Written by Scott Nixon
10 East Review: Fees, Minimums, and How It Works
10 East Review: Fees, Minimums, and How It Works
10 East charges a management fee of typically 1% a year, with minimums from $10,000 to $500,000. How it works, what its SEC filings show, and alternatives.
Scott Nixon
10 East is a New York private-markets investment firm whose SEC-registered adviser, 10 East Partners LLC, offers members single-opportunity investment vehicles and, since July 2026, a discretionary Private Markets Fund. Its August 2026 adviser brochure lists a management fee typically of 1% a year (range 1% to 2%), plus fund expenses, with carried interest on certain funds; no membership fee is published. Its filings show minimums from $10,000 to $500,000 depending on the vehicle. 10 East publishes no net track record, so the case for investing rests on its sourcing, its governance and the terms of each offering.
Key Takeaways
- 10 East offers two routes: opt in to single opportunities, or hand capital to a discretionary fund that held its first close on July 31, 2026.
- Its adviser charges a management fee typically of 1% a year (range 1% to 2%) plus fund expenses, with carry on certain funds. No membership fee is published.
- Accepted minimums have run from $10,000 to $100,000 on single-opportunity vehicles; the 2026 fund lists $500,000.
- 10 East Partners LLC has been SEC-registered since March 2025, reports $602.7 million in regulatory assets across 36 vehicles, and discloses no disciplinary events.
- No member-net returns are published, and the brochure discloses that insiders invest first and usually pay no fees.
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What 10 East Is and How It Works
10 East is a private-markets investment firm that offers its members two ways in: pick individual opportunities, or hand capital to a discretionary fund.
Michael Leffell, now Founder and Chairman, started 10 East after a 21-year career at Davidson Kempner, as he described on the Capital Allocators podcast. The adviser, 10 East Partners LLC, launched its program in 2022 and grew out of an earlier family office, Portage Partners. Sam Klatt is Chief Investment Officer and Itai Abelski has been CEO since March 2025, according to the firm's adviser filing. The firm is based at 10 East 53rd Street in New York.
The two routes work differently:
- Single opportunities. Members choose which offerings to join, one vehicle at a time. Between 2022 and 2025, 10 East filed 28 of these series with the SEC, reporting about $386 million raised across roughly 1,267 investor positions (one person can hold several).
- The Private Markets Fund. A discretionary fund that held its first close on July 31, 2026, reporting $112.4 million from 57 investors. 10 East selects the investments; investors do not approve each one.
Since August 2025, an Investment Advisory Board has reviewed the pipeline and approved every offering before members see it. Before then, Leffell and Klatt made investment decisions together. Final decisions still rest with management, and 10 East says the board's members are part-owners of the business.
The brochure also says its services are not tailored to each investor. 10 East chooses and structures the offerings; members decide whether they fit.
What 10 East Costs
10 East publishes no membership fee and charges through its investment vehicles: a management fee typically of 1% a year, plus expenses, with carried interest on certain funds.
| Cost | What 10 East discloses |
|---|---|
| Membership fee | None published on its website, in its terms of use or in its adviser brochure |
| Management fee | Typically 1% a year, ranging from 1% to 2%, on capital contributions or commitments depending on the fund |
| Carried interest | Charged on certain funds; the rate is set fund by fund and not published |
| Fund expenses | Each fund bears its organization, offering, administration, audit, legal and similar expenses |
| Underlying costs | Each fund bears its share of fees and costs charged by the managers and vehicles it invests in |
| Insiders | Partners, principals and employees generally pay no management fee or carry, or a reduced one |
Source: 10 East Partners LLC, Form ADV Part 2A brochure, August 2026, Items 5 and 6 and the allocation disclosure; 10east.co, read October 26, 2026. The offering documents for each vehicle govern its actual fees.
The brochure also says 10 East "may reduce, waive or modify the Management Fee for any Investor," so two members in the same vehicle can pay different rates.
10 East has argued, in a November 2023 essay, that in niche private strategies the choice of manager matters more than the fee level. Whatever view you take, compare total cost the same way for every option: the management fee, carry, fund expenses and the underlying managers' fees together.
10 East Minimum Investment
10 East's minimum depends on the vehicle, and its filings give two different numbers for each.
| Vehicle | Minimum in the adviser filing | Smallest outside investment accepted (Form D) |
|---|---|---|
| Single-opportunity series, 2022 to 2025 (28 filed) | $100,000 | $10,000 to $100,000; median $25,000 |
| Private Markets Fund, first close July 2026 | $500,000 | $100,000 |
Source: 10 East Partners LLC, Form ADV Part 1A, Schedule D, August 18, 2026; SEC Form D filings for the TE Holdings I series and 10 East Private Markets Fund, 2022 to 2026. Neither filing explains the difference; confirm the minimum on the vehicle you are considering.
The adviser filing lists a routine minimum of $100,000 for every single-opportunity series. The offering filings for the same series show outside investments accepted from $10,000, with $25,000 the most common. For the 2026 fund, the routine minimum is $500,000 and the smallest accepted was $100,000. Ask for the minimum in writing before you plan around it.
Who Can Invest With 10 East
10 East's funds are offered to accredited investors who also meet the SEC's qualified client or qualified purchaser tests.
Its offerings rely on Rule 506(b), which bars general solicitation, so introductions usually come through existing relationships. The Private Markets Fund relies on the 3(c)(7) exclusion, which is open only to qualified purchasers: for an individual, generally $5 million or more in investments. The qualified client test applies where a fund charges performance fees.
Is 10 East Legit?
10 East is an SEC-registered investment adviser with a named custodian and auditor for its fund and no disciplinary events disclosed.
10 East Partners LLC registered with the SEC on March 31, 2025 (CRD 322360), after operating as an exempt reporting adviser; its parent is Portage Technologies Inc. Its adviser filing (August 18, 2026) reports $602.7 million in regulatory assets across 36 pooled vehicles. For the Private Markets Fund it names Citizens Bank as custodian, 4PINES Fund Services as administrator and CBIZ as auditor, and CBIZ filed a surprise custody examination in February 2026. The firm also incubated Canoe, the alternative-investment data company that Bloomberg completed acquiring on October 1, 2026.
Item 9 of the brochure reads: "To the best of our knowledge, there are no legal or disciplinary events that are material to an Investor's or prospective Investor's evaluation of our advisory business or the integrity of our management."
The same brochure discloses three terms every prospective member should read. On allocation, it says 10 East "will generally only present an investment opportunity, if at all, to a Fund after 10 East's (or an affiliate's) respective partners, members, principals, employees, and/or shareholders, have satisfied their respective allocations to such investment opportunity," and that those insiders "generally will not be assessed any management fee or similar fee in connection with such investment opportunities (or a reduced management fee or similar fee)."
On side letters, 10 East grants certain members "specific rights, benefits, or privileges that are not made available to Members generally including, without limitation, with respect to fees, information rights and other" matters. And on liquidity: "voluntary withdrawals of Interests are typically not permitted from Funds. As a result, Members may not be able to liquidate their investments prior to the end of the Fund's term." A member who misses a capital call can face "a sale of such Member's interest or a forfeiture of all or a portion of such member's Interest."
Insiders investing first shows the principals commit their own money. It also means members see an opportunity after the people who chose it have taken their share.
10 East's New Lending Business
In 2026 10 East launched 10 East Capital Solutions, which lends to private-market investment managers rather than investing in their funds.
The new business offers "non-dilutive financing to private market investment managers and independent sponsors," for needs such as a GP commitment, hiring a team, launching a strategy, buying out a partner or investing ahead of the next fundraise. 10 East explains why it built it in its launch post: "Through years of investing with private market managers, we've developed a deep appreciation of the businesses behind the funds. 10 East Capital Solutions builds on that experience to provide financing tailored to managers' businesses and capital needs." Its own pitch is that traditional lenders "may struggle to give credit to the combination of fee streams, GP interests, and carry" that make up a manager's value.
The lending arm is aimed at managers, not investors, and the August 2026 adviser filing does not mention it. For a member, the question is how 10 East handles a case where it lends to a manager whose fund a 10 East vehicle also holds.
What 10 East Has Published About Performance
10 East publishes activity figures and named examples, but no member-net returns.
Its website cites more than $1.8 billion invested, more than 400 investments and more than 15 years of history. 10 East defines those figures to include commitments by its principals, employees, members and predecessor partners, so they describe activity, not current assets or results. It names examples such as Project Slope, marked realized, without return figures. Ethos Capital listed 10 East among the investors in its December 2025 Identity Digital continuation vehicle, alongside TPG and Coller.
No IRR, multiple or loss history is published for 10 East's vehicles, and the Private Markets Fund is too new to have a record.
Is 10 East Worth It?
10 East is most likely worth it for an investor who wants a dedicated team to find and vet niche private opportunities, with the choice to pick them one at a time or delegate.
It fits less well for an investor who wants a published record before committing, a low entry point to the fund, or a peer community for decisions beyond investing. Five questions to ask before investing:
- What is the total cost on this vehicle: management fee, carry, fund expenses and the underlying manager's fees?
- How much of this opportunity did insiders take before it reached members, and at what fee?
- Can I see the performance file for every past series, realized and unrealized?
- What is the minimum for this vehicle, in writing?
- Can 10 East Capital Solutions lend to a manager whose fund a 10 East vehicle holds, and how is that disclosed?
Alternatives to 10 East
The closest alternative depends on whether you want a team to choose investments, peers to vet them with, or advice across your whole balance sheet.
| Option | Cost | Who can join | Built around |
|---|---|---|---|
| Long Angle | Free to join | More than $3M in household assets, excluding a primary residence; assets verified | Vetted members comparing notes on investing, tax, advisors and family decisions; members agree not to solicit one another |
| 3i Members | About $18,000 a year in dues (September 2025); no fee or carry on investments, per its CEO | By referral: exited founders, active family offices, fund managers running $1B or more | Member-sourced opportunities, two chosen a month by a member-led committee |
| TIGER 21 | $34,000 a year plus $5,000 initiation (North America) | $20M in investable assets or qualifying net worth | Peer advisory groups of up to 15 |
| Your own RIA or outsourced investment office | Varies by contract | Varies | Advice across your whole balance sheet, including private allocations |
Source: longangle.com; 3i Members CEO Teddy Gold (Allocate Podcast, July 2025; WealthTech on Deck, September 2025); tiger21.com membership FAQ. Read October 2026.
10 East argued in an October 2023 essay that investment clubs and personal circles often lack a dedicated diligence team. That is a fair question to put to every option on this list, including 10 East: who does the diligence, and what does it cost you.
Long Angle is a vetted, vendor-free community where members compare notes on investing, taxes, advisors and family decisions. It is free to join with more than $3 million in household assets, excluding a primary residence. For a closer look at the member-led model, see our 3i Members overview, and for peer groups, TIGER 21 alternatives.
Final Thoughts
10 East is built for an investor who wants a professional team to source niche private opportunities and is comfortable relying on its judgment. Its strengths are SEC registration, a named custodian and auditor, an advisory board that reviews every offering, and principals who invest their own money first. What it does not yet offer is a published, member-net track record. Read the brochure, ask for each vehicle's offering documents and past results, and compare total cost before you commit.
Frequently Asked Questions
How much does 10 East charge?
10 East's adviser brochure lists a management fee typically of 1% a year, ranging from 1% to 2%, plus fund expenses and the underlying managers' costs. Certain funds also pay carried interest. Fees are set fund by fund in each offering's documents.
What is the minimum investment at 10 East?
It depends on the vehicle. The adviser filing lists $100,000 for single-opportunity series and $500,000 for the Private Markets Fund, while offering filings show smaller investments accepted, from $10,000 on some series and $100,000 on the fund.
Does 10 East charge a membership fee?
No membership fee appears on 10 East's website, in its terms of use or in its adviser brochure. Its revenue disclosed in filings comes from fees on its investment vehicles.
Is 10 East registered with the SEC?
Yes. 10 East Partners LLC has been an SEC-registered investment adviser since March 31, 2025, under CRD number 322360. Its August 2026 brochure discloses no material legal or disciplinary events.
Who founded 10 East?
Michael Leffell, its Founder and Chairman, who previously spent 21 years at Davidson Kempner. Sam Klatt is Chief Investment Officer and Itai Abelski is CEO.
Comparing private-market options and want a second opinion from peers?
Long Angle is a free, vetted community of entrepreneurs, executives and investors with more than $3 million in household assets, comparing notes on investing, tax, advisors and family decisions.
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