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.
Former SEC-registered adviser
Lionstone Investments
Legal name Lionstone Partners, LLC
Latest filing Mar 26, 2026
First filing on the tape Dec 23, 2011 · 54 filings
SEC status approved since Jan 10, 2012
RAUM
$224M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
3
0 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
1
reported on Schedule D
History
54 filings and snapshots on the tape
RAUM$224M as of Mar 26, 2026
Apr 1, 2013$2.0B then
HNW client RAUM$0 as of Mar 26, 2026
Mar 27, 2018$0 then
State-registered IARs (5.B.3)0 as of Mar 26, 2026
Apr 1, 20130 then
Employees (5.A)3 as of Mar 26, 2026
Apr 1, 201330 then
Private funds1 as of Mar 26, 2026
Apr 1, 20137 then
RAUM -95% over the last fiscal year-66% a year over threeIARs 1 to 0offices 2 to 0
Practice profile
derived from the filing of Mar 26, 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
- $224MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 100%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
- -95%derivedbetween the last two annual amendments
- Advisor growth, one year
- -100%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, performance-based, otherreportedItem 5.E
- Advisory activities
- portfolio management for businesses and institutions, portfolio management for pooled vehiclesreportedItem 5.G
- Custody
- $224M, 1 clientsreportedItem 9.A
- 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)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- has custody of client cash or bank accounts (9.A.1.a)
- a related person has custody of client cash (9.B.1.a)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pension and profit-sharing plans$224M100%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- 1reported
- Charitable clients
- 0reported
- Accounts
- 1reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $224M for 1 clientsreported
- Compensation
- % of AUM, performancereported
- Class basis
- absent from the latest SEC rosterderived
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
Private funds
25 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Lionstone Oregon Real Estate One, L.P. | Hedge Fund | $1.2B | 2 | Dec 23, 2011 |
| Lionstone U.S. Value-Add Four, L.P. | Real Estate Fund | $889M | 4 | Nov 20, 2015 |
| Lionstone U.S. Value-Add Five, L.P. | Real Estate Fund | $627M | 0 | Mar 28, 2019 |
| Lionstone Commercial Real Estate Alpha Driver Partners, L.P. | Hedge Fund | $604M | 2 | Dec 23, 2011 |
| Houston Bbp, LP | Hedge Fund | $411M | 1 | Mar 26, 2020 |
| Lionstone Rdp Platform Investors, L.P. | Hedge Fund | $143M | 0 | Oct 29, 2021 |
| Lionstone-Hermes Real Estate Venture, L.P. | Hedge Fund | $116M | 2 | Feb 2, 2015 |
| Lionstone Rdp Channel House Investors, L.P. | Hedge Fund | $79.4M | 0 | Oct 29, 2021 |
| Lionstone Rdp Tower V Investors, L.P. | Hedge Fund | $75.5M | 0 | Jul 15, 2022 |
| Lionstone Rdp Pcs Phase I Investors, L.P. | Hedge Fund | $65.2M | 0 | Feb 23, 2022 |
| Lionstone Rdp St. Albans Investors, L.P. | Hedge Fund | $35.1M | 0 | Sep 25, 2023 |
| Lionstone Raleigh Development Partners, L.P. | Hedge Fund | $31.5M | 0 | Oct 29, 2021 |
| Lionstone U.S. Land One, L.P. | Real Estate Fund | $16.1M | 3 | Dec 23, 2011 |
| Lionstone Urban Investments Two, L.P.no longer reported | Real Estate Fund | $2.9M | 28 | Dec 23, 2011 |
| Lva4 Co-Investment I, L.P. | Real Estate Fund | $1.8M | 2 | Nov 20, 2015 |
| Lva4 Co-Investment II, L.P. | Real Estate Fund | $1.8M | 2 | Feb 25, 2016 |
| Lionstone Cash Flow Office Two, LLCno longer reported | Hedge Fund | $574,705 | 2 | Dec 23, 2011 |
| Lva4 Co-Investment III, L.P. | Real Estate Fund | $564,184 | 2 | Feb 25, 2016 |
| Lionstone U.S. Land Two, L.P. | Real Estate Fund | $514,843 | 4 | Apr 1, 2013 |
| Lva5 Co-Investment I, L.P. | Real Estate Fund | $397,473 | 0 | Mar 28, 2019 |
| Lva5 Co-Investment II, L.P. | Real Estate Fund | $308,723 | 0 | Mar 28, 2019 |
| Lva5 Co-Investment IV, L.P. | Real Estate Fund | $79,283 | 0 | Mar 29, 2021 |
| Lva5 Co-Investment III, L.P. | Real Estate Fund | $26,311 | 0 | Mar 26, 2020 |
| Lionstone Urban Investments One, L.P.no longer reported | Real Estate Fund | $0 | 14 | Dec 23, 2011 |
| Lionstone Rdp Co-Investment Fund I, L.P. | Hedge Fund | $0 | 0 | Apr 26, 2023 |
Owners and control persons
Schedule A and B, latest filing
- Stewart Bennett · Interim Chief Executive Officercontrolsince 10/2023 · owns less than 5%
- James Andrew Bruce · Chief Financial Officer & Chief Operating Officercontrolsince 12/2019 · owns less than 5%
- Shweta Jhanji · Treasurercontrolsince 01/2020 · owns less than 5%
- Bailey Stephen Jones · Head Of Acquisitionscontrolsince 06/2021 · owns less than 5%
- Gunnar Hans Nordby · Head Of Research And Analyticscontrolsince 10/2022 · owns less than 5%
- Jean Samantha Castaneda · Chief Compliance Officersince 04/2023 · owns less than 5%
- Sean Liu · Chief Legal Officersince 04/2023 · owns less than 5%
- Dana Richard Rowell · Head Of Valuations And Co-Head Of Investment Risksince 04/2023 · owns less than 5%
Entity owners
- Columbia Management Investment Advisers, LLC · Managing Memberdirect · owns 75% or more
- Ameriprise Financial, Inc. · Managing Memberindirect · owns 75% or more of Columbia Management Investment Advisers, LLC · public reporting company
Related persons
Schedule D 7.A
- Advisory Capital Strategies Group, Inc.bankpooled vehicle sponsory
- American Enterprise Investment Services Inc.broker-dealern
- Ameriprise Financial Services, LLCbroker-dealerinvestment adviserbanknRAUM $660B
- Ameriprise Trust Companybankn
- Columbia Cent Clo Advisers, LLCinvestment advisernRAUM $3.0B
- Columbia Management Investment Advisers, LLCinvestment adviserbankyRAUM $502B
- Columbia Management Investment Distributors, Inc.broker-dealern
- Columbia Threadneedle (Em) Investments Limitedinvestment advisernRAUM $2.9B
- Columbia Threadneedle Fund Management Limitedinvestment advisern
- Columbia Threadneedle Investment Business Limitedinvestment advisern
- Columbia Threadneedle Investments Japan Co., Ltdbroker-dealern
- Columbia Threadneedle Management (Swiss) Gmbhinvestment advisern
- Columbia Threadneedle Management Limitedinvestment advisern
- Columbia Threadneedle Multi-Manager Llpinvestment advisern
- Columbia Threadneedle Netherlands B.V.investment advisern
- Columbia Threadneedle Real Estate Partners Llpn
- Columbia Threadneedle Rep Am Plcinvestment advisern
- Columbia Wanger Asset Management, LLCinvestment adviseryRAUM $5.8B
- Ct Real Estate Partners Gmbh & Co. Kgpooled vehicle sponsorn
- Lionstone Bbp Gp, LLCpooled vehicle sponsory
- Lionstone Cfre II Real Estate Capital, L.P.pooled vehicle sponsory
- Lionstone Cread Partners Two, LLCpooled vehicle sponsory
- Lionstone Lore Two, LLCpooled vehicle sponsory
- Lionstone Raleigh Development Partners Gp, LLCpooled vehicle sponsory
- Lionstone Rdp Channel House Investors Gp, LLCpooled vehicle sponsory
- Lionstone Rdp Co-Investment Fund I Gp, LLCpooled vehicle sponsory
- Lionstone Rdp Pcs Phase I Investors Gp, LLCpooled vehicle sponsory
- Lionstone Rdp Platform Investors Gp, LLCpooled vehicle sponsory
- Lionstone Rdp St. Albans Investors Gp, LLCpooled vehicle sponsory
- Lionstone Rdp Tower V Investors Gp, LLCpooled vehicle sponsory
Advisers that list Lionstone Investments as a related person
Offices
Schedule D 1.F, the 25 largest
- El Segundo, CA3 employees
- Boston, MA2 employees
What changed
consecutive filings, newest first
- Accounts · 23 to 1Aug 1, 2025 to Mar 26, 2026
- Advisory employees · 42 to 0Aug 1, 2025 to Mar 26, 2026
- BD registered reps · 2 to 0Aug 1, 2025 to Mar 26, 2026
- Pooled vehicle clients · 22 to 0Aug 1, 2025 to Mar 26, 2026
- Assets in custody · $4.4B to $224MAug 1, 2025 to Mar 26, 2026
- Employees · 52 to 3Aug 1, 2025 to Mar 26, 2026
- Insurance-licensed employees · 1 to 0Aug 1, 2025 to Mar 26, 2026
- HQ city · HOUSTON to BOSTONAug 1, 2025 to Mar 26, 2026
- HQ state · TX to MAAug 1, 2025 to Mar 26, 2026
- State-registered IARs · 1 to 0Aug 1, 2025 to Mar 26, 2026
- Other offices · 2 to 0Aug 1, 2025 to Mar 26, 2026
- Private funds · 22 to 1Aug 1, 2025 to Mar 26, 2026
- Discretionary RAUM · $4.4B to $224MAug 1, 2025 to Mar 26, 2026
- Non-discretionary RAUM · $107M to $0Aug 1, 2025 to Mar 26, 2026
- Pension RAUM · $107M to $224MAug 1, 2025 to Mar 26, 2026
- Pooled vehicle RAUM · $4.4B to $0Aug 1, 2025 to Mar 26, 2026
- RAUM · $4.5B to $224MAug 1, 2025 to Mar 26, 2026
- Advisory employees · 57 to 42Oct 29, 2024 to Apr 28, 2025
- BD registered reps · 3 to 2Oct 29, 2024 to Apr 28, 2025
- Assets in custody · $4.4B to $4.4BOct 29, 2024 to Apr 28, 2025
- Employees · 67 to 52Oct 29, 2024 to Apr 28, 2025
- Financial planning clients · unset to Oct 29, 2024 to Apr 28, 2025
- Discretionary RAUM · $4.3B to $4.4BOct 29, 2024 to Apr 28, 2025
- Non-discretionary RAUM · $123M to $107MOct 29, 2024 to Apr 28, 2025
- Pension RAUM · $123M to $107MOct 29, 2024 to Apr 28, 2025
- Pooled vehicle RAUM · $4.3B to $4.4BOct 29, 2024 to Apr 28, 2025
- RAUM · $4.4B to $4.5BOct 29, 2024 to Apr 28, 2025
- Accounts · 21 to 23Jan 19, 2024 to Mar 27, 2024
- Advisory employees · 55 to 57Jan 19, 2024 to Mar 27, 2024
- Pooled vehicle clients · 20 to 22Jan 19, 2024 to Mar 27, 2024
- Assets in custody · $5.9B to $4.4BJan 19, 2024 to Mar 27, 2024
- Employees · 62 to 67Jan 19, 2024 to Mar 27, 2024
- Discretionary RAUM · $5.8B to $4.3BJan 19, 2024 to Mar 27, 2024
- Non-discretionary RAUM · $143M to $123MJan 19, 2024 to Mar 27, 2024
- Pension RAUM · $143M to $123MJan 19, 2024 to Mar 27, 2024
- Pooled vehicle RAUM · $5.8B to $4.3BJan 19, 2024 to Mar 27, 2024
- RAUM · $5.9B to $4.4BJan 19, 2024 to Mar 27, 2024
- Private funds · 21 to 22Apr 26, 2023 to Sep 25, 2023
- Assets in custody · $6.2B to $5.9BMar 28, 2023 to Apr 26, 2023
- Private funds · 20 to 21Mar 28, 2023 to Apr 26, 2023
Signals
20 dated events
- Lionstone Investments no longer on the SEC adviser roster (last listed 2026-08-03, RAUM $224.4M)Sep 1, 2026 · Left the SEC roster · derived
- Lionstone Investments reported RAUM $224.4M, down 95% from $4.5B (2025-08-01 to 2026-03-26)Mar 26, 2026 · RAUM change · derived
- Raymond Daniel Dubrowski (Executive Vice President) no longer on Schedule A of Lionstone Investments (listed 2024-06-05, absent 2024-10-29)Oct 29, 2024 · Control person left · inference
- Stephen Andrew Lusk (Chief Investment Officer) no longer on Schedule A of Lionstone Investments (listed 2024-06-05, absent 2024-10-29)Oct 29, 2024 · Control person left · inference
- Charles John Schaefer (Managing Director, Head Of Land & Development) no longer on Schedule A of Lionstone Investments (listed 2024-04-25, absent 2024-06-05)Jun 5, 2024 · Control person left · inference
- Sachin Grover (Managing Director, Head Of Investment Risk) no longer on Schedule A of Lionstone Investments (listed 2024-04-25, absent 2024-06-05)Jun 5, 2024 · Control person left · inference
- Lionstone Investments reported RAUM $4.4B, down 26% from $5.9B (2024-01-19 to 2024-03-27)Mar 27, 2024 · RAUM change · derived
- Stewart Bennett (Interim Chief Executive Officer) appeared on Schedule A of Lionstone InvestmentsNov 1, 2023 · Control person joined · fact
- Bernard Bryan Sanchez (Chief Executive Officer) no longer on Schedule A of Lionstone Investments (listed 2023-09-25, absent 2023-11-01)Nov 1, 2023 · Control person left · inference
- Winters John Enerson (Chief Compliance Officer / Executive Vice President) no longer on Schedule A of Lionstone Investments (listed 2023-03-28, absent 2023-04-26)Apr 26, 2023 · Control person left · inference
- Gunnar Hans Nordby (Head Of Research And Analytics) appeared on Schedule A of Lionstone InvestmentsNov 11, 2022 · Control person joined · fact
- Patrick Thomas Paterson (Chief Operating Officer & Head Of Portfolio Management) no longer on Schedule A of Lionstone Investments (listed 2022-07-15, absent 2022-09-29)Sep 29, 2022 · Control person left · inference
- Bass Jane Page (Chief Executive Officer) no longer on Schedule A of Lionstone Investments (listed 2021-04-20, absent 2021-06-30)Jun 30, 2021 · Control person left · inference
- Bailey Stephen Jones (Head Of Acquisitions) appeared on Schedule A of Lionstone InvestmentsJun 30, 2021 · Control person joined · fact
- Sachin Grover (Managing Director, Head Of Investment Risk) appeared on Schedule A of Lionstone InvestmentsMar 26, 2020 · Control person joined · fact
- Charles John Schaefer (Managing Director, Head Of Land & Development) appeared on Schedule A of Lionstone InvestmentsMar 26, 2020 · Control person joined · fact
- Shweta Jhanji (Treasurer) appeared on Schedule A of Lionstone InvestmentsJan 28, 2020 · Control person joined · fact
- Anthony James Brefeld (Treasurer) no longer on Schedule A of Lionstone Investments (listed 2019-09-20, absent 2020-01-28)Jan 28, 2020 · Control person left · inference
- Lane Glenn Lowenstein (Executive Vice President) no longer on Schedule A of Lionstone Investments (listed 2019-06-19, absent 2019-09-05)Sep 5, 2019 · Control person left · inference
- Lionstone Investments reported succeeding to the business of Another Adviser (Form ADV Item 4)Jan 2, 2018 · Succession (Item 4) · fact
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
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
- Former SEC-registered adviserderiveda 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
Across the graphs
Lionstone Investments is the same institution as 1 record in Real Estate Funds.
Real Estate Funds1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
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