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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Former SEC-registered adviser

P•••••• P••••••• I•••••••• L••••••

Former SEC-registered adviserHong Kong, CRD 162476SEC 801-77705IAPD

Latest filing Apr 4, 2022

First filing on the tape Feb 27, 2013 · 15 filings

RAUM

$4.4B

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

35 advisory (5.B.1)

Offices

beyond the principal office

Private funds

$4.3B gross assets

History

15 filings and snapshots on the tape

RAUM$4.4B as of Mar 31, 2022

Mar 31, 2014$21.6M then

HNW client RAUM: no history

State-registered IARs (5.B.3)0 as of Mar 31, 2022

Mar 31, 20140 then

Employees (5.A)85 as of Mar 31, 2022

Mar 31, 201467 then

Private funds14 as of Mar 31, 2022

Mar 31, 201410 then

RAUM +4.1% over the last fiscal year+2.9% a year over threeIARs 0 to 0

Practice profile

derived from the filing of Apr 4, 2022; 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: $277MderivedRAUM 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: unknownderived8 offices incl. principal (1.F.5)
RAUM growth, one year: +4.1%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-based, otherreportedItem 5.E
Advisory activities: portfolio management for businesses and institutions, 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$4.4B100%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 16reported
Financial planning clients: n/areported
Wrap fee programs: noreported
Custody of client assets: noreported
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

Every departure Every arrival

Private funds

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

Fund	Type	Gross assets	Owners	First reported
P•••••• A••• R••• E••••• I••••••••• V• ••• L•••	Real Estate Fund	$1.6B	36	Mar 29, 2019
P•••••• A••• P•••• A•••••• L•••no longer reported	Real Estate Fund	$1.1B	2	Mar 30, 2016
P•••••• A••• R••• E••••• I••••••••• V•••• L•••	Real Estate Fund	$980M	81	Feb 27, 2013
P•••••• A••• R••• E••••• I••••••••• I••••• L•••	Real Estate Fund	$601M	45	Mar 28, 2012
T•••• M••••• L••••••	Real Estate Fund	$272M	34	Mar 28, 2012
F••••• C••••• H••••••• L••••••	Real Estate Fund	$162M	1	Feb 27, 2013
T•• E•••••• V••••••• L••••••	Real Estate Fund	$158M	12	Mar 29, 2018
P•••••• A••• R••• E••••• I••••••••• I••• L•••	Real Estate Fund	$143M	24	Mar 28, 2012
P•••••• A••• R••• E••••• I••••••••• V• ••• L•••	Real Estate Fund	$123M	25	Mar 29, 2019
P•••••• A••• S•••••• D••• I••••••••• ••• L•••no longer reported	Other Private Fund	$120M	15	Mar 31, 2017
G••••••• I••• H••••••• L••••••no longer reported	Other Private Fund	$119M	4	Mar 29, 2018
K•• R••••• H••••••• L••••••	Real Estate Fund	$110M	9	Mar 29, 2019
P•••••• A••• R••• E••••• I••••••••• V•••• L•••	Real Estate Fund	$97.1M	38	Feb 27, 2013
P•••••• A••• R••• E••••• I••••••••• I••••• L•••	Real Estate Fund	$45.4M	47	Mar 28, 2012
D•••••• S•• H••••••• L••••••	Real Estate Fund	$10.4M	16	Mar 28, 2012
P•••••• A••• R••• E••••• I••••••••• I•• L•••	Real Estate Fund	$2.9M	72	Mar 28, 2012
P•••••• A••• S•••••• D••• I••••••••• ••• L•••	Private Equity Fund	$2.8M	3	Mar 31, 2017
P•••••• A••• R••• E••••• I••••••••• L•••no longer reported	Real Estate Fund	$0	56	Mar 28, 2012

Owners and control persons

Schedule A and B, latest filing

C•••••• S•• M••• · Directorcontrol
since 12/2019 · owns less than 5%
C••• S•••••• W•• T•• · Directorcontrol
since 11/2004 · owns less than 5%
F•••••• W••••••• M•••••• · Directorcontrol
since 01/2021 · owns less than 5%
H••••••• D•••••• · Directorcontrol
since 01/2021 · owns less than 5%
L••••••• M•••••• W•••••• · Directorcontrol
since 01/2021 · owns less than 5%
L••• B•••••••• K•• Y•• · Directorcontrol
since 11/2004 · owns less than 5%
C••• S•••••• W•• T•• · Shareholdercontrol
since 09/2004 · owns 75% or more of P••• T••• S••••••• L••••••
L••• B•••••••• K•• Y•• · Shareholdercontrol
since 08/2004 · owns 75% or more of Plant G•••• L••••••

Entity owners

P••• T••• S••••••• L•••••• · Shareholder
direct · owns 50% to 75%
P••••• G•••• L•••••• · Shareholder
direct · owns 25% to 50%

Related persons

Schedule D 7.A

P•••••• P••••••• I•••••••• ••••••••• L••••••
investment advisery
P•••••• P••••••• I•••••••• •••••• L••••••
investment advisery
P•••••• P••••••• I•••••••• ••• L••••••
investment advisery
P•••••• P••••••• I•••••••• •••••• L••••••
investment advisery
P•••••• P••••••• I•••••••• •••••• L••••••
investment advisery
P•••••• P••••••• I•••••••• ••••••••• P•• L••••••
investment advisery
P•••••• P••••••• I•••••••• ••••••• L••••••
investment advisery

Offices

Schedule D 1.F, the 25 largest

Hong Kong, Hong Kong17 employees
Tokyo, Japan7 employees
Sydney, Australia4 employees
S••••••••, Singapore1 employees
Seoul, Korea, South1 employees
Taipei City, Taiwan, Republic of China1 employees
Shanghai, China

What changed

consecutive filings, newest first

Accounts · 17 to 16
Mar 31, 2021 to Mar 31, 2022
Advisory employees · 32 to 35
Mar 31, 2021 to Mar 31, 2022
Pooled vehicle clients · 17 to 16
Mar 31, 2021 to Mar 31, 2022
Employees · 88 to 85
Mar 31, 2021 to Mar 31, 2022
Discretionary RAUM · $4.3B to $4.4B
Mar 31, 2021 to Mar 31, 2022
Pooled vehicle RAUM · $4.3B to $4.4B
Mar 31, 2021 to Mar 31, 2022
RAUM · $4.3B to $4.4B
Mar 31, 2021 to Mar 31, 2022
Accounts · 15 to 17
Apr 2, 2020 to Mar 31, 2021
Advisory employees · 34 to 32
Apr 2, 2020 to Mar 31, 2021
Pooled vehicle clients · 15 to 17
Apr 2, 2020 to Mar 31, 2021
Assets in custody · $685M to $0
Apr 2, 2020 to Mar 31, 2021
Custody of client assets · true to false
Apr 2, 2020 to Mar 31, 2021
Employees · 94 to 88
Apr 2, 2020 to Mar 31, 2021
HQ city · GRAND CAYMAN to HONG KONG
Apr 2, 2020 to Mar 31, 2021
Discretionary RAUM · $4.3B to $4.3B
Apr 2, 2020 to Mar 31, 2021
Pooled vehicle RAUM · $4.3B to $4.3B
Apr 2, 2020 to Mar 31, 2021
RAUM · $4.3B to $4.3B
Apr 2, 2020 to Mar 31, 2021
Advisory employees · 29 to 34
Oct 24, 2019 to Mar 31, 2020
Advisory activities · 3 to 2
Oct 24, 2019 to Mar 31, 2020
Assets in custody · $658M to $685M
Oct 24, 2019 to Mar 31, 2020
Employees · 82 to 94
Oct 24, 2019 to Mar 31, 2020
Private funds · 15 to 14
Oct 24, 2019 to Mar 31, 2020
Discretionary RAUM · $4.1B to $4.3B
Oct 24, 2019 to Mar 31, 2020
Pooled vehicle RAUM · $4.1B to $4.3B
Oct 24, 2019 to Mar 31, 2020
RAUM · $4.1B to $4.3B
Oct 24, 2019 to Mar 31, 2020
Accounts · 8 to 15
Sep 28, 2018 to Mar 29, 2019
Advisory employees · 28 to 29
Sep 28, 2018 to Mar 29, 2019
Charity clients · 0.0 to unset
Sep 28, 2018 to Mar 29, 2019
Corporate clients · 6.0 to unset
Sep 28, 2018 to Mar 29, 2019
HNW clients · 0.0 to unset
Sep 28, 2018 to Mar 29, 2019
Individual clients · 0.0 to unset
Sep 28, 2018 to Mar 29, 2019
Pension plan clients · 0.0 to unset
Sep 28, 2018 to Mar 29, 2019
Pooled vehicle clients · 2 to 15
Sep 28, 2018 to Mar 29, 2019
Assets in custody · $145M to $658M
Sep 28, 2018 to Mar 29, 2019
Employees · 74 to 82
Sep 28, 2018 to Mar 29, 2019
Private funds · 14 to 15
Sep 28, 2018 to Mar 29, 2019
Discretionary RAUM · $561M to $4.1B
Sep 28, 2018 to Mar 29, 2019
Pooled vehicle RAUM · $84.9M to $4.1B
Sep 28, 2018 to Mar 29, 2019
RAUM · $561M to $4.1B
Sep 28, 2018 to Mar 29, 2019
Accounts · 3 to 8
Mar 31, 2017 to Mar 29, 2018

Signals

8 dated events

M•••••• W•••••• F••••• (Director) appeared on Schedule A of P•••••• P••••••• I•••••••• L••••••
Mar 31, 2022 · Control person joined · fact
W•••••• Martin Laidlaw (Director) appeared on Schedule A of P•••••• P••••••• I•••••••• L••••••
Mar 31, 2022 · Control person joined · fact
Daisuke Hayashi (Director) appeared on Schedule A of P•••••• P••••••• I•••••••• L••••••
Mar 31, 2022 · Control person joined · fact
Son Meng Chiang (Director) appeared on Schedule A of P•••••• P••••••• I•••••••• L••••••
Mar 31, 2022 · Control person joined · fact
Man Chun (Raymond) Ng (Chief Compliance Officer) no longer on Schedule A of P•••••• P••••••• I•••••••• L•••••• (listed 2019-03-29, absent 2019-10-24)
Oct 24, 2019 · Control person left · inference
P•••••• P••••••• I•••••••• L•••••• reported RAUM $4.1B, up 625% from $561.2M (2018-09-28 to 2019-03-29)
Mar 29, 2019 · RAUM change · derived
P•••••• P••••••• I•••••••• L•••••• reported RAUM $561.2M, up 58% from $354.6M (2017-03-31 to 2018-03-29)
Mar 29, 2018 · RAUM change · derived
P•••••• P••••••• I•••••••• L•••••• filed its initial SEC registration (Form ADV)
Feb 27, 2013 · First SEC registration · fact

Across DFX

shared identifiers only, never a name match

P•••••• P••••••• I•••••••• L•••••• · Private Equity
shared crd · organization

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

P•••••• P••••••• I•••••••• L•••••• 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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