# QUILVEST CAPITAL PARTNERS SECURITIES LLC X-17A-5 (2026-03-02) — Broker-dealer annual report - Company: QUILVEST CAPITAL PARTNERS SECURITIES LLC - Form: X-17A-5 - Filed: 2026-03-02 - Period: 2025-12-31 - Accession: 0001692970-26-000003 - CIK: 1692970 - File #: 8-69883 - Type: Broker-dealer - Material weakness: No - Auditor: RSM US LLP - Auditor location: New-York, NY - Contact: Manuel FISCHER - Phone: 2129616940 - Email: fjohn@quilvestcapital.com - Website: quilvestcapital.com - Signed by: Finley JOHN (Principal) Original filing: https://www.sec.gov/Archives/edgar/data/1692970/000169297026000003/QCPSP25Pb.pdf --- {0}------------------------------------------------ **OUILVEST CAPITAL PARTNERS SECURITIES LLC (f/k/a OUIL VEST SECURITIES LLC) REPORT PURSUANT TO RULE 17a-5(d) YEAR ENDED DECEMBER 31. 2025** Filed pursuant to Rule 17a-5(c)(3) under the Securities Exchange Act of 194 as a **PUBLIC DOCUMENT.** {1}------------------------------------------------ ### **CONTENTS** | | Page(s) | |---------------------------------------------------------|---------| | Oath or Affirmation Signed | 1-2 | | Report of Independent Registered Public Accounting Firm | 3 | | Statement of Financial Condition | 4 | | Notes to Statement of Financial Condition | 5-9 | {2}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** # **ANNUAL REPORTS FORM X-17 A-5 PART** Ill **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING 01 10112025 MM/00/YY AND ENDING 12/31 /2025 MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME OF FIRM: Quilvest Capital Partners Securities LLC TYPE OF REGISTRANT (check all applicable boxes): C!l Broker-dealer D Security-based swap dealer D Major security-based swap participant D Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 10 EAST 53RD STREET, SUITE 600 (No. and Street) New York NY (City) (State) PERSON TO CONTACT W ITH REGARD TO THIS FILING 10022 (Zip Code) Finley JOHN + 1 (212) 920-3862 fjohn@quilvestcapital.com (Name) (Area Code -Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose re ports are contained in this filing\* RSM US LLP (Name - if individual, state last, first, and middle name) **4**Times Square 151 West 42nd Street 19th Floor New-York NY (Address) (City) (State) 10036 (Zip Code) **FOR OFFICIAL USE ONLY** • Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(l)(ii), if applicable. 09/24/2003 49 Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays **a** currently valid 0MB control number. **(PCAOB ,,,;,trauo, N,mbe,,** • **appUcabl,j** I 0 MB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 > SEC FILE NUMBER 8-'69883 | Finley JOHN | + 1 (212) 920-3862 | fjohn@quilvestcapital.com | | |-----------------------------------------------|--------------------|---------------------------|--| | PERSON TO CONTACT W ITH REGARD TO THIS FILING | | | | | (City) | (State) | | | | | | | | {3}------------------------------------------------ ### **OATH OR AFFIRMATION** | I, Finley John | swear (or affirm) that, to the best of my knowledge and belief, the | |---------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Quilvest Capital Partners Securities | as of | | 2~
12/31 | is true and correct. I further swear (or affirm) that neither the company nor any | | | partner, officer, di~~~~£.;.~~uivP,~ent person, as the case may be, has any proprietary interest in any account classified solely | | as that of a custDl'li"l'>~. • • • • • • t,s.,"" ',,, | | ![](_page_3_Picture_2.jpeg) Title: / President Notary Public ### **This filing\*\* contains (check all applicable boxes):** - **i!!!!i** (a) Statement of financial condition. - **i!!!!i** (b) Notes to consolidated statement of financial condition. - D (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X). - D (d) Statement of cash flows. - D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to consolidated financial statements. - D (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-l, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D U) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (kl Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - **i!!!!i** (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - **i!!!!i** (t) Independent public accountant's report based on an examination of the statement of financial condition. - D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR ~40.17a-S or 17 CFR 240.18a-7, as applicable. - D (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). D (z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) I **RSMUSLLP** ### **Report of Independent Registered Public Accounting Firm** Manager and Managing Member Quilvest Capital Partners Securities LLC ### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Quilvest Capital Partners Securities LLC (the Company) as of December 31, 2025, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. ### **Basis for Opinion** This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2018. New York, New York February 27, 2026 **THE POWER OF BEING UNDERSTOOD** ASSURANCE I TAX I CONSULTING 1 RSM US LLP is the U.S. member firm of RSM International, a global network of independent assurance, tax, and consulting firms. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International. {5}------------------------------------------------ ### STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 # **ASSETS** | Cash | \$ | 1,745,986 | |----------------------------------------|----|-----------| | Due from affiliate | | 8,643 | | Prepaid expenses | | 589 | | | | | | Other assets | | 3,199 | | | | | | | s | 1,758,417 | | | | | | LIABILITIES AND MEMBER'S EQUITY | | | | LIABU:.,ITIES: | | | | Due to affiliate | \$ | 249,143 | | Accrued liabilities | | 109,371 | | | | 358,514 | | | | | | COMMITMENTS AND CONTINGENCIES (Note 6) | | | | | | | | MEMBER'S EQUITY | | 1,399,903 | | | | | | | \$ | 117581417 | {6}------------------------------------------------ ### **NOTES TO STATEMENT OF FINANCIAL CONDITION YEAR ENDED DECEMBER 31, 2025** #### *NOTEJ-ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES* ### *Organization and Business* Quilvest Capital Partners Securities LLC (f/k/a Quilvest Securities LLC) (the "Company") is a limited liability company, a wholly owned subsidiary ofQuilvest & Partners USA LLC ("Parent"), formed in the state of Delaware on October 13, 2016. The Company was approved to do business as a registered brokerdealer on March 6, 2018 with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company's primary business activity is to assist managers of private alternative investment funds, including private equity, hedge funds and fund of funds, raise capital. ### *15c3-3 Exemption* The Company does not claim an exemption under paragraph (k) of Rule 15c3-3. The Company files an exemption report relying on Footnote 74 of the SEC Release No. 34-70073 because the Company limits its business activities exclusively to ( 1) effecting securities transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; (2) receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, referring securities transactions to other broker-dealers, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, ( other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2- 4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company); (2) did not carry accounts of or for customers; and (3) did not carry P AB accounts ( as defined in Rule 15c3- 3) throughout the most recent fiscal year. ## *Basis of Presentation* These financial statements were prepared in conformity with accounting principles generally accepted in the United States of America which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. ### *Revenue Recognition* The Company's primary sources of revenue are advisory fees earned from private placement and advisory services for mergers, acquisitions, reorganizations and divestures. These fees from private placement and advisory services are recognized when services related to the underlying transactions are completed under the terms of the agreement. {7}------------------------------------------------ ### **NOTES TO STATEMENT OF FINANCIAL CONDITION YEAR ENDED DECEMBER 31, 2025** #### *NOTEJ-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)* Cash, including cash denominated in foreign currencies, represents cash deposits held at financial institutions. Cash is held at major financial institutions and is subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation ("FDIC") or Securities Investor Protection Corporation ("SIPC") limitations. ### *Estimates* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ### *Income Taxes* Effective January 1, 2020, the Company filed an election with Internal Revenue Service to be treated as the disregarded entity for tax purposes, as such, no provision for federal or state income taxes has been made for the Company. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. The guidance requires the evaluation of tax positions taken or expected to be taken to determine whether the tax positions will "more likely-than-not" be sustained by the applicable tax authority. As of December 31, 2025, the Company has not recorded any liability for material uncertain income tax positions. ### *Segment Reporting* The Company is engaged in a single line of business as a securities broker-dealer, which is assisting managers in raising capital for private alternative investment funds, including private equity, hedge funds and fund of funds. The Company has identified its Managing Principal, as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 2), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The company derived 100 percent of its total revenues from two external customers in 2025. {8}------------------------------------------------ ### **NOTES TO STATEMENT OF FINANCIAL CONDITION YEAR ENDED DECEMBER 31, 2025** ### *NOTEJ-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)* ### *Accounting Pronouncements Not Yet Adopted* In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses, which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. This standard is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, on a prospective basis, with early adoption and retrospective application permitted. The Company has not yet adopted ASU 2024-03 and is still evaluating the impact of the adoption on its financial statements. In July 2025, the F ASB issued ASU No. 2025-05, "Measurement of Credit Losses for Accounts Receivable and Contract Assets." This ASU simplifies the estimation of credit losses on accounts receivable and contract assets arising from transactions accounted for under ASC 606, "Revenue from Contracts with Customers," by providing companies an option to assume that the conditions as of the balance sheet date will remain unchanged for the remaining life of these assets while estimating expected credit losses. This ASU is effective for Fiscal years beginning after Dec 15, 2025, with early adoption permitted. The Company has not yet adopted ASU 2025-05 and is still evaluating the impact of the adoption on its financial statements. # *NOTE2- NET CAPITAL REQUIREMENTS* Pursuant to the net capital provisions of Rule 15c3-l of the Securities Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. At December 31, 2025, the Company had net capital and net capital requirements of \$1,372,472 and \$23,901, respectively. The Company's net capital ratio (aggregate indebtedness to net capital) was 0.26 to 1. According to Rule 15c3- 1, the Company's net capital ratio shall not exceed 15 to 1. # *NOTE3- RELATED PARTY TRANSACTIONS* The Company has an expense sharing agreement with an affiliate for certain operating expenses including personnel, office space and other general and administrative costs. At December 31, 2025, the Company had a net due to affiliate balance of \$240,500. The Company and it's affiliate provide certain advisory services to the clients and the Company's affiliate has economic ownership in these clients. {9}------------------------------------------------ ### **NOTES TO STATEMENT OF FINANCIAL CONDITION YEAR ENDED DECEMBER 31, 2025** ### *NOTE4- FEES RECEIVABLE* The Company recognizes current estimated credit losses for fees receivable. The Company regularly evaluates fees receivable for expected credit losses. The expected loss allowance methodology for fees receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of each client's fees accounts receivables. Specific allowance amounts are established to record the appropriate provision for clients that have a higher probability of default. Monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of each client's financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. Estimates are used to determine the expected loss allowances. Such allowances are based on management's assessment of anticipated payment, taking into account available historical and current information as well as management's assessment of potential future developments. As of December 31, 2025, the Company had no receivable balance and no allowances for credit losses and \$0 was written off as bad debt expense for the year ended December 31, 2025. ## *NOTES- CONCENTRATION OF RISK* During the year ended December 31, 2025, substantially all revenues are earned from two affiliated clients. # *NOTE6- FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISK AND CONTINGENCIES* The Company is engaged in various corporate financing activities in which counterparties primarily include managers of investment partnerships. In the event that counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty. It is the Company's policy to review, as necessary, the credit standing of each counterparty with which it conducts business Price risk is comprised of interest rate, market and currency risk. Interest rate risk is the risk that the value of financial instruments (mainly investments) may fluctuate as a result of changes in market interest rates. Market risk is the risk that the market values of investments change due to changes in market conditions. Investments in private investment companies are subject to market and interest rate risk. Currency risk is the risk that the value of instruments may fluctuate as a result of changes in foreign exchange rates. As of December 31, 2025, all assets and liabilities of the Company were denominated in United States dollars. The Company also maintains its cash balance in a financial institution, which at times may exceed federally insured limits. As of December 31, 2025, the Company held \$1,495,986 in excess of the federally insured limit at the financial institution. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk. {10}------------------------------------------------ ### **NOTES TO STATEMENT OF FINANCIAL CONDITION YEAR ENDED DECEMBER 31, 2025** ### *NOTE* 7 - *SUBSEQUENT EVENTS* The Company has performed an evaluation of subsequent events through the date the financial statements were issued. The evaluation did not result in any subsequent events that required disclosures and/or adjustments. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.