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••••••
Asset manager (funds and pooled vehicles)San Francisco, CaliforniaCRD 282851SEC 801-123025websiteIAPD
Legal name N•••••• G• L••
Latest filing Mar 31, 2026
First filing on the tape Dec 10, 2021 · 9 filings
SEC status approved since Feb 1, 2022
RAUM
$1.9B
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
12
9 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
3
reported on Schedule D
History
9 filings and snapshots on the tape
RAUM$1.9B as of Mar 31, 2026
Mar 29, 2023$389M then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Mar 31, 2026
Mar 29, 20230 then
Employees (5.A)12 as of Mar 31, 2026
Mar 29, 202310 then
Private funds3 as of Mar 31, 2026
Mar 29, 20232 then
RAUM +127% over the last fiscal year+70% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Mar 31, 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
- $173MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 39%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
- +127%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 businesses and institutions, portfolio management for pooled vehiclesreportedItem 5.G
- Custody
- $1.0B, 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)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$1.2B61%
- Charitable organizations$734M39%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- 1reported
- Accounts
- 11reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- $1.0B for 9 clientsreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=0.61 institutional_share=0.39 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
2 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| N•••••• S•••••• M••••• F••• L•• | Hedge Fund | $355M | 50 | Mar 29, 2023 |
| N•••••• O•• M••••• L••• | Hedge Fund | $333M | 41 | Mar 5, 2020 |
Owners and control persons
Schedule A and B, latest filing
- C••••• R••••••• M••••• · Managing Member And Chief Executive Officercontrolsince 10/2015 · owns 50% to 75%
- S••••• D•••••• N•• · Chief Operating Officer, Chief Compliance Officercontrolsince 08/2022 · owns less than 5%
Entity owners
- S•••• C•••••• I•• L••• · Memberdirect · owns 5% to 10%
- U•• 2•••• L• · Memberdirect · owns 5% to 10%
Related persons
Schedule D 7.A
No related person reported.
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
4 against comparable advisers; where to look, not conclusions
- high institutional concentrationStatic outlier · filing Mar 31, 2026institutional share of RAUM of 39% against a peer median of 0% (1506 comparable advisers, 100.0th percentile, 13.0 robust deviations)peers: asset managers, $1B to $5B (1,506) · 100% percentile
- institutional asset share shiftChange between filings · filing Mar 31, 2026institutional share of RAUM moved from 0.0% to 39.0% between the annual amendments of 2025-04-11 and 2026-03-31peers: asset managers, $1B to $5B (1,506)
- private fund count surgeChange between filings · filing Mar 31, 2026private funds (Schedule D 7.B.1) moved from 2.0 to 3.0 (+50.0%) between the annual amendments of 2025-04-11 and 2026-03-31; the peer median change was 0.0% (1022 comparable advisers, 93.0th percentile of changes)peers: asset managers, $1B to $5B (1,022) · 93% percentile
- RAUM up 50 %Change between filings · filing Mar 31, 2026RAUM (Item 5.F) moved from $838,992,856 to $1,903,690,264 (+127.0%) between the annual amendments of 2025-04-11 and 2026-03-31; the peer median change was +11.0% (1368 comparable advisers, 96.0th percentile of changes)peers: asset managers, $1B to $5B (1,368) · 96% percentile
What changed
consecutive filings, newest first
- Accounts · 7 to 11Apr 11, 2025 to Mar 31, 2026
- Advisory activities · 1 to 2Apr 11, 2025 to Mar 31, 2026
- Charity clients · unset to 1.0Apr 11, 2025 to Mar 31, 2026
- Pooled vehicle clients · 7 to 10Apr 11, 2025 to Mar 31, 2026
- Assets in custody · $695M to $1.0BApr 11, 2025 to Mar 31, 2026
- Employees · 11 to 12Apr 11, 2025 to Mar 31, 2026
- Private funds · 2 to 3Apr 11, 2025 to Mar 31, 2026
- Discretionary RAUM · $839M to $1.9BApr 11, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $839M to $1.2BApr 11, 2025 to Mar 31, 2026
- RAUM · $839M to $1.9BApr 11, 2025 to Mar 31, 2026
- Accounts · 3 to 7Mar 29, 2024 to Apr 11, 2025
- Pooled vehicle clients · 3 to 7Mar 29, 2024 to Apr 11, 2025
- Assets in custody · $688M to $695MMar 29, 2024 to Apr 11, 2025
- Financial planning clients · 0 to 0Mar 29, 2024 to Apr 11, 2025
- Discretionary RAUM · $692M to $839MMar 29, 2024 to Apr 11, 2025
- Pooled vehicle RAUM · $692M to $839MMar 29, 2024 to Apr 11, 2025
- RAUM · $692M to $839MMar 29, 2024 to Apr 11, 2025
- Accounts · 2 to 3Mar 29, 2023 to Mar 29, 2024
- Advisory employees · 8 to 9Mar 29, 2023 to Mar 29, 2024
- Pooled vehicle clients · 2 to 3Mar 29, 2023 to Mar 29, 2024
- Assets in custody · $389M to $688MMar 29, 2023 to Mar 29, 2024
- Employees · 10 to 11Mar 29, 2023 to Mar 29, 2024
- Discretionary RAUM · $389M to $692MMar 29, 2023 to Mar 29, 2024
- Pooled vehicle RAUM · $389M to $692MMar 29, 2023 to Mar 29, 2024
- RAUM · $389M to $692MMar 29, 2023 to Mar 29, 2024
- Accounts · 1 to 2Aug 11, 2022 to Mar 29, 2023
- Advisory employees · 3 to 8Aug 11, 2022 to Mar 29, 2023
- Pooled vehicle clients · 1 to 2Aug 11, 2022 to Mar 29, 2023
- Assets in custody · unset to 388815449.0Aug 11, 2022 to Mar 29, 2023
- Custody of client assets · false to trueAug 11, 2022 to Mar 29, 2023
- Employees · 8 to 10Aug 11, 2022 to Mar 29, 2023
- Private funds · 1 to 2Aug 11, 2022 to Mar 29, 2023
- Discretionary RAUM · $150M to $389MAug 11, 2022 to Mar 29, 2023
- Pooled vehicle RAUM · $150M to $389MAug 11, 2022 to Mar 29, 2023
- RAUM · $150M to $389MAug 11, 2022 to Mar 29, 2023
- Legal name · N•••••• GP, LLC to N•••••• G• L••Feb 2, 2022 to Aug 10, 2022
- Private funds · 2 to 1Dec 10, 2021 to Dec 16, 2021
Signals
6 dated events
- Numerai reported RAUM $1.9B, up 127% from $839.0M (2025-04-11 to 2026-03-31)Mar 31, 2026 · RAUM change · derived
- Numerai reported RAUM $692.4M, up 78% from $388.8M (2023-03-29 to 2024-03-29)Mar 29, 2024 · RAUM change · derived
- Numerai reported RAUM $388.8M, up 160% from $149.7M (2022-08-11 to 2023-03-29)Mar 29, 2023 · RAUM change · derived
- Nmn Daniel Spier (Chief Operating Officer, Chief Compliance Officer) appeared on Schedule A of NumeraiAug 10, 2022 · Control person joined · fact
- Popatlal Birenkumar Sardhara (Chief Compliance Officer) no longer on Schedule A of Numerai (listed 2022-02-02, absent 2022-08-10)Aug 10, 2022 · Control person left · inference
- Numerai filed its initial SEC registration (Form ADV)Dec 10, 2021 · 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/numeraireportedpublic record, Form ADV, Sep 19, 2026
- Website
- NUMER.AIreportedpublic record, Form ADV, Sep 19, 2026
- Principal office phone
- 415-737-0873reportedpublic record, Form ADV, Mar 31, 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