What Third Lake Capital does

Third Lake Partners, LLC is a privately held investment advisory firm headquartered in Tampa, Florida, founded in 2019 to advise private investment funds, influential families, and individuals across alternative investment strategies. The firm operates an integrated platform spanning three core verticals: Asset Management Solutions (discretionary portfolio management, OCIO, family office solutions, and alternative asset solutions), Structured Products (Alternative Yield and Defensive Equity strategies utilizing structured notes), and Real Estate (full-service investment and development across multifamily, build-to-rent, self-storage, senior living, hospitality, office, and industrial sectors). Underlying capabilities are delivered through a vertically integrated ecosystem of affiliated entities — Third Lake Development (TLV, 2020) for real estate development, Third Lake Solutions (TLS, 2023) for family office and back-office services, Third Lake Associates (TLA, 2024) as a FINRA-registered broker-dealer, Third Lake Brokerage (TLB, 2024) for off-market land sourcing, and Third Lake Construction (TLC, 2025) as a licensed general contractor — supplemented by insurance, trust, and EB-5 regional center entities.

The firm generates revenue primarily through recurring investment advisory and management fees, supplemented by transaction, development, construction, and placement-related fees across its affiliated entities. Pricing is negotiated based on client mandate size, strategy complexity, and service requirements, and is not publicly disclosed. As of 2025, AUM/AUA reached $5.97B (up 78% from $3.35B in 2024), with $6B+ in total assets reported as of Q1 2026 and $10B+ invested since founding. The go-to-market model is enterprise field sales: relationship-driven, direct advisory engagement with UHNW families, family offices, and private investment funds through a 14-person investment team. The firm is connected to the Wanek family (Ashley Furniture) through Third Lake Capital, LLC, a single-family office. Leadership comprises founder Robert Forsythe (CPA, CGMA; ex-PwC), Luke Thomas (Head of Real Estate; ex-Hyde Park Capital), Case Fell (CIO of Asset Management Solutions; CFA, CAIA, CIPM; ex-NYSNA Pension Plan CIO overseeing $5.5B), Nathan Sheldon (Head of Structured Products; CFA; ex-Morgan Stanley), L. Mercer Borden (Senior Managing Director; ex-Truist OCIO platform with $10B client base), and Joshua Apfel (Managing Director of Product & Distribution Strategy; ex-Bow River Capital and Strategic Value Partners). The firm has no disclosed external institutional or PE backing; growth has been entirely organic.

Name

Third Lake Capital

Legal name

Third Lake Partners, LLC

Website

https://thirdlake.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Third Lake Partners is a Tampa-based investment advisory firm advising private investment funds, influential families, and individuals across asset management, structured products, and real estate via a vertically integrated ecosystem of development, brokerage, and broker-dealer affiliates; AUM/AUA of $5.97B as of 2025.

Ownership category

akta.pro rank

Product category

Investment Advisory Services

NAICS

Portfolio Management and Investment Advice (523940), Trusts, Estates, and Agency Accounts (52592), Miscellaneous Intermediation (523910), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Real Estate Agents & Managers (For Others) (6531), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Directed Trust & Trust Advisory Services (FSAAANAK)

akta.pro secondary industry

Corporate & Institutional Trust Services (FSAAANAB)

Keywords

• Alternative investment advisory
• Asset management services
• Structured products platform
• Real estate investment
• Family office solutions

Headquarters

HQ city

Tampa

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Advisory and Management Fees: Third Lake Partners generates revenue through investment advisory and management fees for managing assets across alternative investment strategies for private investment funds, families, and individuals.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Third Lake Partners is an investment advisory firm that advises private investment funds, influential families, and individuals across alternative investment strategies including real estate, private equity, private credit, venture capital, and structured products. The firm delivers its services through three core strategy platforms — Asset Management Solutions, Structured Products, and Real Estate — and supports them with an affiliated ecosystem of operating entities for development, construction, brokerage, broker-dealer, and family office services.

Product overview

Third Lake Partners operates as an integrated investment advisory platform offering three core investment strategies: Asset Management Solutions, Structured Products, and Real Estate. The Asset Management Solutions platform provides discretionary portfolio management, investment consulting and advisory, family office solutions, and alternative asset solutions. The Structured Products platform offers two sub-strategies - the Alternative Yield Strategy (income-oriented) and the Defensive Equity Strategy - both utilizing structured notes for enhanced income generation and equity exposure with downside protection. The Real Estate platform provides full-service investment and development across multiple property types through various investment structures including Joint Venture Partnerships, Separate Managed Accounts, and Managed Feeder Funds. The firm also maintains affiliated entities for family office services, real estate development, construction, brokerage, and broker-dealer services.

Differentiator

Problem solved

Functional benefit

Brands

• Third Lake Solutions: Family office services for ultra-high net worth individuals and families
• Third Lake Development
• Third Lake Construction
• Third Lake Associates
• Third Lake Brokerage

Products and services

• Asset Management Solutions Tailored advisory and portfolio management services for funds, families, and individuals, encompassing discretionary portfolio management, investment consulting and advisory, family office solutions, and alternative asset solutions across real estate, private equity, private credit, venture capital, and public markets.
• Structured Products Equity-linked investment solutions utilizing structured notes to tailor portfolio exposures, designed for enhanced income generation, lower beta equity market exposure, and contingent downside protection for ultra-high-net-worth investors.
• Alternative Yield Strategy Income-focused strategy that seeks to monetize market volatility through diversified structured-note exposure with a focus on income generation, capital efficiency, and disciplined risk management across market cycles.
• Defensive Equity Strategy Strategy utilizing structured notes linked to the S&P 500 Index with defined payoff structures including downside buffers and enhanced upside participation to a cap.
• Real Estate Full-service real estate investment and development across residential, commercial, and mixed-use properties, spanning multifamily, build-to-rent, self-storage, senior living, hospitality, office, and industrial sectors.
• Joint Venture Partnerships Equity participation structure in single assets or development projects with direct investment at the project level, offering precision targeting of asset type, geography, or risk profile.
• Separate Managed Account (SMA) Dedicated investment vehicle or advisory mandate for single equity partners with approval rights and customization over strategy parameters across multiple projects.
• Managed Feeder Fund Commingled vehicle investing capital across a curated portfolio of development opportunities with institutional portfolio management and immediate diversification.

Quantifiable outcome

• 78% increase in AUM/AUA from 2024 ($3.35B) to 2025 ($5.97B)
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core.

• Third Lake Construction, LLC (TLC)coreStrategic or Co-development Partner · 1 January 2025Licensed general contractor providing construction services for Third Lake's real estate development projects.
• Third Lake Associates, LLC (TLA)coreChannel Partner/ Reseller/ Distributor · 1 January 2024FINRA-registered broker-dealer providing advisory services. Manages real estate debt structuring and placement practice.
• Third Lake Brokerage, LLC (TLB)coreChannel Partner/ Reseller/ Distributor · 1 January 2024Provides land acquisition and sales services. Proactively sources high-quality, off-market land opportunities for Third Lake's real estate investment platform.
• Third Lake Solutions, LLC (TLS)coreStrategic or Co-development Partner · 1 January 2023Provides family office services to ultra-high net worth individuals and families, as well as accounting, human resources, marketing, treasury, operations and documentation services to all Third Lake Holdings entities.
• Third Lake Development, LLC (TLV)coreStrategic or Co-development Partner · 1 January 2020Affiliated entity offering full-service real estate development services. Provides development execution capabilities for Third Lake's real estate investment platform, including site selection, design, capitalization, and construction management.
• Global Investment-Grade Financial InstitutionscoreOthers21 global investment-grade financial institutions serve as issuers for structured note products. Partnerships enable competitive auction processes for structuring and institutional quality pricing across market environments.

Scale indicators7 records

Recent moves11 records

Expansion highlights6 records

Emerging players

• Iconiq Capital: Private wealth and multi-family office firm serving UHNW technology and entrepreneurial clients with deep alternatives exposure. Comparable client segment and product breadth, though larger and more tech-tilted.

Direct peers

• Mariner Wealth Advisors: Large RIA with a family office focus and meaningful alternatives exposure, serving UHNW households and institutions. Comparable scale, client mix, and vertically integrated service model.
• Beacon Pointe Advisors: Wealth management firm offering comprehensive advisory, family office, and institutional consulting with alternatives exposure. Comparable in integrated wealth and family office service delivery.
• Aspiriant: UHNW-focused RIA with deep alternatives exposure and family office-style services for entrepreneurial households. Closely comparable in target client and advisory-plus-alternatives model.
• Pathstone: Multi-family office serving UHNW families with comprehensive advisory, alternative investments, and family office services. Comparable client focus, integrated offering, and family-office operating model.
• iCapital Network: Alternative investment platform connecting wealth advisors and their UHNW clients to private equity, private credit, real estate, and structured products. Most directly comparable as an alternative-investment-focused platform serving the same advisor and family office buyer.
• CAIS: Alternative investment platform providing advisors and family offices with access to private equity, private credit, hedge funds, and structured products. Comparable as an alternatives-distribution platform to the same buyer.
• Cresset: Multi-family office and RIA serving UHNW families with comprehensive wealth advisory, alternative investments, and family office services. Comparable in target client, multi-affiliate structure, and alternatives orientation.
• Cerity Partners: Wealth management and multi-family office firm serving UHNW families, foundations, and endowments with integrated advisory and family office services. Similar client base, integrated service offering, and alternatives emphasis.

Broad incumbents

• Crow Holdings Capital: Large real estate investment manager with integrated development, asset management, and capital formation capabilities. Comparable real estate vertical integration and institutional-quality execution at larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/thirdlake

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Third Lake Capital