DFX Intelligence

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SEC-registered adviser

N••••• I••••••••• M••••••••• L•••

Asset manager (funds and pooled vehicles)Austin, TexasCRD 132975SEC 801-64155website IAPD

Latest filing Mar 31, 2026

First filing on the tape Mar 29, 2012 · 33 filings

SEC status approved since Apr 14, 2005

RAUM

$351M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

0.0%

$0 individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

6 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

33 filings and snapshots on the tape

RAUM$351M as of Mar 31, 2026

Apr 2, 2012$97.0M then

HNW client RAUM: no history

State-registered IARs (5.B.3)0 as of Mar 31, 2026

Mar 11, 20130 then

Employees (5.A)8 as of Mar 31, 2026

Mar 11, 20134 then

Private funds5 as of Mar 31, 2026

Apr 2, 20123 then

RAUM +11% over the last fiscal year-19% a year over threeIARs 0 to 0offices 1 to 0

Practice profile

derived from the filing of Mar 31, 2026; every figure names its basis

RAUM per advisor: unknownderivedRAUM over IAPD advisors; not a book size
Clients per advisor: unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client: unknownderivedHNW RAUM over HNW clients
Average account: $70.1MderivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: unknownderivedItem 5.A over advisors
Advisors per office: unknownderived1 offices incl. principal (1.F.5)
RAUM growth, one year: +11%derivedbetween the last two annual amendments
Advisor growth, one year: unknownderivedItem 5.B.3 between annual amendments
Client growth, one year: unknownderived
Compensation: percentage of assets, performance-basedreportedItem 5.E
Advisory activities: portfolio management for pooled vehiclesreportedItem 5.G
Ownership: no PE, bank or public-company owner found on Schedule Aderived
Advisor book size: not public; not estimatedreported

Also answered yes on Form ADV

buys or sells securities as principal to or from clients (8.A.2)
has discretionary authority over which securities are bought or sold (8.C.1)
a related person has custody of client cash (9.B.1.a)
a related person has custody of client securities (9.B.1.b)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Pooled investment vehicles$351M100%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 5reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUM, performancereported
Class basis: private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=true bd_reps=0.0derived

Advisors registered through the firm

0 on IAPD today, longest tenure first

No representative is registered through this CRD on IAPD.

Advisor movement

Left, latest

none on the tape

Joined, latest

none on the tape

Every departure Every arrival

Private funds

9 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
N••••• D••••••••• P•••••• F•••• L•••	Hedge Fund	$125M	70	Mar 29, 2012
N••••• P•••••• P••• F•••• L•••	Hedge Fund	$46.8M	49	Mar 31, 2022
G•••••• F••• A•• L•••	Hedge Fund	$31.0M	61	Mar 29, 2012
N••••• F•••••••• F••• L•no longer reported	Hedge Fund	$2.9M	7	Mar 29, 2017
S••••• A• N••••• R••• E••••• S••••••••• F•••	Hedge Fund	$2.0M	4	Mar 31, 2022
N••••• A•••• F••• L•no longer reported	Hedge Fund	$0	0	Apr 26, 2018
S••••• B• N••••• O••••••••• F•••	Hedge Fund	$0	0	Mar 31, 2022
N••••• S••••••••• F•••• L•••	Hedge Fund	$0	0	Mar 31, 2022
N••••• E••••••••• F•••• L•••no longer reported	Hedge Fund	$0	0	Mar 29, 2012

Owners and control persons

Schedule A and B, latest filing

N•••••• D••••• R•••••• · Limited Partnercontrol
since 09/2004 · owns 25% to 50%
T••••••••• K••••••• L•••• · Secretary; Portfolio Managercontrol
since 12/2022 · owns less than 5%
W••••••• J••••• B••••• · Chairman, Chief Executive Officer, Chief Compliance Officercontrol
since 09/2020 · owns less than 5%
W••••••• R•••••• L•••••• · Executive Vice Presidentcontrol
since 12/2022 · owns less than 5%
N•••••• D••••• R•••••• · Manager And Membercontrol
since 09/2004 · owns 25% to 50% of N••••• A•••••••• L••

Entity owners

B•• S••••••••• L••••• · Limited Partner
direct · owns 50% to 75%
N••••• A•••••••• L•• · General Partner
direct · owns less than 5%
B•• S••••••••• L••••• · Manager And Member
indirect · owns 50% to 75% of N••••• A•••••••• L••

Related persons

Schedule D 7.A

N••••• M••••••••• L•••
bankpooled vehicle sponsorn

Offices

Schedule D 1.F, the 25 largest

Dallas, TX4 employees

What changed

consecutive filings, newest first

Accounts · 8 to 5
Oct 31, 2025 to Mar 31, 2026
Advisory employees · 7 to 6
Oct 31, 2025 to Mar 31, 2026
Pooled vehicle clients · 8 to 5
Oct 31, 2025 to Mar 31, 2026
Other offices · 1 to 0
Oct 31, 2025 to Mar 31, 2026
Discretionary RAUM · $315M to $351M
Oct 31, 2025 to Mar 31, 2026
Pooled vehicle RAUM · $315M to $351M
Oct 31, 2025 to Mar 31, 2026
RAUM · $315M to $351M
Oct 31, 2025 to Mar 31, 2026
Advisory employees · 8 to 7
Mar 28, 2024 to Apr 1, 2025
Employees · 9 to 8
Mar 28, 2024 to Apr 1, 2025
Financial planning clients · unset to
Mar 28, 2024 to Apr 1, 2025
Discretionary RAUM · $204M to $315M
Mar 28, 2024 to Apr 1, 2025
Pooled vehicle RAUM · $204M to $315M
Mar 28, 2024 to Apr 1, 2025
RAUM · $204M to $315M
Mar 28, 2024 to Apr 1, 2025
Accounts · 9 to 8
Nov 1, 2023 to Mar 28, 2024
Pooled vehicle clients · 9 to 8
Nov 1, 2023 to Mar 28, 2024
Private funds · 6 to 5
Nov 1, 2023 to Mar 28, 2024
Discretionary RAUM · $270M to $204M
Nov 1, 2023 to Mar 28, 2024
Pooled vehicle RAUM · $270M to $204M
Nov 1, 2023 to Mar 28, 2024
RAUM · $270M to $204M
Nov 1, 2023 to Mar 28, 2024
Advisory employees · 7 to 8
Mar 9, 2023 to Nov 1, 2023
Employees · 8 to 9
Mar 9, 2023 to Nov 1, 2023
Discretionary RAUM · $662M to $270M
Mar 9, 2023 to Nov 1, 2023
Pooled vehicle RAUM · $662M to $270M
Mar 9, 2023 to Nov 1, 2023
RAUM · $662M to $270M
Mar 9, 2023 to Nov 1, 2023
Discretionary RAUM · $659M to $662M
Feb 3, 2023 to Mar 9, 2023
Pooled vehicle RAUM · $659M to $662M
Feb 3, 2023 to Mar 9, 2023
RAUM · $659M to $662M
Feb 3, 2023 to Mar 9, 2023
Advisory employees · 8 to 7
Apr 29, 2022 to Feb 3, 2023
Employees · 9 to 8
Apr 29, 2022 to Feb 3, 2023
HQ city · DALLAS to AUSTIN
Apr 29, 2022 to Feb 3, 2023
Other offices · 2 to 1
Apr 29, 2022 to Feb 3, 2023
Private funds · 7 to 6
Apr 29, 2022 to Feb 3, 2023
Discretionary RAUM · $390M to $659M
Apr 29, 2022 to Feb 3, 2023
Pooled vehicle RAUM · $390M to $659M
Apr 29, 2022 to Feb 3, 2023
RAUM · $390M to $659M
Apr 29, 2022 to Feb 3, 2023
Accounts · 2 to 9
Aug 24, 2021 to Mar 31, 2022
Advisory employees · 6 to 8
Aug 24, 2021 to Mar 31, 2022
Pooled vehicle clients · 2 to 9
Aug 24, 2021 to Mar 31, 2022
Employees · 8 to 9
Aug 24, 2021 to Mar 31, 2022
Private funds · 2 to 7
Aug 24, 2021 to Mar 31, 2022

Signals

11 dated events

••• Locked
Apr 1, 2025 · RAUM change · derived
••• Locked
Nov 1, 2023 · RAUM change · derived
••• Locked
Feb 3, 2023 · RAUM change · derived
••• Locked
Feb 3, 2023 · Control person joined · fact
••• Locked
Feb 3, 2023 · Control person joined · fact
••• Locked
Mar 31, 2022 · RAUM change · derived
••• Locked
Aug 24, 2021 · Control person left · inference
••• Locked
Apr 29, 2021 · Control person left · inference
••• Locked
Feb 28, 2021 · Control person left · inference
••• Locked
Feb 28, 2021 · Control person joined · fact
••• Locked
Mar 31, 2020 · Control person joined · fact

Across DFX

shared identifiers only, never a name match

No identifier-backed link to the venture, private equity, family office or sponsor graphs.

How to reach

public business contact points only, each with its source

Website: N•••••FUNDS.COMreportedpublic record, Form ADV, Mar 31, 2026
Principal office phone: 972-701-8813reportedpublic record, Form ADV, Mar 31, 2026

Provenance

Form ADV: SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors: IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class: Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
RAUM per advisor: n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026