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
Dfn Management LLC.
Latest filing Mar 31, 2026
First filing on the tape Dec 5, 2023 · 6 filings
SEC status approved since Jan 5, 2024
RAUM
$241M
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
6
2 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
2
reported on Schedule D
History
6 filings and snapshots on the tape
RAUM$241M as of Mar 31, 2026
Mar 28, 2024$155M then
HNW client RAUM: no history
State-registered IARs (5.B.3)2 as of Mar 31, 2026
Mar 28, 20241 then
Employees (5.A)6 as of Mar 31, 2026
Mar 28, 20243 then
Private funds2 as of Mar 31, 2026
Mar 28, 20242 then
RAUM n/a over the last fiscal year
Practice profile
derived from the filing of Mar 31, 2026; every figure names its basis
- RAUM per advisor
- $121MderivedRAUM 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
- $121MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 3.0derivedItem 5.A over advisors
- Advisors per office
- 2.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- unknownderivedbetween 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 pooled vehiclesreportedItem 5.G
- Custody
- $241M, 2 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
- 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)
- an independent public accountant performs a surprise examination (9.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$241M100%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 2reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $241M for 2 clientsreported
- Compensation
- % of AUM, 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
2 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Dfn Alpha 90/10 Fund LP | Hedge Fund | $126M | 34 | Aug 23, 2016 |
| Dfn Alpha Advantage Fund LP | Hedge Fund | $29.2M | 36 | Aug 23, 2016 |
Owners and control persons
Schedule A and B, latest filing
- Clifford Donald Flagg · Member And Investment Officercontrolsince 09/2015 · owns 25% to 50%
- John Nicholas Koen · Managing Membercontrolsince 05/2022 · owns 25% to 50%
- A Amol Nirgudkar · Member And Managing Officercontrolsince 09/2015 · owns 25% to 50%
- Elliot Mark Paverman · Chief Compliance Officercontrolsince 12/2024 · owns less than 5%
Related persons
Schedule D 7.A
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- affiliate changedChange between filings · filing Mar 31, 2026insurance affiliate (Item 7.A.10): no on the filing of 2025-05-02, yes on the filing of 2026-03-31peers: asset managers, $100M to $500M (1,567)
What changed
consecutive filings, newest first
- Advisory employees · 3 to 2May 2, 2025 to Mar 31, 2026
- Assets in custody · $155M to $241MMay 2, 2025 to Mar 31, 2026
- Employees · 3 to 6May 2, 2025 to Mar 31, 2026
- Insurance-licensed employees · 1 to 2May 2, 2025 to Mar 31, 2026
- State-registered IARs · 1 to 2May 2, 2025 to Mar 31, 2026
- Discretionary RAUM · $201M to $241MMay 2, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $201M to $241MMay 2, 2025 to Mar 31, 2026
- RAUM · $201M to $241MMay 2, 2025 to Mar 31, 2026
- Related insurance company · false to trueMay 2, 2025 to Mar 31, 2026
- Insurance-licensed employees · 3 to 1Dec 11, 2024 to May 2, 2025
- Financial planning clients · unset to Dec 11, 2024 to May 2, 2025
- Discretionary RAUM · $155M to $201MDec 11, 2024 to May 2, 2025
- Pooled vehicle RAUM · $155M to $201MDec 11, 2024 to May 2, 2025
- RAUM · $155M to $201MDec 11, 2024 to May 2, 2025
- Related adviser · false to trueDec 11, 2024 to May 2, 2025
- Assets in custody · $146M to $155MDec 5, 2023 to Mar 28, 2024
- State-registered IARs · 0 to 1Dec 5, 2023 to Mar 28, 2024
- Private funds · 4 to 2Dec 5, 2023 to Mar 28, 2024
- Discretionary RAUM · $146M to $155MDec 5, 2023 to Mar 28, 2024
- Pooled vehicle RAUM · $146M to $155MDec 5, 2023 to Mar 28, 2024
- RAUM · $146M to $155MDec 5, 2023 to Mar 28, 2024
- Related insurance company · true to falseDec 5, 2023 to Mar 28, 2024
Signals
4 dated events
- Andrew Constantine Pelos (Chief Compliance Officer) no longer on Schedule A of Dfn Management Llc. (listed 2024-05-01, absent 2024-12-11)Dec 11, 2024 · Control person left · inference
- Elliot Mark Paverman (Chief Compliance Officer) appeared on Schedule A of Dfn Management Llc.Dec 11, 2024 · Control person joined · fact
- Andrew Constantine Pelos (Chief Compliance Officer) appeared on Schedule A of Dfn Management Llc.Mar 28, 2024 · Control person joined · fact
- Dfn Management Llc. filed its initial SEC registration (Form ADV)Dec 5, 2023 · 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/dfn-management-llcreportedpublic record, Form ADV, Sep 17, 2026
- Website
- dfnalpha.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- (866) 296-4420reportedpublic 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