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
N•• F•••••• I•••
Latest filing Sep 22, 2025
First filing on the tape Dec 7, 2018 · 26 filings
SEC status approved since Jan 28, 2019
RAUM
$982M
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
22
13 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
4
reported on Schedule D
History
26 filings and snapshots on the tape
RAUM$982M as of Sep 22, 2025
Sep 27, 2019$332M then
HNW client RAUM$0 as of Sep 22, 2025
Sep 27, 2019$0 then
State-registered IARs (5.B.3)0 as of Sep 22, 2025
Sep 27, 20190 then
Employees (5.A)22 as of Sep 22, 2025
Sep 27, 201913 then
Private funds4 as of Sep 22, 2025
Sep 27, 20194 then
RAUM +55% over the last fiscal year+31% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Sep 22, 2025; 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
- $245MderivedRAUM 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
- +8.0%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 fees, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for businesses and institutions, portfolio management for pooled vehicles, otherreportedItem 5.G
- Custody
- yesreportedItem 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)
- an independent public accountant performs a surprise examination (9.C.1)
- the adviser acts as qualified custodian (9.D.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$982M100%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 4reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $0 for 4 clientsreported
- Compensation
- % of AUM, fixed, 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
8 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| S••••• C•••••• T••••••••• L• | Real Estate Fund | $309M | 3 | Sep 28, 2018 |
| I•• T••••• H•••••••• L• | Real Estate Fund | $303M | 2 | Oct 27, 2021 |
| F••••• C•••••• S•••••••• F••• L• | Private Equity Fund | $44.2M | 11 | Dec 7, 2018 |
| C••••••••• T••••••••• I••••••••• L•no longer reported | Real Estate Fund | $17.8M | 1 | Sep 29, 2016 |
| F••••• C••••• P•••••••• L•••no longer reported | Private Equity Fund | $4.4M | 2 | Dec 12, 2012 |
| F••••• C••••• P•••••••• L• | Private Equity Fund | $1.7M | 2 | Dec 7, 2018 |
| T•• E•• P••••••• F•••• L•••no longer reported | Private Equity Fund | $413,667 | 9 | Dec 22, 2011 |
| C••••••••• T••••••••• I••••••••• L• | Real Estate Fund | $9,994 | 1 | Oct 27, 2021 |
Owners and control persons
Schedule A and B, latest filing
- B••••••••• D••••• A••••• · Chairman Of The Board, Directorcontrolsince 10/2017 · owns less than 5%
- B•••••• J••••••• S••••• · Managing Director, Presidentcontrolsince 02/2023 · owns less than 5%
- C•••••••• S••••• J••• · G•••••• Counselcontrolsince 10/2023 · owns less than 5%
- E•••••• M••••••• · Directorcontrolsince 06/2024 · owns less than 5%
- H•••••• R•••••• W••••• · Director, Vice Presidentcontrolsince 06/2022 · owns less than 5%
- K••••••• P••• · Chief Compliance Officercontrolsince 08/2023 · owns less than 5%
- M•••••••• J•••••• D•••• · Vice President, Director Of Operationscontrolsince 10/2021 · owns less than 5%
- N••••••• C••••••• A•• · Secretarycontrolsince 06/2023 · owns less than 5%
- R•••••• M•••• N••••••• · Chief Executive Officer; Directorcontrolsince 04/2023 · owns less than 5%
- S••••••• A•••••• R•• · Treasurer, Head Of US Financecontrolsince 01/2021 · owns less than 5%
- R••••••••• S•••••• W••••• · Vice President, Director Of Investmentssince 06/2022 · owns less than 5%
- W••••• E••••• R••••••••• · Vice President, Assoc Director Of Operationssince 12/2021 · owns less than 5%
- Z•••••• M••••••• F•••••• · Vice President, Assoc Director Of Operationssince 08/2023 · owns less than 5%
Entity owners
- N•• F•••••• P•• L•••••• · Sole Shareholderdirect · owns 75% or more
- M••••• • C••• L••• · Indirect Shareholderindirect · owns 25% to 50% of N•• F•••••• P•• L•••••• · public reporting company
- N••••• H••••••• I••• · Indirect Shareholderindirect · owns 25% to 50% of N•• F•••••• P•• L•••••• · public reporting company
Related persons
Schedule D 7.A
- A••• F•••••• G•••••• P•••••• L••pooled vehicle sponsory
- F•• S••••• H••••••• L••pooled vehicle sponsory
- N•• F•••••• A••••••• I•••pooled vehicle sponsory
- N•• F•••••• A•••• M••••••••• P•• L••••••investment advisern
- N•• F•••••• F•• G• L••pooled vehicle sponsorn
- N•• F•••••• U• T••••••••• L••pooled vehicle sponsory
- S••••• C•••••• T••••••••• G• L••pooled vehicle sponsory
- T••••••• A••• F••••• F••• H••••••• L••••••pooled vehicle sponsorn
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 5 to 4Mar 27, 2025 to Sep 22, 2025
- Charity clients · unset to 0.0Mar 27, 2025 to Sep 22, 2025
- Corporate clients · unset to 0.0Mar 27, 2025 to Sep 22, 2025
- HNW clients · unset to 0.0Mar 27, 2025 to Sep 22, 2025
- Individual clients · unset to 0.0Mar 27, 2025 to Sep 22, 2025
- Pension plan clients · unset to 0.0Mar 27, 2025 to Sep 22, 2025
- Pooled vehicle clients · 5 to 4Mar 27, 2025 to Sep 22, 2025
- Assets in custody · $4.9M to $0Mar 27, 2025 to Sep 22, 2025
- Employees · 23 to 22Mar 27, 2025 to Sep 22, 2025
- Private funds · 5 to 4Mar 27, 2025 to Sep 22, 2025
- Discretionary RAUM · $684M to $982MMar 27, 2025 to Sep 22, 2025
- HNW RAUM · unset to 0.0Mar 27, 2025 to Sep 22, 2025
- Individual RAUM · unset to 0.0Mar 27, 2025 to Sep 22, 2025
- Pension RAUM · unset to 0.0Mar 27, 2025 to Sep 22, 2025
- Pooled vehicle RAUM · $684M to $982MMar 27, 2025 to Sep 22, 2025
- RAUM · $684M to $982MMar 27, 2025 to Sep 22, 2025
- Financial planning clients · unset to Oct 29, 2024 to Mar 27, 2025
- Assets in custody · $10.1M to $4.9MNov 7, 2023 to Oct 21, 2024
- Employees · 22 to 23Nov 7, 2023 to Oct 21, 2024
- Discretionary RAUM · $634M to $684MNov 7, 2023 to Oct 21, 2024
- Pooled vehicle RAUM · $634M to $684MNov 7, 2023 to Oct 21, 2024
- RAUM · $634M to $684MNov 7, 2023 to Oct 21, 2024
- Discretionary RAUM · $584M to $634MOct 3, 2023 to Nov 7, 2023
- Pooled vehicle RAUM · $584M to $634MOct 3, 2023 to Nov 7, 2023
- RAUM · $584M to $634MOct 3, 2023 to Nov 7, 2023
- Assets in custody · $13.4M to $10.1MJun 27, 2023 to Sep 28, 2023
- Employees · 19 to 22Jun 27, 2023 to Sep 28, 2023
- Discretionary RAUM · $589M to $584MJun 27, 2023 to Sep 28, 2023
- Pooled vehicle RAUM · $589M to $584MJun 27, 2023 to Sep 28, 2023
- RAUM · $589M to $584MJun 27, 2023 to Sep 28, 2023
- Advisory employees · 10 to 13Jul 11, 2022 to Sep 30, 2022
- Assets in custody · unset to 13423468.0Jul 11, 2022 to Sep 30, 2022
- Custody of client assets · false to trueJul 11, 2022 to Sep 30, 2022
- Employees · 16 to 19Jul 11, 2022 to Sep 30, 2022
- Insurance-licensed employees · 0 to 1Jul 11, 2022 to Sep 30, 2022
- Discretionary RAUM · $433M to $589MJul 11, 2022 to Sep 30, 2022
- Pooled vehicle RAUM · $433M to $589MJul 11, 2022 to Sep 30, 2022
- RAUM · $433M to $589MJul 11, 2022 to Sep 30, 2022
- Pooled vehicle clients · 3 to 5Sep 30, 2021 to Oct 27, 2021
- Private funds · 3 to 5Sep 30, 2021 to Oct 27, 2021
Signals
20 dated events
- N•• F•••••• I••• reported RAUM $981.9M, up 44% from $684.1M (2025-03-27 to 2025-09-22)Sep 22, 2025 · RAUM change · derived
- Michelle Elliot (Director) appeared on Schedule A of N•• F•••••• I•••Oct 21, 2024 · Control person joined · fact
- Ann Chelsey Norberg (Secretary) appeared on Schedule A of N•• F•••••• I•••Oct 21, 2024 · Control person joined · fact
- Paul Kennedy (Chief Compliance Officer) appeared on Schedule A of N•• F•••••• I•••Sep 28, 2023 · Control person joined · fact
- Irene Pamela Fong (Chief Compliance Officer) no longer on Schedule A of N•• F•••••• I••• (listed 2023-06-27, absent 2023-09-28)Sep 28, 2023 · Control person left · inference
- George David Brand (Chairman Of The Board, Director) no longer on Schedule A of N•• F•••••• I••• (listed 2023-05-10, absent 2023-06-27)Jun 27, 2023 · Control person left · inference
- Steven Jeffrey Briggs (Managing Director) appeared on Schedule A of N•• F•••••• I•••Feb 21, 2023 · Control person joined · fact
- N•• F•••••• I••• reported RAUM $588.9M, up 36% from $433.3M (2022-07-11 to 2022-09-30)Sep 30, 2022 · RAUM change · derived
- Walker Robert Hagler (Director) appeared on Schedule A of N•• F•••••• I•••Sep 30, 2022 · Control person joined · fact
- Alden Brian Shillinglaw (President, Managing Director, New Forests Us) no longer on Schedule A of N•• F•••••• I••• (listed 2021-10-27, absent 2022-07-11)Jul 11, 2022 · Control person left · inference
- Jeremy Marshall (Director Of Operations) appeared on Schedule A of N•• F•••••• I•••Oct 27, 2021 · Control person joined · fact
- Rae A••••• S•••••• (Head Of Us Finance And Treasurer) appeared on Schedule A of N•• F•••••• I•••Sep 30, 2021 · Control person joined · fact
- N••••••• M••• R••••• (Director) appeared on Schedule A of N•• F•••••• I•••Sep 30, 2021 · Control person joined · fact
- Eric James Bullen (Vice President) no longer on Schedule A of N•• F•••••• I••• (listed 2021-08-16, absent 2021-09-30)Sep 30, 2021 · Control person left · inference
- Joshua Simbarashe Ndemera (Chief Financial Officer And Treasurer) no longer on Schedule A of N•• F•••••• I••• (listed 2021-08-16, absent 2021-09-30)Sep 30, 2021 · Control person left · inference
- M••• Gavin Le Roux (Chief Financial Officer, Treasurer And Secretary) no longer on Schedule A of N•• F•••••• I••• (listed 2020-11-10, absent 2021-04-16)Apr 16, 2021 · Control person left · inference
- Lusine Moshkounian (Chief Compliance Officer) no longer on Schedule A of N•• F•••••• I••• (listed 2020-11-10, absent 2021-04-16)Apr 16, 2021 · Control person left · inference
- Irene Pamela Fong (Chief Compliance Officer) appeared on Schedule A of N•• F•••••• I•••Apr 16, 2021 · Control person joined · fact
- Joshua Simbarashe Ndemera (Chief Financial Officer And Treasurer) appeared on Schedule A of N•• F•••••• I•••Apr 16, 2021 · Control person joined · fact
- N•• F•••••• I••• filed its initial SEC registration (Form ADV)Dec 7, 2018 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- N•• F•••••• I••• · Independent Sponsorsshared crd · capital_provider
- N•• F•••••• I••• · Private Equityshared crd · organization
- N•• F•••••• I••• · Venture Capitalshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/new-forestsreportedpublic record, Form ADV, Sep 19, 2026
- Website
- newforests.comreportedpublic record, Form ADV, Sep 19, 2026
- Principal office phone
- 415-321-3300reportedpublic record, Form ADV, Sep 22, 2025
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
Across the graphs
N•• F•••••• I••• 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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