Artisan Partners Asset Management

Overview

• Legal name: Artisan Partners Asset Management.
• Business model: A holding-company structure that, through subsidiaries, serves as investment adviser across multiple asset classes. The firm uses a talent-driven, autonomous investment-team model with a long-term orientation.
• Founding and structure: Formed as a holding company and completed an IPO in 2013. APAM is the sole general partner of Artisan Partners Holdings. Multiple investment teams manage individual strategies, supported by a management team focused on growth, talent and client relationships.
• Clients and distribution: Primarily institutional clients and intermediaries (investment consultants, defined contribution platforms, financial advisors and broker-dealers). Products are available via separate accounts and pooled vehicles (mutual funds, UCITS funds and private funds).

Scale and employees (as of December 31, 2025)

• Total AUM: $179.928 billion.
• Employees: 567 associates.
• Staff breakdown (approximate): 29% investment teams, 19% distribution, 52% business management and operations.
• Geographic footprint: Majority U.S.-based with non-U.S. offices in the UK, Ireland, Singapore, Australia, Hong Kong and other locations.

AUM and vehicle mix (as of December 31, 2025)

• Overall vehicle split:
  • Artisan Funds and Artisan Global Funds: ~49% of total AUM.
  • Separate accounts and other pooled vehicles: ~51% of total AUM.
• Distribution channel mix:
  • Institutional channel: 39% of AUM.
  • Intermediated wealth channel: 61% of AUM.
• AUM by product type:
  • Artisan Funds: ~44% of total AUM.
  • Artisan Global Funds: ~5% of total AUM.
  • Artisan CITs: ~5% of total AUM.
  • Artisan Private Funds: ~2% of total AUM.
• Client relationships and concentration:
  • Traditional separate accounts: 208 accounts across 126 client relationships.
  • Largest single relationship: ~12% of total AUM.
  • Two largest intermediary relationships (across channels): each represented ~9% of total AUM.

Revenue model

• Primary revenue source: Investment management fees, generally calculated as a percentage of clients’ average AUM.
• Performance-based compensation: A subset of clients pay performance fees or incentive allocations. Artisan Funds and Artisan Global Funds do not have performance fee arrangements.

Recent material activity

• Acquisition: Grandview Property Partners closed on January 2, 2026. Grandview is a real estate private equity firm managing approximately $895 million in institutional assets across flagship funds and co-investments.

Capital structure and governance (highlights)

• Ownership: The company is a holding company; approximately 87% of Artisan Partners Holdings is owned by the company and 13% by the Holdings’ limited partners (as of December 31, 2025).
• Governance: A stockholders committee holds irrevocable voting proxies for certain employee shares and represents about 9% of voting power across the combined voting interests. The committee consists of three executives.
• Tax and structuring: The company has tax receivable agreements (TRAs) tied to historical mergers and unit sales/exchanges; TRA liabilities relate to expected future tax benefits realized by APAM.

Products and vehicles

• Separate accounts: Customized accounts managed for institutional and high-net-worth clients.
• Artisan Funds: SEC-registered mutual funds with no-load, no 12b-1 shares; management fees are based on fund assets.
• Artisan Global Funds: Ireland-domiciled UCITS funds for non-U.S. investors with similar management-fee arrangements.
• Artisan Private Funds: Unregistered private funds managed to investor-driven mandates.
• Sub-advised funds and CITs: Some strategies are offered through Artisan-branded collective investment trusts and sub-advised structures; these are included in the “separate accounts and other” AUM category.
• Custom Credit Solutions: Assets managed within private, investor-driven mandates that are not part of a pooled fund track record.