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.
SEC-registered adviser
Azarias Capital Management, L.P.
Latest filing Jun 9, 2026
First filing on the tape Feb 11, 2022 · 12 filings
SEC status approved since Mar 14, 2022
RAUM
$189M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
3
registered through the firm on IAPD
RAUM per advisor
$62.9M
derived; firm RAUM over IAPD count
Employees
6
3 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
2
reported on Schedule D
History
12 filings and snapshots on the tape
RAUM$189M as of Jun 9, 2026
Mar 24, 2023$127M then
HNW client RAUM$0 as of Jun 9, 2026
Mar 24, 2023$0 then
State-registered IARs (5.B.3)3 as of Jun 9, 2026
Mar 24, 20233 then
Employees (5.A)6 as of Jun 9, 2026
Mar 24, 20235 then
Private funds2 as of Jun 9, 2026
Mar 24, 20232 then
RAUM -24% over the last fiscal year+14% a year over threeIARs 4 to 3offices 1 to 0
Practice profile
derived from the filing of Jun 9, 2026; every figure names its basis
- RAUM per advisor
- $62.9MderivedRAUM 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
- $31.5MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 35%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 2.0derivedItem 5.A over advisors
- Advisors per office
- 3.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- -24%derivedbetween the last two annual amendments
- Advisor growth, one year
- -25%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for businesses and institutions, portfolio management for pooled vehiclesreportedItem 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
- 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)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- 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
- Charitable organizations$66.2M35%
- Corporations and businesses$63.9M34%
- Pooled investment vehicles$37.6M20%
- Other investment advisers$21.1M11%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 6reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- $0 for 0 clientsreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=0.31 institutional_share=0.35 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
3 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Daren Clark HeitmanChartered Financial Analyst | West Chester, Pa | Jan 30, 2017 | 21 y | 1 |
| Christopher James Gillespie | Westchester, Pa | Feb 6, 2017 | 11 y | 0 |
| Daniel Mark PetruzziChartered Financial Analyst | Westchester, Pa | Oct 18, 2023 | 18 y | 0 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
none on the tape
Joined, latest
- Daren Clark Heitman from Cooke & Bieler, L.P.Jan 30, 2017 · Other
Private funds
2 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Azarias Uranium Opportunity Fund, LP | Hedge Fund | $24.9M | 37 | Feb 11, 2022 |
| Azarias Focused Small Cap Value Fund, L.P. | Hedge Fund | $12.7M | 18 | Feb 11, 2022 |
Owners and control persons
Schedule A and B, latest filing
- Scott Christopher Caton · Partner & Co-Portfolio Managercontrolsince 07/2015 · owns 10% to 25%
- Clark Daren Heitman · Chief Investment Officer & Managing Member Of Azarias Capital Management LPcontrolsince 08/2014 · owns 25% to 50%
- Anne Colleen Kelly · Chief Compliance Officercontrolsince 04/2019 · owns less than 5%
- Clark Daren Heitman · Managing Membercontrolsince 05/2014 · owns 75% or more of Azarias Capital Management LLC
- James Christopher Gillespie · Partner & Co-Portfolio Managersince 07/2015 · owns 10% to 25%
- Joseph Stephen Kneeley · Partnersince 03/2017 · owns 5% to 10%
- Joseph Christopher Lacroix · Partnersince 03/2017 · owns 5% to 10%
- John Timothy Percarpio · Managing Partner & Investor Relationssince 04/2023 · owns 10% to 25%
Entity owners
- Azarias Capital Management LLC · General Partner Of Registrantdirect · owns less than 5%
Related persons
Schedule D 7.A
- Acm LLCpooled vehicle sponsorn
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Westchester, Pa · principal | 2 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- Westchester, PA2 employees
What changed
consecutive filings, newest first
- HQ city · BERWYN to WESTCHESTERMar 6, 2026 to Jun 9, 2026
- Other offices · 1 to 0Mar 6, 2026 to Jun 9, 2026
- Accounts · 9 to 6Nov 3, 2025 to Mar 6, 2026
- Advisory employees · 4 to 3Nov 3, 2025 to Mar 6, 2026
- State-registered IARs · 4 to 3Nov 3, 2025 to Mar 6, 2026
- Discretionary RAUM · $249M to $189MNov 3, 2025 to Mar 6, 2026
- Pooled vehicle RAUM · $34.4M to $37.6MNov 3, 2025 to Mar 6, 2026
- RAUM · $249M to $189MNov 3, 2025 to Mar 6, 2026
- Financial planning clients · 0 to 0Mar 14, 2025 to Nov 3, 2025
- State-registered IARs · 5 to 4May 3, 2024 to Mar 14, 2025
- Discretionary RAUM · $253M to $249MMay 3, 2024 to Mar 14, 2025
- Pooled vehicle RAUM · $37.7M to $34.4MMay 3, 2024 to Mar 14, 2025
- RAUM · $253M to $249MMay 3, 2024 to Mar 14, 2025
- Advisory employees · 3 to 4Nov 28, 2023 to Mar 8, 2024
- Employees · 5 to 6Nov 28, 2023 to Mar 8, 2024
- State-registered IARs · 3 to 5Nov 28, 2023 to Mar 8, 2024
- Discretionary RAUM · $127M to $253MNov 28, 2023 to Mar 8, 2024
- Pooled vehicle RAUM · $37.8M to $37.7MNov 28, 2023 to Mar 8, 2024
- RAUM · $127M to $253MNov 28, 2023 to Mar 8, 2024
- Other offices · 0 to 1May 11, 2023 to Nov 28, 2023
- Accounts · 11 to 9Sep 14, 2022 to Mar 24, 2023
- Discretionary RAUM · $126M to $127MSep 14, 2022 to Mar 24, 2023
- Pooled vehicle RAUM · $44.4M to $37.8MSep 14, 2022 to Mar 24, 2023
- RAUM · $126M to $127MSep 14, 2022 to Mar 24, 2023
- Advisory activities · 3 to 2Feb 11, 2022 to Feb 18, 2022
- Custody of client assets · false to trueFeb 11, 2022 to Feb 18, 2022
- HNW RAUM · $350,899 to $0Feb 11, 2022 to Feb 18, 2022
Signals
2 dated events
- Azarias Capital Management, L.P. reported RAUM $252.9M, up 100% from $126.6M (2023-11-28 to 2024-03-08)Mar 8, 2024 · RAUM change · derived
- Azarias Capital Management, L.P. filed its initial SEC registration (Form ADV)Feb 11, 2022 · 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.
How to reach
public business contact points only, each with its source
- Firm profile
- LINKEDIN.COM/COMPANY/25685596reportedpublic record, Form ADV, Sep 17, 2026
- Website
- AZARIASCAPITAL.COMreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 215-494-3300reportedpublic record, Form ADV, Jun 9, 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
- Other adviserderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $62.9Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026