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
S•••••••• P••••••• L••
Latest filing Jun 18, 2026
First filing on the tape Jun 24, 2014 · 31 filings
SEC status approved since Jul 8, 2014
RAUM
$643M
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
7
5 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
9
reported on Schedule D
History
31 filings and snapshots on the tape
RAUM$643M as of Jun 18, 2026
Mar 17, 2015$204M then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Jun 18, 2026
Mar 17, 20150 then
Employees (5.A)7 as of Jun 18, 2026
Mar 17, 201510 then
Private funds9 as of Jun 18, 2026
Mar 17, 20158 then
RAUM +150% over the last fiscal year+51% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Jun 18, 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
- $71.4MderivedRAUM 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
- +120%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
- Custody
- $40.2M, 9 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)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- 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$643M100%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 9reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $40.2M for 9 clientsreported
- Compensation
- % of AUM, performancereported
- 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
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
14 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| 1•• L•••• F••• I• L• | Private Equity Fund | $74.6M | 5 | Mar 24, 2022 |
| 1•• L•••• F••• I• L• | Private Equity Fund | $23.5M | 2 | Mar 19, 2020 |
| S•••••••• E•••••• S•• L•• | Private Equity Fund | $9.7M | 3 | Mar 20, 2019 |
| S•••••••• H••••••••• O••••••••• F••• I•••• L• | Private Equity Fund | $9.7M | 50 | Mar 20, 2013 |
| S•••••••• H••••••••• O••••••••• F••• I•• L• | Private Equity Fund | $9.4M | 13 | Mar 26, 2014 |
| M• P••• L• | Private Equity Fund | $6.7M | 5 | Mar 20, 2019 |
| S•••••••• H••••••••• O••••••••• F••• I•••• L• | Private Equity Fund | $3.3M | 4 | Mar 20, 2013 |
| P•••• J•••••• T••••••••• F••• L•••••• P•••••••••no longer reported | Venture Capital Fund | $1.9M | 61 | Mar 29, 2012 |
| S•••••••• H••••••••• F••• I•• L•••no longer reported | Venture Capital Fund | $1.6M | 92 | Mar 29, 2012 |
| S•••••••• H••••••••• F••• I•• L•••no longer reported | Venture Capital Fund | $0 | 25 | Mar 29, 2012 |
| S•••••••• H••••••••• F••• I••• L•••no longer reported | Venture Capital Fund | $0 | 81 | Mar 29, 2012 |
| S•••••••• H••••••••• V•••••• F•••• L•••no longer reported | Venture Capital Fund | $0 | 12 | Mar 29, 2012 |
| S•••••••• H••••••••• O••••••••• F•••• L•• | Private Equity Fund | $0 | 2 | Mar 29, 2012 |
| S•••••••• O••••• S•• L••no longer reported | Private Equity Fund | $0 | 16 | Mar 23, 2018 |
Owners and control persons
Schedule A and B, latest filing
- B•••••• L••••• K•••••• · Managing Director, Chief Compliance Officercontrolsince 10/2004 · owns 75% or more
- B•••••• V••••• L•• · Communications Officersince 12/2020 · owns 10% to 25%
- P••••••••• K••••• U••••• · Managing Directorsince 12/2020 · owns less than 5%
Related persons
Schedule D 7.A
- 1•• L•••• M••••••••• I• L••pooled vehicle sponsorn
- 1•• L•••• M••••••••• L••pooled vehicle sponsorn
- M• P••• M••••••••• L••pooled vehicle sponsorn
- S•••••••• E•••••• S•• M••••••••• L••pooled vehicle sponsorn
- S•••••••• O••••••••• M••••••••• I•• L••pooled vehicle sponsorn
- S•••••••• O••••••••• M••••••••• L••pooled vehicle sponsorn
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 $257,227,224 to $567,080,987 (+120.0%) between the annual amendments of 2025-03-27 and 2026-03-31; the peer median change was +8.0% (673 comparable advisers, 96.0th percentile of changes)peers: asset managers, $500M to $1B (673) · 96% percentile
What changed
consecutive filings, newest first
- Accounts · 8 to 9Mar 31, 2026 to Jun 18, 2026
- Pooled vehicle clients · 8 to 9Mar 31, 2026 to Jun 18, 2026
- Assets in custody · $38.8M to $40.2MMar 31, 2026 to Jun 18, 2026
- Private funds · 8 to 9Mar 31, 2026 to Jun 18, 2026
- Discretionary RAUM · $567M to $643MMar 31, 2026 to Jun 18, 2026
- Pooled vehicle RAUM · $567M to $643MMar 31, 2026 to Jun 18, 2026
- RAUM · $567M to $643MMar 31, 2026 to Jun 18, 2026
- Accounts · 9 to 8Jun 17, 2025 to Mar 31, 2026
- Advisory employees · 4 to 5Jun 17, 2025 to Mar 31, 2026
- Pooled vehicle clients · 9 to 8Jun 17, 2025 to Mar 31, 2026
- Assets in custody · $29.0M to $38.8MJun 17, 2025 to Mar 31, 2026
- Employees · 6 to 7Jun 17, 2025 to Mar 31, 2026
- Private funds · 9 to 8Jun 17, 2025 to Mar 31, 2026
- Discretionary RAUM · $251M to $567MJun 17, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $251M to $567MJun 17, 2025 to Mar 31, 2026
- RAUM · $251M to $567MJun 17, 2025 to Mar 31, 2026
- Financial planning clients · unset to Mar 27, 2025 to Jun 17, 2025
- Discretionary RAUM · $257M to $251MMar 27, 2025 to Jun 17, 2025
- Pooled vehicle RAUM · $257M to $251MMar 27, 2025 to Jun 17, 2025
- RAUM · $257M to $251MMar 27, 2025 to Jun 17, 2025
- Accounts · 8 to 9Mar 28, 2024 to Mar 27, 2025
- Pooled vehicle clients · 8 to 9Mar 28, 2024 to Mar 27, 2025
- Assets in custody · $41.7M to $29.0MMar 28, 2024 to Mar 27, 2025
- Employees · 5 to 6Mar 28, 2024 to Mar 27, 2025
- Private funds · 8 to 9Mar 28, 2024 to Mar 27, 2025
- Discretionary RAUM · $137M to $257MMar 28, 2024 to Mar 27, 2025
- Pooled vehicle RAUM · $137M to $257MMar 28, 2024 to Mar 27, 2025
- RAUM · $137M to $257MMar 28, 2024 to Mar 27, 2025
- Advisory employees · 5 to 4Mar 22, 2023 to Mar 28, 2024
- Assets in custody · $42.3M to $41.7MMar 22, 2023 to Mar 28, 2024
- Employees · 6 to 5Mar 22, 2023 to Mar 28, 2024
- Discretionary RAUM · $186M to $137MMar 22, 2023 to Mar 28, 2024
- Pooled vehicle RAUM · $186M to $137MMar 22, 2023 to Mar 28, 2024
- RAUM · $186M to $137MMar 22, 2023 to Mar 28, 2024
- Assets in custody · $52.2M to $42.3MMar 24, 2022 to Mar 22, 2023
- Discretionary RAUM · $225M to $186MMar 24, 2022 to Mar 22, 2023
- Pooled vehicle RAUM · $225M to $186MMar 24, 2022 to Mar 22, 2023
- RAUM · $225M to $186MMar 24, 2022 to Mar 22, 2023
- Accounts · 7 to 8Jun 8, 2021 to Mar 24, 2022
- Pooled vehicle clients · 7 to 8Jun 8, 2021 to Mar 24, 2022
Signals
6 dated events
- S•••••••• P••••••• L•• reported RAUM $567.1M, up 126% from $251.2M (2025-06-17 to 2026-03-31)Mar 31, 2026 · RAUM change · derived
- S•••••••• P••••••• L•• reported RAUM $257.2M, up 88% from $136.8M (2024-03-28 to 2025-03-27)Mar 27, 2025 · RAUM change · derived
- Raymond Scott Ward (Managing Director) no longer on Schedule A of S•••••••• P••••••• L•• (listed 2020-03-19, absent 2020-05-29)May 29, 2020 · Control person left · inference
- Richard Joseph Biller (Managing Director) no longer on Schedule A of S•••••••• P••••••• L•• (listed 2020-03-19, absent 2020-05-29)May 29, 2020 · Control person left · inference
- S•••••••• P••••••• L•• reported RAUM $219.3M, up 109% from $105.1M (2018-03-27 to 2019-03-20)Mar 20, 2019 · RAUM change · derived
- S•••••••• P••••••• L•• filed its initial SEC registration (Form ADV)Jun 24, 2014 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- S•••••••• P••••••• L•• · Independent Sponsorsshared crd · capital_provider
- S•••••••• P••••••• L•• · Private Equityshared crd · organization
- S•••••••• P••••••• L•• · Venture Capitalshared crd · organization
How to reach
public business contact points only, each with its source
- Website
- H•••••••••reportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 952-641-0300reportedpublic record, Form ADV, Jun 18, 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