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

Elkhorn Investments

Former SEC-registered adviserChicago, IllinoisCRD 168198SEC 801-78482IAPD
Legal name Elkhorn Investments, LLC
Latest filing Mar 21, 2018
First filing on the tape Aug 19, 2013 · 15 filings
RAUM
$238M
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
5
3 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
15 filings and snapshots on the tape
RAUM$238M as of Mar 21, 2018
Mar 25, 2014$0 then
HNW client RAUM: no history
State-registered IARs (5.B.3)3 as of Mar 21, 2018
Mar 25, 20140 then
Employees (5.A)5 as of Mar 21, 2018
Mar 25, 20149 then
Private funds: no history
RAUM +39% over the last fiscal yearIARs 3 to 3
Practice profile
derived from the filing of Mar 21, 2018; every figure names its basis
RAUM per advisor
$79.3MderivedRAUM 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
$47.6MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.7derivedItem 5.A over advisors
Advisors per office
3.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
+39%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assets, fixed feesreportedItem 5.E
Advisory activities
portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companiesreportedItem 5.G
Ownership
no PE, bank or public-company owner found on Schedule Aderived
Advisor book size
not public; not estimatedreported
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Investment companies$238M100%
Individual clients
n/areported
HNW clients
n/areported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
5reported
Financial planning clients
n/areported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUM, fixedreported
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
Joined, latest
Every departureEvery arrival
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
  • Thomas Benjamin Fulton · Ceo & Ccocontrol
    since 05/2013 · owns less than 5%
  • Lee Philip Ziesemer · Coocontrol
    since 02/2013 · owns less than 5%
  • Thomas Benjamin Fulton · Managing Membercontrol
    since 05/2013 · owns 50% to 75% of Elkhorn Capital Group, LLC
  • Lee Philip Ziesemer · Managing Membercontrol
    since 02/2013 · owns 25% to 50% of Elkhorn Capital Group, LLC
Entity owners
  • Elkhorn Capital Group, LLC · Sole Member
    direct · owns 75% or more
  • Cable Mountain Partners LLC · Minority Owner
    indirect · owns 25% to 50% of Elkhorn Capital Group
Related persons
Schedule D 7.A
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
  • Accounts · 23 to 5
    Apr 28, 2017 to Mar 19, 2018
  • Advisory employees · 10 to 3
    Apr 28, 2017 to Mar 19, 2018
  • BD registered reps · 10 to 3
    Apr 28, 2017 to Mar 19, 2018
  • Employees · 12 to 5
    Apr 28, 2017 to Mar 19, 2018
  • HQ city · WHEATON to CHICAGO
    Apr 28, 2017 to Mar 19, 2018
  • Other offices · unset to 0.0
    Apr 28, 2017 to Mar 19, 2018
  • Discretionary RAUM · $161M to $237M
    Apr 28, 2017 to Mar 19, 2018
  • Non-discretionary RAUM · $9.3M to $900,000
    Apr 28, 2017 to Mar 19, 2018
  • RAUM · $171M to $238M
    Apr 28, 2017 to Mar 19, 2018
  • Related adviser · false to true
    Feb 23, 2017 to Apr 28, 2017
  • Accounts · 12 to 23
    Apr 6, 2016 to Feb 23, 2017
  • Advisory employees · 8 to 10
    Apr 6, 2016 to Feb 23, 2017
  • BD registered reps · 12 to 10
    Apr 6, 2016 to Feb 23, 2017
  • Employees · 14 to 12
    Apr 6, 2016 to Feb 23, 2017
  • State-registered IARs · 0 to 3
    Apr 6, 2016 to Feb 23, 2017
  • Discretionary RAUM · $2.5M to $161M
    Apr 6, 2016 to Feb 23, 2017
  • Non-discretionary RAUM · $13.6M to $9.3M
    Apr 6, 2016 to Feb 23, 2017
  • RAUM · $16.1M to $171M
    Apr 6, 2016 to Feb 23, 2017
  • Accounts · 0 to 12
    Mar 31, 2016 to Apr 6, 2016
  • Discretionary RAUM · $0 to $2.5M
    Mar 31, 2016 to Apr 6, 2016
  • Non-discretionary RAUM · $0 to $13.6M
    Mar 31, 2016 to Apr 6, 2016
  • RAUM · $0 to $16.1M
    Mar 31, 2016 to Apr 6, 2016
  • Advisory employees · 7 to 8
    Aug 8, 2014 to Mar 27, 2015
  • BD registered reps · 8 to 12
    Aug 8, 2014 to Mar 27, 2015
  • Employees · 9 to 14
    Aug 8, 2014 to Mar 27, 2015
  • Related broker-dealer · false to true
    Mar 25, 2014 to May 15, 2014
  • Accounts · unset to 0.0
    Feb 10, 2014 to Mar 25, 2014
  • Advisory employees · 6 to 7
    Feb 10, 2014 to Mar 25, 2014
  • Discretionary RAUM · unset to 0.0
    Feb 10, 2014 to Mar 25, 2014
  • Non-discretionary RAUM · unset to 0.0
    Feb 10, 2014 to Mar 25, 2014
  • RAUM · unset to 0.0
    Feb 10, 2014 to Mar 25, 2014
  • Advisory employees · 1 to 6
    Jan 3, 2014 to Feb 10, 2014
  • BD registered reps · 0 to 8
    Jan 3, 2014 to Feb 10, 2014
  • Employees · 2 to 9
    Jan 3, 2014 to Feb 10, 2014
  • Advisory activities · 3 to 4
    Aug 19, 2013 to Jan 3, 2014
Signals
1 dated events
  • Elkhorn Investments filed its initial SEC registration (Form ADV)
    Aug 19, 2013 · First SEC registration · 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