DFX Intelligence

RIA Intelligence

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SEC-registered adviser

R••••• A•••• M•••••••••

Asset manager (funds and pooled vehicles)Tallinn, CRD 282147SEC 801-107170website IAPD

Legal name R••••• A•••• M••••••••• C••••

Latest filing Jun 17, 2026

First filing on the tape Jan 12, 2016 · 20 filings

SEC status approved since Mar 4, 2016

RAUM

$106M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

3.1%

$3.3M individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

5 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

20 filings and snapshots on the tape

RAUM$106M as of Jun 17, 2026

Mar 1, 2017$20.1M then

HNW client RAUM$146M as of Mar 16, 2026

Mar 29, 2018$2.0M then

State-registered IARs (5.B.3)0 as of Jun 17, 2026

Mar 1, 20170 then

Employees (5.A)7 as of Jun 17, 2026

Mar 1, 201715 then

Private funds1 as of Jun 17, 2026

Mar 1, 20172 then

RAUM -48% over the last fiscal year+26% a year over threeIARs 0 to 0

Practice profile

derived from the filing of Jun 17, 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: $21.2MderivedRAUM 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: unknownderived2 offices incl. principal (1.F.5)
RAUM growth, one year: -48%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, hourly, performance-basedreportedItem 5.E
Advisory activities: financial planning, portfolio management for individuals, portfolio management for pooled vehicles, selection of other advisers, educational seminarsreportedItem 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

has discretionary authority over which securities are bought or sold (8.C.1)
receives research or other products from a broker-dealer, soft dollars (8.E)
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$103M97%
Individuals$3.3M3.1%

Individual clients: 4reported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 5reported
Financial planning clients: 1-10reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUM, hourly, performancereported
Class basis: private_client_share=0.03 fund_share=0.97 institutional_share=0.0 related_bd=true 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

Every departure Every arrival

Private funds

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

Fund	Type	Gross assets	Owners	First reported
E•••••• G••••• T••••••••• P•••••• P••••••••	Private Equity Fund	$50.7M	106	Mar 26, 2019
U•••••• T••••••••• C•••no longer reported	Other Private Fund	$2.4M	875	Mar 20, 2020
R•• D••• T••••••••• I••••••••• L••no longer reported	Private Equity Fund	$677,707	9	Mar 1, 2017
E•••••• O••no longer reported	Hedge Fund	$334,437	15	Jan 12, 2016
E•••••• D•••••• R•• L••no longer reported	Hedge Fund	$131,676	1	Mar 26, 2019

Owners and control persons

Schedule A and B, latest filing

B••••••• A•••••• D• · Managing Directorcontrol
since 06/2018 · owns less than 5%
Z••••••• A••••••••• S• · Managing Directorcontrol
since 06/2018 · owns less than 5%
B••••••• A•••••• D• · Designated Membercontrol
since 10/2024 · owns 25% to 50% of R••••• G••••• H••••••• L••
Z••••••• A••••••••• S• · Designated Membercontrol
since 10/2024 · owns 25% to 50% of R••••• G••••• H••••••• L••
R•••••••• E••••• S• · Chief Customer Officer
since 10/2015 · owns less than 5%
G••••••••• A••• · Member
since 10/2024 · owns F of R••••• G••••• H••••••• L••
K••••••• W••••••• · Member
since 10/2024 · owns F of R••••• G••••• H••••••• L••
R•••••••• E••••• S• · Member
since 10/2024 · owns F of R••••• G••••• H••••••• L••

Entity owners

R••••• F••••••••• I••• · Shareholder
direct · owns 75% or more
R••••• G••••• H••••••• L•• · Shareholder
indirect · owns 50% to 75% of R••••• F••••••••• I•••
K•• P••••••• L•• · Shareholder
indirect · owns F of R••••• F••••••••• I•••
M•• V• L•• · Shareholder
indirect · owns F of R••••• F••••••••• I•••
S••••• P••••••• O• · Shareholder
indirect · owns F of R••••• F••••••••• I•••

Related persons

Schedule D 7.A

R••••• S••••••••• L••
broker-dealern

Offices

Schedule D 1.F, the 25 largest

Vilnius, Lithuania

ADV anomalies

4 against comparable advisers; where to look, not conclusions

client mix shiftChange between filings · filing Apr 1, 2026
private-client share of RAUM moved from 74.0% to 3.0% between the annual amendments of 2025-03-13 and 2026-04-01
peers: asset managers, $100M to $500M (1,568)
RAUM down 25 %Change between filings · filing Apr 1, 2026
RAUM (Item 5.F) moved from $203,451,819 to $106,097,249 (-48.0%) between the annual amendments of 2025-03-13 and 2026-04-01; the peer median change was +4.0% (1145 comparable advisers, 4.0th percentile of changes)
peers: asset managers, $100M to $500M (1,145) · 3.7% percentile
discretionary share shiftChange between filings · filing Apr 1, 2026
discretionary share of RAUM moved from 28.0% to 100.0% between the annual amendments of 2025-03-13 and 2026-04-01
peers: asset managers, $100M to $500M (1,568)
employee count dropChange between filings · filing Apr 1, 2026
employees (Item 5.A) moved from 19.0 to 7.0 (-63.0%) between the annual amendments of 2025-03-13 and 2026-04-01; the peer median change was 0.0% (392 comparable advisers, 1.0th percentile of changes)
peers: asset managers, $100M to $500M (392) · 1.0% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Related adviser · false to true
Apr 1, 2026 to Jun 17, 2026
Accounts · 7 to 5
Mar 16, 2026 to Apr 1, 2026
Individual clients · 5 to 4
Mar 16, 2026 to Apr 1, 2026
Employees · 19 to 7
Mar 16, 2026 to Apr 1, 2026
Discretionary RAUM · $74.4M to $106M
Mar 16, 2026 to Apr 1, 2026
HNW RAUM · 145541067.0 to unset
Mar 16, 2026 to Apr 1, 2026
Individual RAUM · $3.7M to $3.3M
Mar 16, 2026 to Apr 1, 2026
Non-discretionary RAUM · $146M to $0
Mar 16, 2026 to Apr 1, 2026
Pooled vehicle RAUM · $70.7M to $103M
Mar 16, 2026 to Apr 1, 2026
RAUM · $220M to $106M
Mar 16, 2026 to Apr 1, 2026
Discretionary RAUM · $57.9M to $74.4M
Mar 13, 2025 to Mar 16, 2026
Individual RAUM · $5.3M to $3.7M
Mar 13, 2025 to Mar 16, 2026
Pooled vehicle RAUM · $52.6M to $70.7M
Mar 13, 2025 to Mar 16, 2026
RAUM · $203M to $220M
Mar 13, 2025 to Mar 16, 2026
Accounts · 15 to 7
Oct 30, 2024 to Mar 13, 2025
Individual clients · 11 to 5
Oct 30, 2024 to Mar 13, 2025
Financial planning clients · 1-10 to 1-10
Oct 30, 2024 to Mar 13, 2025
HQ state · unset to
Oct 30, 2024 to Mar 13, 2025
Discretionary RAUM · $55.6M to $57.9M
Oct 30, 2024 to Mar 13, 2025
HNW RAUM · $3.3M to $146M
Oct 30, 2024 to Mar 13, 2025
Individual RAUM · $1.6M to $5.3M
Oct 30, 2024 to Mar 13, 2025
Non-discretionary RAUM · $0 to $146M
Oct 30, 2024 to Mar 13, 2025
Pooled vehicle RAUM · $50.7M to $52.6M
Oct 30, 2024 to Mar 13, 2025
RAUM · $55.6M to $203M
Oct 30, 2024 to Mar 13, 2025
Accounts · 11 to 15
Mar 31, 2023 to Mar 26, 2024
Individual clients · 6 to 11
Mar 31, 2023 to Mar 26, 2024
Pooled vehicle clients · 3 to 1
Mar 31, 2023 to Mar 26, 2024
Employees · 18 to 19
Mar 31, 2023 to Mar 26, 2024
Other offices · 0 to 1
Mar 31, 2023 to Mar 26, 2024
Private funds · 3 to 1
Mar 31, 2023 to Mar 26, 2024
Discretionary RAUM · $28.6M to $55.6M
Mar 31, 2023 to Mar 26, 2024
HNW RAUM · $25.0M to $3.3M
Mar 31, 2023 to Mar 26, 2024
Individual RAUM · $70,586 to $1.6M
Mar 31, 2023 to Mar 26, 2024
Non-discretionary RAUM · $25.0M to $0
Mar 31, 2023 to Mar 26, 2024
Pooled vehicle RAUM · $28.5M to $50.7M
Mar 31, 2023 to Mar 26, 2024
RAUM · $53.6M to $55.6M
Mar 31, 2023 to Mar 26, 2024
Accounts · 102 to 11
Mar 24, 2022 to Mar 31, 2023
Legal name · T••••••••• E••••••• S••• to R••••• A•••• M••••••••• C••••
Mar 24, 2022 to Mar 31, 2023
Discretionary RAUM · $26.0M to $28.6M
Mar 24, 2022 to Mar 31, 2023
Individual RAUM · $257,550 to $70,586
Mar 24, 2022 to Mar 31, 2023

Signals

3 dated events

R••••• A•••• M••••••••• reported RAUM $106.1M, down 52% from $219.9M (2026-03-16 to 2026-04-01)
Apr 1, 2026 · RAUM change · derived
R••••• A•••• M••••••••• reported RAUM $203.5M, up 266% from $55.6M (2024-10-30 to 2025-03-13)
Mar 13, 2025 · RAUM change · derived
T••••••••• E••••••• S••• filed its initial SEC registration (Form ADV)
Jan 12, 2016 · First SEC registration · fact

Across DFX

shared identifiers only, never a name match

R••••• A•••• M••••••••• · Private Equity
shared crd · organization

How to reach

public business contact points only, each with its source

Website: w•••••.r•••••.appreportedpublic record, Form ADV, Sep 21, 2026
Principal office phone: +372 6600288reportedpublic record, Form ADV, Jun 17, 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