{"url":"https://nivawealth.com/firms/middleground-management-297235","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/297235","regulatoryAum":3887849106,"crd":"297235","history":[{"filedOn":"2021-03-30","regulatoryAum":686852060,"clients":4,"employees":35,"offices":2},{"filedOn":"2022-03-29","regulatoryAum":1822334713,"clients":9,"employees":55,"offices":2},{"filedOn":"2023-05-01","regulatoryAum":2858053570,"clients":14,"employees":82,"offices":2},{"filedOn":"2024-06-06","regulatoryAum":3803189141,"clients":21,"employees":142,"offices":3},{"filedOn":"2025-05-26","regulatoryAum":4106892324,"clients":24,"employees":116,"offices":3},{"filedOn":"2026-05-21","regulatoryAum":3887849106,"clients":24,"employees":111,"offices":3}],"secFileNumber":"801-113431","legalName":"Middleground Management, LP","displayName":"Middleground Management","slug":"middleground-management-297235","website":"https://middleground.com/","logo":{"src":"https://rmkhnxnbeclogprvkfyl.supabase.co/storage/v1/object/public/firm-logos/297235/5d94ad7631cccc35-r1.webp","tone":"dark","width":447,"height":200,"sourceUrl":"https://middleground.com","sourceLabel":"Middleground Capital, website"},"classification":{"segment":"private_funds","segmentLabel":"Private funds","type":"private_fund_manager","typeLabel":null,"feeDisclosure":"payment_only"},"linkedinUrl":"https://www.linkedin.com/company/middlegroundcapital/","founded":null,"organization":"Delaware limited partnership","fiscalYearEnd":"December","headquarters":{"street":"1500 Aristides BLVD.","city":"Lexington","state":"KY","stateName":"Kentucky","country":"United States","postalCode":"40511"},"tradeNames":["Middleground Capital"],"registration":{"secApproved":"15 June 2018","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":null,"staff":{"employees":111,"advisory":38,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":3887849106,"discretionary":3887849106,"discretionaryAccounts":24,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":4,"nonAumClients":0},"clientTypes":[{"label":"Pooled investment vehicles","clients":24,"regulatoryAum":3887849106}],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[],"custodyNote":"Middleground Management has custody of client assets.","otherCustodians":[],"leadership":[{"name":"John Stewart","title":"Limited Partner, Chief Executive Officer","crd":"6951257"},{"name":"Jonathan La","title":"Chief Financial Officer","crd":"8067260"},{"name":"Scot Duncan","title":"Limited Partner, Chief Operating Officer","crd":"6951260"},{"name":"Monica McClinton","title":"Limited Partner, Chief Compliance Officer","crd":"6951267"},{"name":"Christen Paras","title":"Limited Partner","crd":"6497760"},{"name":"Christopher Speight","title":"Limited Partner","crd":"5003956"},{"name":"Justin Steil","title":"Limited Partner","crd":"4427930"}],"ownership":[{"label":"John Stewart","detail":"Limited partner, chief executive officer in the 25% to 50% ownership band and a control person, since October 2017. Also a managing member of MGCP Holdings, LLC in the 50% to 75% band and a control person, since May 2018."},{"label":"Scot Duncan","detail":"Limited partner, chief operating officer in the 25% to 50% ownership band and a control person, since October 2017. Also a member of MGCP Holdings, LLC in the 25% to 50% band and a control person, since January 2023."},{"label":"Monica McClinton","detail":"Limited partner, chief compliance officer in the 5% to 10% ownership band and a control person, since April 2018."},{"label":"Christopher Speight","detail":"Limited partner in the 10% to 25% ownership band and a control person, since September 2023."},{"label":"Christen Paras","detail":"Limited partner in the 10% to 25% ownership band and a control person, since January 2023."},{"label":"Justin Steil","detail":"Limited partner in the 5% to 10% ownership band and a control person, since January 2023."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":2,"privateResidences":0},"listedOfficeAddresses":3,"foreignOffices":[{"city":"AMSTERDAM","country":"Netherlands","postalCode":"1082 MS","street":"GUSTAV MAHLERPLEIN 59","display":{"city":"AMSTERDAM","region":null,"postalCode":"1082 MS","ruleVersion":"office-display-1"}}],"officesByState":[{"state":"Kentucky","offices":1,"addresses":[{"street":"1500 Aristides BLVD.","city":"Lexington","headquarters":true}]},{"state":"New York","offices":1,"addresses":[{"street":"10 Crosby Street","city":"New York"}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"859-721-1466","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for pooled investment vehicles (other than investment companies)"],"financialPlanningClients":null,"assetMix":[],"privateFunds":24},"sources":{"adv1FilingDate":"21 May 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/297235/PDF/297235.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 Middleground Management have?","answer":"Middleground Management has 24 clients and manages $3.89 billion for them, as of May 2026. They include 24 pooled investment vehicles.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 21 May 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Middleground Management offer?","answer":"Middleground Management provides portfolio management for pooled vehicles.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How many financial advisors does Middleground Management have?","answer":"Middleground Management has 0 investment adviser representatives registered with state securities authorities, out of 111 employees, and 38 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":"Who owns Middleground Management?","answer":"Middleground Management’s direct owners are John Stewart, Scot Duncan, Monica McClinton, Christopher Speight, Christen Paras and Justin Steil, each holding 50% or less.","source":"Form ADV Part 1A, Schedules A and B, filed 21 May 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Middleground Management get paid?","answer":"Middleground 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 Middleground Management?","answer":"Middleground Management’s main office is at 1500 Aristides BLVD., Lexington, KY 40511. Its phone number is 859-721-1466. Its website is middleground.com.","source":"Form ADV Part 1A, Item 1.F, filed 21 May 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. 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."}