Firm profile

Granite State Capital Management, LP

GREENWICH, CTCRD 284888Registration Status: ApprovedEffective since August 16, 2016SEC # 801-108273Latest ADV March 31, 2026

Granite State Capital Management, LP is an SEC registered investment adviser organized as a limited partnership with a primary office location in Greenwich, CT. Its latest Form ADV filing, dated March 31, 2026, reports $1.3B in regulatory assets under management, 7 employees, 1 office, and 10 accounts.

Assets Under Management

$1.3B

Employees

Offices

1 office

Total Clients

Associated firm names

2 names listed

GRANITE STATE CAPITAL MANAGEMENT, LLC
GRANITE STATE CAPITAL MANAGEMENT, LP

Leadership

2 roles identified

CCOWilliam P. Merriman

CFOWilliam P. Merriman

Advisory services offered

1 types reported

Portfolio management for pooled investment vehicles

Fee models offered

2 types reported

Asset based fees

Performance-based fees

Offices & Contact

Primary office

GREENWICH, Connecticut, United States

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Primary office regionOther reported regions

Shading shows states and countries with reported offices. Cities are listed below; shading does not indicate service coverage.

View locations

Connecticut

GREENWICHPrimary office

1 office records listed · 1 total offices reported. Counts can use different reporting dates. SEC filers may list only their largest 25 additional offices.

Contact and digital presence

ADV profile links

Phone646-688-3231 WebsiteVisit website

LinkedInNot found

Regulatory Assets Under Management Breakdown

Total regulatory assets under management$1.3Bas of March 31, 2026

Discretionary97.8%

$1.3B

98% of total RAUM97.8%

Non-discretionary2.2%

$30M

2% of total RAUM2.2%

Regulatory assets under management are split between discretionary and non-discretionary assets.

Client Coverage Demographics

Top client segmentPooled Investment Vehicles represent 100.0% of total clients.

Top client categories% of clientsClients

Pooled Investment Vehicles

100.0%

Assets under management Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total AUM$1.3B

Total Accounts10

10Y AUM Change+$1.1B (+625.2%)

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Employee Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total Employees7

Clients per Employee1:1

10Y Employee Change+3 (+75.0%)

Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.

Reported ownership ranges

Highlighted bands show the percentage range reported in Form ADV.

0%25%50%75%100%

STEVE TYLER SHIRREFFSDirect owner · Schedule AInterest in GRANITE STATE CAPITAL MANAGEMENT, LP

25% to < 50%

DAVID GORDON SHIRREFFSDirect owner · Schedule AInterest in GRANITE STATE CAPITAL MANAGEMENT, LP

25% to < 50%

CRC GSC, LLCDirect owner · Schedule AInterest in GRANITE STATE CAPITAL MANAGEMENT, LP

10% to < 25%

GRANITE STATE CAPITAL MANAGEMENT, LLCDirect owner · Schedule AInterest in GRANITE STATE CAPITAL MANAGEMENT, LP

< 5%

JEFFREY HERMAN GELLESIndirect owner · Schedule BInterest in CLOUDS REST CAPITAL LLC

75%+

CLOUDS REST CAPITAL LLCIndirect owner · Schedule BInterest in CRC GSC, LLC

75%+

STEVE TYLER SHIRREFFSIndirect owner · Schedule BInterest in GRANITE STATE CAPITAL MANAGEMENT, LLC

50% to < 75%

DAVID GORDON SHIRREFFSIndirect owner · Schedule BInterest in GRANITE STATE CAPITAL MANAGEMENT, LLC

50% to < 75%

Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Granite State Capital Management, LP.

Reported ownership and control details

Form ADV · Filing date 2026-03-31 · Schedules A and B

9 entries

#	Owner / person & role	Interest in entity	Reported interest	Control person	Title / status acquired	Source
1	STEVE TYLER SHIRREFFSLIMITED PARTNERIndividual	GRANITE STATE CAPITAL MANAGEMENT, LP	25% to less than 50%Code C	Yes	LIMITED PARTNER10/2016	Schedule APDF page 45
2	DAVID GORDON SHIRREFFSLIMITED PARTNER AND PRESIDENTIndividual	GRANITE STATE CAPITAL MANAGEMENT, LP	25% to less than 50%Code C	Yes	LIMITED PARTNER AND PRESIDENT10/2016	Schedule APDF page 45
3	GRANITE STATE CAPITAL MANAGEMENT, LLCGENERAL PARTNERDomestic entity	GRANITE STATE CAPITAL MANAGEMENT, LP	Less than 5%Code NA	Yes	GENERAL PARTNER10/2016	Schedule APDF page 45
4	WILLIAM PATRICK MERRIMANCHIEF COMPLIANCE OFFICER AND CHIEF FINANCIAL OFFICERIndividual	GRANITE STATE CAPITAL MANAGEMENT, LP	Less than 5%Code NA	Yes	CHIEF COMPLIANCE OFFICER AND CHIEF FINANCIAL OFFICER11/2016	Schedule APDF page 45
5	CRC GSC, LLCLIMITED PARTNERDomestic entity	GRANITE STATE CAPITAL MANAGEMENT, LP	10% to less than 25%Code B	Yes	LIMITED PARTNER03/2018	Schedule APDF page 45
6	STEVE TYLER SHIRREFFSMEMBERIndividual	GRANITE STATE CAPITAL MANAGEMENT, LLC	50% to less than 75%Code D	Yes	MEMBER07/2016	Schedule BPDF page 46
7	DAVID GORDON SHIRREFFSMEMBERIndividual	GRANITE STATE CAPITAL MANAGEMENT, LLC	50% to less than 75%Code D	Yes	MEMBER07/2016	Schedule BPDF page 46
8	JEFFREY HERMAN GELLESMANAGING MEMBERIndividual	CLOUDS REST CAPITAL LLC	75% or moreCode E	Yes	MANAGING MEMBER11/2016	Schedule BPDF page 46
9	CLOUDS REST CAPITAL LLCMANAGING MEMBERDomestic entity	CRC GSC, LLC	75% or moreCode E	Yes	MANAGING MEMBER12/2017	Schedule BPDF page 46

Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.

Compliance & Disclosures

Filing dated 3/31/2026 2:27:21 PM

Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.

RIA or supervised-person involvementThe RIA reported that none of the events below involve the firm or its supervised persons.RIA responseNo

AFelonies2 No

In the past ten years, have you or any advisory affiliate:

A1Been convicted of or pleaded guilty or no contest to a felony?No
A2Been charged with a felony?No

BMisdemeanors2 No

In the past ten years, have you or any advisory affiliate:

B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
B2Been charged with a misdemeanor of the kind listed above?No

CSEC or CFTC actions5 No

Has the SEC or CFTC ever:

C1Found you or an advisory affiliate made a false statement or omission?No
C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
C4Entered an order against you or an advisory affiliate in connection with investment-related activity?No
C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?No

DOther regulatory actions5 No

Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:

D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?No
D2Found you or an advisory affiliate violated investment-related regulations or statutes?No
D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?No
D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No

ESelf-regulatory organization actions4 No

Has a self-regulatory organization or commodities exchange ever:

E1Found you or an advisory affiliate made a false statement or omission?No
E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No

FProfessional authorizations1 No

FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No

GPending regulatory proceedings1 No

GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No

HCivil judicial actions and proceedings4 No

(1) Court actions

Has a domestic or foreign court:

H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No

(2) Pending civil proceedings

H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No

* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix data. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.