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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Former SEC-registered adviser

S•••••••• P•••••• C••••••• L••

Former SEC-registered adviserBirmingham, MichiganCRD 289491SEC 801-111831website IAPD

Latest filing Mar 13, 2026

First filing on the tape Sep 11, 2017 · 20 filings

SEC status approved since Oct 11, 2017

RAUM

$172M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

0.0%

$0 individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

3 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

20 filings and snapshots on the tape

RAUM$172M as of Mar 13, 2026

Mar 22, 2018$38.9M then

HNW client RAUM: no history

State-registered IARs (5.B.3)1 as of Mar 13, 2026

Mar 22, 20181 then

Employees (5.A)4 as of Mar 13, 2026

Mar 22, 20183 then

Private funds31 as of Mar 13, 2026

Mar 22, 20181 then

RAUM -44% over the last fiscal year-19% a year over threeIARs 1 to 1

Practice profile

derived from the filing of Mar 13, 2026; every figure names its basis

RAUM per advisor: $172MderivedRAUM 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: $7.8MderivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: 4.0derivedItem 5.A over advisors
Advisors per office: 1.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year: -44%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, performance-basedreportedItem 5.E
Advisory activities: portfolio management for pooled vehiclesreportedItem 5.G
Custody: $172M, 22 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)
receives research or other products from a broker-dealer, soft dollars (8.E)
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

Pooled investment vehicles$172M100%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 22reported
Financial planning clients: 0reported
Wrap fee programs: noreported
Custody of client assets: $172M for 22 clientsreported
Compensation: % of AUM, performancereported
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

Left, latest

none on the tape

Joined, latest

none on the tape

Every departure Every arrival

Private funds

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

Fund	Type	Gross assets	Owners	First reported
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• F••••no longer reported	Venture Capital Fund	$326M	510	Sep 11, 2017
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• U•	Venture Capital Fund	$112M	92	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• E•	Venture Capital Fund	$21.7M	92	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• M•	Venture Capital Fund	$21.0M	99	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• A•	Venture Capital Fund	$16.5M	56	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• E•	Venture Capital Fund	$16.1M	75	Mar 8, 2023
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• F••	Venture Capital Fund	$12.3M	31	Mar 8, 2023
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• F•	Venture Capital Fund	$12.3M	88	Mar 8, 2023
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• K•	Venture Capital Fund	$12.2M	24	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• G•	Venture Capital Fund	$11.8M	42	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• K•	Venture Capital Fund	$10.7M	82	Mar 4, 2024
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• B••	Venture Capital Fund	$9.8M	81	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• B•	Venture Capital Fund	$9.8M	93	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• Z•	Venture Capital Fund	$9.1M	50	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• D•	Venture Capital Fund	$8.9M	40	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• X•	Venture Capital Fund	$8.8M	99	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• G•	Venture Capital Fund	$8.3M	79	Mar 8, 2023
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• Z•	Venture Capital Fund	$8.0M	99	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• C•	Venture Capital Fund	$7.5M	40	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• Y•	Venture Capital Fund	$6.1M	34	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• H•	Venture Capital Fund	$5.9M	70	Mar 8, 2023
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• Y•	Venture Capital Fund	$5.6M	89	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• D•	Venture Capital Fund	$5.5M	89	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• D••	Venture Capital Fund	$5.4M	26	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• C•	Venture Capital Fund	$5.0M	79	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• C••	Venture Capital Fund	$5.0M	30	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• I•	Venture Capital Fund	$4.7M	51	Mar 4, 2024
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• L•	Venture Capital Fund	$4.4M	49	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• J•	Venture Capital Fund	$4.2M	28	Mar 4, 2024
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• X•	Venture Capital Fund	$3.8M	25	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• A••	Venture Capital Fund	$3.6M	83	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• A•	Venture Capital Fund	$3.4M	97	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• B•	Venture Capital Fund	$2.6M	41	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• Q•	Venture Capital Fund	$1.9M	42	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• Q•	Venture Capital Fund	$1.8M	90	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• F•	Venture Capital Fund	$1.3M	10	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• S•	Venture Capital Fund	$1.2M	23	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• R•	Venture Capital Fund	$714,490	81	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• V•	Venture Capital Fund	$211,066	97	Apr 13, 2022
S•••••••• P•••••• C•••••• F••• I• L•• • S••••• W•	Venture Capital Fund	$0	94	Apr 13, 2022

Owners and control persons

Schedule A and B, latest filing

A••••• P••••••• M• · Vice Presidentcontrol
since 07/2022 · owns less than 5%
A•••••••• F••••••• · Ccocontrol
since 04/2022 · owns less than 5%
H•••••• A••••• J••• · Managercontrol
since 04/2016 · owns 25% to 50%
S••••••••• M•••• R••••• · Managercontrol
since 04/2016 · owns 50% to 75%

Related persons

Schedule D 7.A

E••••••••• F•••••• L••
investment advisernRAUM $116M
R••••• S•••••••• • A••••••••• I•••
real estatey
S•••••••• I••••••••• A•••••••• L••
investment adviseryRAUM $3.9B

Advisers that list S•••••••• P•••••• C••••••• L•• as a related person

169114 n

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

What changed

consecutive filings, newest first

Accounts · 38 to 22
Jul 21, 2025 to Mar 13, 2026
Pooled vehicle clients · 38 to 22
Jul 21, 2025 to Mar 13, 2026
Assets in custody · $304M to $172M
Jul 21, 2025 to Mar 13, 2026
Private funds · 39 to 31
Jul 21, 2025 to Mar 13, 2026
Discretionary RAUM · $304M to $172M
Jul 21, 2025 to Mar 13, 2026
Pooled vehicle RAUM · $304M to $172M
Jul 21, 2025 to Mar 13, 2026
RAUM · $304M to $172M
Jul 21, 2025 to Mar 13, 2026
Financial planning clients · 0 to 0
Jun 12, 2025 to Jul 21, 2025
Related adviser · true to false
Mar 24, 2025 to Jun 12, 2025
Accounts · 39 to 38
Oct 1, 2024 to Mar 24, 2025
Pooled vehicle clients · 39 to 38
Oct 1, 2024 to Mar 24, 2025
Assets in custody · $389M to $304M
Oct 1, 2024 to Mar 24, 2025
Discretionary RAUM · $389M to $304M
Oct 1, 2024 to Mar 24, 2025
Pooled vehicle RAUM · $389M to $304M
Oct 1, 2024 to Mar 24, 2025
RAUM · $389M to $304M
Oct 1, 2024 to Mar 24, 2025
Accounts · 36 to 39
Apr 17, 2023 to Mar 4, 2024
Pooled vehicle clients · 36 to 39
Apr 17, 2023 to Mar 4, 2024
Assets in custody · $319M to $389M
Apr 17, 2023 to Mar 4, 2024
Private funds · 36 to 39
Apr 17, 2023 to Mar 4, 2024
Discretionary RAUM · $319M to $389M
Apr 17, 2023 to Mar 4, 2024
Pooled vehicle RAUM · $319M to $389M
Apr 17, 2023 to Mar 4, 2024
RAUM · $319M to $389M
Apr 17, 2023 to Mar 4, 2024
Accounts · 31 to 36
Aug 30, 2022 to Mar 8, 2023
Advisory employees · 2 to 3
Aug 30, 2022 to Mar 8, 2023
Pooled vehicle clients · 29 to 36
Aug 30, 2022 to Mar 8, 2023
Assets in custody · $326M to $319M
Aug 30, 2022 to Mar 8, 2023
Employees · 5 to 4
Aug 30, 2022 to Mar 8, 2023
Private funds · 31 to 36
Aug 30, 2022 to Mar 8, 2023
Discretionary RAUM · $326M to $319M
Aug 30, 2022 to Mar 8, 2023
Pooled vehicle RAUM · $326M to $319M
Aug 30, 2022 to Mar 8, 2023
RAUM · $326M to $319M
Aug 30, 2022 to Mar 8, 2023
HQ city · BLOOMFIELD HILLS to BIRMINGHAM
Apr 26, 2022 to Jul 18, 2022
Accounts · 29 to 31
Mar 31, 2022 to Apr 13, 2022
Assets in custody · $142M to $326M
Mar 31, 2022 to Apr 13, 2022
Employees · 3 to 5
Mar 31, 2022 to Apr 13, 2022
Private funds · 1 to 31
Mar 31, 2022 to Apr 13, 2022
Accounts · 14 to 29
Mar 31, 2021 to Mar 31, 2022
Advisory employees · 3 to 2
Mar 31, 2021 to Mar 31, 2022
BD registered reps · 2 to 1
Mar 31, 2021 to Mar 31, 2022
Pooled vehicle clients · 14 to 29
Mar 31, 2021 to Mar 31, 2022

Signals

11 dated events

S•••••••• P•••••• C••••••• L•• no longer on the SEC adviser roster (last listed 2026-05-01, RAUM $171.7M)
Jun 1, 2026 · Left the SEC roster · derived
S•••••••• P•••••• C••••••• L•• reported RAUM $171.7M, down 44% from $304.4M (2025-07-21 to 2026-03-13)
Mar 13, 2026 · RAUM change · derived
M Phillip Adsit (Vice President) appeared on Schedule A of S•••••••• P•••••• C••••••• L••
Mar 8, 2023 · Control person joined · fact
Florence Affatato (Cco) appeared on Schedule A of S•••••••• P•••••• C••••••• L••
Apr 26, 2022 · Control person joined · fact
Armando Alfredo Risi (Cco) no longer on Schedule A of S•••••••• P•••••• C••••••• L•• (listed 2022-04-13, absent 2022-04-26)
Apr 26, 2022 · Control person left · inference
P••• E••• D••••••• (Chief Compliance Officer) no longer on Schedule A of S•••••••• P•••••• C••••••• L•• (listed 2022-03-31, absent 2022-04-13)
Apr 13, 2022 · Control person left · inference
Armando Alfredo Risi (Cco) appeared on Schedule A of S•••••••• P•••••• C••••••• L••
Apr 13, 2022 · Control person joined · fact
S•••••••• P•••••• C••••••• L•• reported RAUM $325.8M, up 130% from $141.7M (2021-03-31 to 2022-03-31)
Mar 31, 2022 · RAUM change · derived
Reed Jason Zimmerman (Vice President) no longer on Schedule A of S•••••••• P•••••• C••••••• L•• (listed 2020-05-14, absent 2021-03-31)
Mar 31, 2021 · Control person left · inference
P••• E••• D••••••• (Chief Compliance Officer) appeared on Schedule A of S•••••••• P•••••• C••••••• L••
Apr 1, 2019 · Control person joined · fact
S•••••••• P•••••• C••••••• L•• filed its initial SEC registration (Form ADV)
Sep 11, 2017 · First SEC registration · fact

Across DFX

shared identifiers only, never a name match

S•••••••• P•••••• C••••••• L•• · Private Equity
shared crd · organization
S•••••••• P•••••• C••••••• L•• · Venture Capital
shared crd · organization

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