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.
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SEC-registered adviser
F•••• A••••••• C•••••• M••••••••• L••
Latest filing May 10, 2026
First filing on the tape Feb 17, 2012 · 23 filings
SEC status approved since Mar 30, 2012
RAUM
$186M
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
25
9 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
8
reported on Schedule D
History
23 filings and snapshots on the tape
RAUM$186M as of May 10, 2026
Apr 1, 2013$159M then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of May 10, 2026
Apr 1, 20130 then
Employees (5.A)25 as of May 10, 2026
Apr 1, 201348 then
Private funds8 as of May 10, 2026
Apr 1, 20136 then
RAUM n/a over the last fiscal year-14% a year over three
Practice profile
derived from the filing of May 10, 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
- $23.3MderivedRAUM 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
- unknownderivedbetween 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
- Custody
- $186M, 8 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
- has discretionary authority over which securities are bought or sold (8.C.1)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$186M100%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 8reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $186M for 8 clientsreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=true related_bank=false bd_reps=25.0derived
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
Private funds
12 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| F•••• A••••••• F••• X•••• L••• | Venture Capital Fund | $82.1M | 63 | Mar 28, 2018 |
| F•••• A••••••• P•••••• E••••• F••• V••• L••• | Private Equity Fund | $67.5M | 22 | Feb 17, 2012 |
| F•••• A••••••• P•••••• E••••• F••• V• L••• | Private Equity Fund | $21.4M | 6 | Apr 1, 2013 |
| F• P•••••• E••••• F••• I•• L••• | Private Equity Fund | $10.0M | 25 | Feb 17, 2012 |
| F•••• A••••••• F••• X••• •••••••• L••• | Venture Capital Fund | $7.8M | 2 | Mar 28, 2018 |
| F•••• A••••••• P•••••• E••••• F••• V••• L••• | Private Equity Fund | $6.0M | 2 | Mar 31, 2014 |
| F•••• A••••••• F••• X••••• L••• | Venture Capital Fund | $2.8M | 43 | Sep 6, 2023 |
| F•••• A••••••• F••• X••• L••• | Venture Capital Fund | $873,817 | 10 | Sep 6, 2023 |
| F•••• A••••••• F••• X•• •••••••• L••• | Venture Capital Fund | $567,031 | 2 | Sep 6, 2023 |
| F• P•••••• E••••• F••• I• G••• • C•• B••••••••• K• | Private Equity Fund | $443,699 | 2 | Feb 17, 2012 |
| T•• P••••••••• F••• I• A••••••• F•••• L••• | Private Equity Fund | $7,705 | 36 | Feb 17, 2012 |
| T•• P••••••••• F••• I•• L••• | Private Equity Fund | $3,496 | 48 | Feb 17, 2012 |
Owners and control persons
Schedule A and B, latest filing
- L•••••• D••••• J••• · Chief Compliance Officercontrolsince 11/2021 · owns less than 5%
- N••••••• F••••••• O••••• · Chairmancontrolsince 02/1999 · owns 25% to 50% of F•••• A••••••• V•••••• O••••••••• A•• R•••••••• L•••••
Entity owners
- F•••• A••••••• V•••••• O••••••••• A•• R•••••••• L••••• · Managerdirect · owns 75% or more
Related persons
Schedule D 7.A
- F•••• A••••••• S••••••••• C•••••••••broker-dealern
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 10 to 8May 1, 2025 to Mar 30, 2026
- Advisory employees · 10 to 9May 1, 2025 to Mar 30, 2026
- Pooled vehicle clients · 10 to 8May 1, 2025 to Mar 30, 2026
- Assets in custody · $205M to $186MMay 1, 2025 to Mar 30, 2026
- Private funds · 10 to 8May 1, 2025 to Mar 30, 2026
- Discretionary RAUM · $205M to $186MMay 1, 2025 to Mar 30, 2026
- Pooled vehicle RAUM · $205M to $186MMay 1, 2025 to Mar 30, 2026
- RAUM · $205M to $186MMay 1, 2025 to Mar 30, 2026
- Accounts · 12 to 10May 6, 2024 to May 1, 2025
- Advisory employees · 9 to 10May 6, 2024 to May 1, 2025
- Pooled vehicle clients · 12 to 10May 6, 2024 to May 1, 2025
- Assets in custody · $199M to $205MMay 6, 2024 to May 1, 2025
- Financial planning clients · unset to May 6, 2024 to May 1, 2025
- Private funds · 12 to 10May 6, 2024 to May 1, 2025
- Discretionary RAUM · $199M to $205MMay 6, 2024 to May 1, 2025
- Pooled vehicle RAUM · $199M to $205MMay 6, 2024 to May 1, 2025
- RAUM · $199M to $205MMay 6, 2024 to May 1, 2025
- Assets in custody · $230M to $199MJan 25, 2024 to Mar 28, 2024
- Discretionary RAUM · $230M to $199MJan 25, 2024 to Mar 28, 2024
- Pooled vehicle RAUM · $230M to $199MJan 25, 2024 to Mar 28, 2024
- RAUM · $230M to $199MJan 25, 2024 to Mar 28, 2024
- BD registered reps · 21 to 25Jan 23, 2024 to Jan 25, 2024
- Business name · F•••• A••••••• P•••••• E••••• M••••••••• V••• L••••• to F•••• A••••••• C•••••• M••••••••• L••Jan 23, 2024 to Jan 25, 2024
- Assets in custody · $233M to $230MJan 23, 2024 to Jan 25, 2024
- Employees · 24 to 25Jan 23, 2024 to Jan 25, 2024
- Discretionary RAUM · $233M to $230MJan 23, 2024 to Jan 25, 2024
- Pooled vehicle RAUM · $233M to $230MJan 23, 2024 to Jan 25, 2024
- RAUM · $233M to $230MJan 23, 2024 to Jan 25, 2024
- Related adviser · true to falseJan 23, 2024 to Jan 25, 2024
- Legal name · F•••• A••••••• P•••••• E••••• M••••••••• V••• L••••• to F•••• A••••••• C•••••• M••••••••• L••Jan 23, 2024 to Jan 23, 2024
- Accounts · 9 to 12Mar 29, 2023 to Sep 6, 2023
- Advisory employees · 10 to 9Mar 29, 2023 to Sep 6, 2023
- BD registered reps · 26 to 21Mar 29, 2023 to Sep 6, 2023
- Pooled vehicle clients · 9 to 12Mar 29, 2023 to Sep 6, 2023
- Assets in custody · $298M to $233MMar 29, 2023 to Sep 6, 2023
- Employees · 29 to 24Mar 29, 2023 to Sep 6, 2023
- Private funds · 9 to 12Mar 29, 2023 to Sep 6, 2023
- Discretionary RAUM · $298M to $233MMar 29, 2023 to Sep 6, 2023
- Pooled vehicle RAUM · $298M to $233MMar 29, 2023 to Sep 6, 2023
- RAUM · $298M to $233MMar 29, 2023 to Sep 6, 2023
Signals
4 dated events
- Daniel Raynor (Managing Member) no longer on Schedule A of F•••• A••••••• C•••••• M••••••••• L•• (listed 2024-01-23, absent 2024-01-25)Jan 25, 2024 · Control person left · inference
- Humberto Walter Barandiaran (Managing Member) no longer on Schedule A of F•••• A••••••• C•••••• M••••••••• L•• (listed 2024-01-23, absent 2024-01-25)Jan 25, 2024 · Control person left · inference
- John David Leshuk (Chief Compliance Officer) appeared on Schedule A of F•••• A••••••• C•••••• M••••••••• L••Jan 26, 2022 · Control person joined · fact
- Steven Paul Kropke (Chief Compliance Officer) no longer on Schedule A of F•••• A••••••• C•••••• M••••••••• L•• (listed 2021-03-30, absent 2022-01-26)Jan 26, 2022 · Control person left · inference
Across DFX
shared identifiers only, never a name match
- F•••• A••••••• C•••••• M••••••••• L•• · Independent Sponsorsshared crd · capital_provider
- F•••• A••••••• C•••••• M••••••••• L•• · Private Equityshared crd · organization
- F•••• A••••••• C•••••• M••••••••• L•• · Venture Capitalshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/first-analysisreportedpublic record, Form ADV, Sep 18, 2026
- Website
- firstanalysis.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 312-258-1400reportedpublic record, Form ADV, May 10, 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