"SH","priorValue":45549566,"priorShares":468376},{"issuer":"ABIVAX SA","titleOfClass":"SPONSORED ADS","cusip":"00370M103","value":65282608,"shares":489889,"shareType":"SH","priorValue":51874513,"priorShares":465869},{"issuer":"AXSOME THERAPEUTICS 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Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}