DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
SEC-registered adviser
Capital Innovations, LLC
Latest filing Mar 31, 2026
First filing on the tape Apr 2, 2012 · 22 filings
SEC status approved since Apr 25, 2011
RAUM
$807M
reported, Item 5.F
Discretionary
50%
of RAUM
Private clients
0.2%
$1.4M individuals and HNW
Advisors
1
registered through the firm on IAPD
RAUM per advisor
$807M
derived; firm RAUM over IAPD count
Employees
4
4 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
22 filings and snapshots on the tape
RAUM$807M as of Mar 31, 2026
Apr 2, 2012$145M then
HNW client RAUM$1.4M as of Mar 31, 2026
Mar 24, 2025$1.2M then
State-registered IARs (5.B.3)0 as of Mar 31, 2026
Apr 1, 20130 then
Employees (5.A)4 as of Mar 31, 2026
Apr 1, 20135 then
Private funds: no history
RAUM +116% over the last fiscal year+57% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Mar 31, 2026; every figure names its basis
Archetypes, each a printed rule
- Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
- RAUM per advisor
- $807MderivedRAUM 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
- $89.6MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 50%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 4.0derivedItem 5.A over advisors
- Advisors per office
- 1.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +116%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, fixed feesreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for investment companies, selection of other advisersreportedItem 5.G
- Wrap fee program
- participatesreportedItem 5.I
- 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)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Investment companies$799M99%
- Other investment advisers$6.8M0.8%
- High-net-worth individuals$1.4M0.2%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 9reported
- Financial planning clients
- 0reported
- Wrap fee programs
- $0 sponsored, $6.8M managedreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
1 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Michael David Underhill | Waukesha, Wi | Feb 9, 2011 | 33 y | 1 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
none on the tape
Joined, latest
- Michael David Underhill from Cambridge Investment Research Advisors, Inc.Feb 9, 2011 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- L. Susan Dambekaln · President, Ccocontrolsince 08/2007 · owns 50% to 75%
- David Michael Underhill · Chief Executive Officercontrolsince 05/2007 · owns 25% to 50%
Related persons
Schedule D 7.A
No related person reported.
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- RAUM up 50 %Change between filings · filing Mar 31, 2026RAUM (Item 5.F) moved from $372,948,460 to $806,657,637 (+116.0%) between the annual amendments of 2025-03-24 and 2026-03-31; the peer median change was +8.0% (673 comparable advisers, 95.0th percentile of changes)peers: asset managers, $500M to $1B (673) · 95% percentile
What changed
consecutive filings, newest first
- Discretionary RAUM · $194M to $406MMar 24, 2025 to Mar 31, 2026
- HNW RAUM · $1.2M to $1.4MMar 24, 2025 to Mar 31, 2026
- Non-discretionary RAUM · $179M to $401MMar 24, 2025 to Mar 31, 2026
- RAUM · $373M to $807MMar 24, 2025 to Mar 31, 2026
- Wrap assets (manager) · $5.7M to $6.8MMar 24, 2025 to Mar 31, 2026
- Financial planning clients · 0 to 0Aug 9, 2024 to Mar 24, 2025
- Discretionary RAUM · $123M to $194MAug 9, 2024 to Mar 24, 2025
- HNW RAUM · $1.1M to $1.2MAug 9, 2024 to Mar 24, 2025
- Non-discretionary RAUM · $81.7M to $179MAug 9, 2024 to Mar 24, 2025
- RAUM · $204M to $373MAug 9, 2024 to Mar 24, 2025
- Wrap assets (manager) · $5.2M to $5.7MAug 9, 2024 to Mar 24, 2025
- Accounts · 65 to 9Jul 15, 2024 to Aug 9, 2024
- BD registered reps · 1 to 0Jul 15, 2024 to Aug 9, 2024
- Employees · 5 to 4Jul 15, 2024 to Aug 9, 2024
- Discretionary RAUM · $74.1M to $123MJul 15, 2024 to Aug 9, 2024
- HNW RAUM · unset to 1085561.0Jul 15, 2024 to Aug 9, 2024
- Non-discretionary RAUM · $35.0M to $81.7MJul 15, 2024 to Aug 9, 2024
- RAUM · $109M to $204MJul 15, 2024 to Aug 9, 2024
- Wrap assets (manager) · $12.4M to $5.2MJul 15, 2024 to Aug 9, 2024
- Accounts · 49 to 65Mar 30, 2023 to Mar 29, 2024
- Employees · 7 to 5Mar 30, 2023 to Mar 29, 2024
- Insurance-licensed employees · 1 to 0Mar 30, 2023 to Mar 29, 2024
- Discretionary RAUM · $30.1M to $74.1MMar 30, 2023 to Mar 29, 2024
- Non-discretionary RAUM · $178M to $35.0MMar 30, 2023 to Mar 29, 2024
- RAUM · $208M to $109MMar 30, 2023 to Mar 29, 2024
- Wrap assets (manager) · $18.8M to $12.4MMar 30, 2023 to Mar 29, 2024
- Accounts · 39 to 49Apr 5, 2022 to Mar 30, 2023
- Advisory activities · 3 to 4Apr 5, 2022 to Mar 30, 2023
- BD registered reps · 0 to 1Apr 5, 2022 to Mar 30, 2023
- Corporate clients · 2.0 to unsetApr 5, 2022 to Mar 30, 2023
- Insurance-licensed employees · 0 to 1Apr 5, 2022 to Mar 30, 2023
- Discretionary RAUM · $10.8M to $30.1MApr 5, 2022 to Mar 30, 2023
- Non-discretionary RAUM · $190M to $178MApr 5, 2022 to Mar 30, 2023
- RAUM · $201M to $208MApr 5, 2022 to Mar 30, 2023
- Wrap assets (manager) · $390,264 to $18.8MApr 5, 2022 to Mar 30, 2023
- Accounts · 11 to 39Feb 15, 2022 to Mar 30, 2022
- Pooled vehicle clients · 3.0 to unsetFeb 15, 2022 to Mar 30, 2022
- Discretionary RAUM · $4.3M to $10.8MFeb 15, 2022 to Mar 30, 2022
- Non-discretionary RAUM · $169M to $190MFeb 15, 2022 to Mar 30, 2022
- Pooled vehicle RAUM · 1143682.0 to unsetFeb 15, 2022 to Mar 30, 2022
Signals
2 dated events
- Capital Innovations, Llc reported RAUM $806.7M, up 116% from $372.9M (2025-03-24 to 2026-03-31)Mar 31, 2026 · RAUM change · derived
- Capital Innovations, Llc reported RAUM $372.9M, up 83% from $204.3M (2024-08-09 to 2025-03-24)Mar 24, 2025 · RAUM change · derived
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
- capinnovations.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 262-746-3100reportedpublic 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
- $807Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026