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•• 2•• C••••••

Asset manager (funds and pooled vehicles)New York, New YorkCRD 292254SEC 801-114008website IAPD

Legal name N•• 2•• C•••••• A•••••••• L•••

Latest filing Sep 15, 2026

First filing on the tape Aug 20, 2018 · 18 filings

SEC status approved since Sep 19, 2018

RAUM

$2.4B

reported, Item 5.F

Discretionary

95%

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

12 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

18 filings and snapshots on the tape

RAUM$2.4B as of Aug 4, 2026

Mar 28, 2019$294M then

HNW client RAUM: no history

State-registered IARs (5.B.3)0 as of Aug 4, 2026

Mar 28, 20190 then

Employees (5.A)20 as of Aug 4, 2026

Mar 28, 20197 then

Private funds15 as of Aug 4, 2026

Mar 28, 20193 then

RAUM +14% over the last fiscal year+18% a year over threeIARs 0 to 0

Practice profile

derived from the filing of Sep 15, 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: $159MderivedRAUM over accounts (5.F.2.f)
Discretionary: 95%derivedof RAUM
Institutional: 0.0%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: +13%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, otherreportedItem 5.E
Advisory activities: 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)
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$2.4B100%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 15reported
Financial planning clients: n/areported
Wrap fee programs: noreported
Custody of client assets: $0 for 0 clientsreported
Compensation: % of AUMreported
Class basis: private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=true bd_reps=0.0 bank_owner=falsederived

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

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

Fund	Type	Gross assets	Owners	First reported
N•• 2•• C•••••• F••• I•• L•••	Private Equity Fund	$414M	54	Mar 30, 2021
N•• 2•• C•••••• F••• I• ••••••••• L•••	Private Equity Fund	$376M	37	Mar 30, 2021
N•• 2•• C•••••• F••• I• L•••	Private Equity Fund	$361M	47	Aug 20, 2018
N•• 2•• C•••••• F••• I•• ••••••••• L•	Private Equity Fund	$343M	50	Mar 30, 2023
N•• 2•• C•••••• F••• I•• L•	Private Equity Fund	$211M	84	Mar 30, 2023
N•• 2•• C•••••• F••••••• F•••••• A•• F••••••• F••• I• L•••no longer reported	Private Equity Fund	$121M	39	Aug 20, 2018
N•• C•••••••• A• L•••no longer reported	Private Equity Fund	$74.0M	3	Mar 30, 2021
N•• O••••••••• F•••• L•••	Private Equity Fund	$37.2M	3	Aug 20, 2018
N•• 2•• C•••••• C• S••••••• L••	Private Equity Fund	$33.3M	3	Mar 28, 2024
N•• P•••• L•••no longer reported	Private Equity Fund	$30.7M	2	Jan 22, 2018
N•• 2•• C•••••• N• S••••••• L•	Private Equity Fund	$26.6M	6	Mar 28, 2024
N•• 2•• C•••••• F••• I•• S•••••• L•	Private Equity Fund	$20.8M	22	Mar 30, 2023
N•• 2•• C•••••• F••• I•• ••••••••• S•••••• L•	Private Equity Fund	$3.9M	6	Mar 30, 2023

Owners and control persons

Schedule A and B, latest filing

B••••••• J•••••• L• · Partnercontrol
since 12/2016 · owns 10% to 25%
C•••• A•••••• C••• · Partnercontrol
since 01/2018 · owns 10% to 25%
H•••••• T•••••• O••• · Managing Partnercontrol
since 12/2016 · owns 25% to 50%
T•••••••• J••••• D••••• · Partnercontrol
since 12/2016 · owns 10% to 25%
V•••• E••••• H•••••• · Partner/Chief Operating Officer/Chief Compliance Officercontrol
since 08/2021 · owns 5% to 10%
W•• A•••••• N•• · Chief Financial Officercontrol
since 08/2021 · owns less than 5%
H•••••• T•••••• O••• · Managing Membercontrol
since 01/2017 · owns 75% or more of N•• 2•• C•••••• A••••••• G•• L••

Entity owners

N•• 2•• C•••••• A••••••• G•• L•• · General Partner
direct · owns less than 5%

Related persons

Schedule D 7.A

N•• O••••••••• G•• L•••
investment adviserbankpooled vehicle sponsorn
N•• 2•• C•••••• P••••••• I• L•••
investment adviserbankpooled vehicle sponsorn
N•• 2•• C•••••• P••••••• I•• L•••
investment adviserbankpooled vehicle sponsorn
N•• 2•• C•••••• P••••••• I•• S••••••• L•••
investment adviserbankpooled vehicle sponsorn
N•• 2•• C•••••• P••••••• I••• L•••
investment adviserbankpooled vehicle sponsorn

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

1 against comparable advisers; where to look, not conclusions

private fund count surgeChange between filings · filing Mar 25, 2026
private funds (Schedule D 7.B.1) moved from 10.0 to 15.0 (+50.0%) between the annual amendments of 2025-03-27 and 2026-03-25; 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

How anomalies are measured

What changed

consecutive filings, newest first

Financial planning clients · to unset
Aug 4, 2026 to Sep 15, 2026
Private funds · 15 to unset
Aug 4, 2026 to Sep 15, 2026
Succession · false to unset
Aug 4, 2026 to Sep 15, 2026
Discretionary RAUM · $2.2B to $2.3B
Mar 25, 2026 to Aug 4, 2026
Non-discretionary RAUM · $127M to $128M
Mar 25, 2026 to Aug 4, 2026
Pooled vehicle RAUM · $2.4B to $2.4B
Mar 25, 2026 to Aug 4, 2026
RAUM · $2.4B to $2.4B
Mar 25, 2026 to Aug 4, 2026
Accounts · 10 to 15
Mar 27, 2025 to Mar 25, 2026
Advisory employees · 11 to 12
Mar 27, 2025 to Mar 25, 2026
Pooled vehicle clients · 10 to 15
Mar 27, 2025 to Mar 25, 2026
Employees · 17 to 20
Mar 27, 2025 to Mar 25, 2026
Private funds · 10 to 15
Mar 27, 2025 to Mar 25, 2026
Discretionary RAUM · $2.1B to $2.2B
Mar 27, 2025 to Mar 25, 2026
Non-discretionary RAUM · $29.0M to $127M
Mar 27, 2025 to Mar 25, 2026
Pooled vehicle RAUM · $2.1B to $2.4B
Mar 27, 2025 to Mar 25, 2026
RAUM · $2.1B to $2.4B
Mar 27, 2025 to Mar 25, 2026
Employees · 15 to 17
Oct 25, 2024 to Mar 27, 2025
Financial planning clients · unset to
Oct 25, 2024 to Mar 27, 2025
Discretionary RAUM · $1.8B to $2.1B
Oct 25, 2024 to Mar 27, 2025
Non-discretionary RAUM · $26.6M to $29.0M
Oct 25, 2024 to Mar 27, 2025
Pooled vehicle RAUM · $1.8B to $2.1B
Oct 25, 2024 to Mar 27, 2025
RAUM · $1.8B to $2.1B
Oct 25, 2024 to Mar 27, 2025
Accounts · 11 to 10
Mar 28, 2024 to Oct 25, 2024
Pooled vehicle clients · 11 to 10
Mar 28, 2024 to Oct 25, 2024
Discretionary RAUM · $1.8B to $1.8B
Mar 28, 2024 to Oct 25, 2024
Non-discretionary RAUM · $26.3M to $26.6M
Mar 28, 2024 to Oct 25, 2024
Pooled vehicle RAUM · $1.8B to $1.8B
Mar 28, 2024 to Oct 25, 2024
RAUM · $1.8B to $1.8B
Mar 28, 2024 to Oct 25, 2024
Accounts · 8 to 11
Jul 13, 2023 to Mar 28, 2024
Advisory employees · 10 to 11
Jul 13, 2023 to Mar 28, 2024
Pooled vehicle clients · 8 to 11
Jul 13, 2023 to Mar 28, 2024
Employees · 13 to 15
Jul 13, 2023 to Mar 28, 2024
Private funds · 8 to 10
Jul 13, 2023 to Mar 28, 2024
Discretionary RAUM · $1.5B to $1.8B
Jul 13, 2023 to Mar 28, 2024
Non-discretionary RAUM · $0 to $26.3M
Jul 13, 2023 to Mar 28, 2024
Pooled vehicle RAUM · $1.5B to $1.8B
Jul 13, 2023 to Mar 28, 2024
RAUM · $1.5B to $1.8B
Jul 13, 2023 to Mar 28, 2024
Discretionary RAUM · $1.4B to $1.5B
Mar 30, 2023 to Jul 13, 2023
Pooled vehicle RAUM · $1.4B to $1.5B
Mar 30, 2023 to Jul 13, 2023
RAUM · $1.4B to $1.5B
Mar 30, 2023 to Jul 13, 2023

Signals

9 dated events

N•• 2•• C•••••• reported RAUM $1.8B, up 25% from $1.5B (2023-07-13 to 2024-03-28)
Mar 28, 2024 · RAUM change · derived
N•• 2•• C•••••• reported RAUM $1.3B, up 45% from $873.5M (2021-09-09 to 2022-03-31)
Mar 31, 2022 · RAUM change · derived
A••••• Wu (Chief Financial Officer) appeared on Schedule A of N•• 2•• C••••••
Sep 8, 2021 · Control person joined · fact
H•••••• E•••• V••• (Partner/Chief Operating Officer/Chief Compliance Officer) appeared on Schedule A of N•• 2•• C••••••
Sep 8, 2021 · Control person joined · fact
Benjamin Daniel Stencel (Chief Financial And Operating Officer) no longer on Schedule A of N•• 2•• C•••••• (listed 2021-03-30, absent 2021-07-13)
Jul 13, 2021 · Control person left · inference
N•• 2•• C•••••• reported RAUM $873.5M, up 152% from $346.3M (2020-03-29 to 2021-03-30)
Mar 30, 2021 · RAUM change · derived
Elizabeth Kate Merli (Chief Financial Officer) no longer on Schedule A of N•• 2•• C•••••• (listed 2019-10-29, absent 2020-03-29)
Mar 29, 2020 · Control person left · inference
Benjamin Daniel Stencel (Chief Financial And Operating Officer) appeared on Schedule A of N•• 2•• C••••••
Mar 29, 2020 · Control person joined · fact
N•• 2•• C•••••• filed its initial SEC registration (Form ADV)
Aug 20, 2018 · First SEC registration · fact

Across DFX

shared identifiers only, never a name match

N•• 2•• C•••••• · Independent Sponsors
shared crd · capital_provider
N•• 2•• C•••••• · Private Equity
shared crd · organization

How to reach

public business contact points only, each with its source

Website: NEW2NDCAPITAL.COMreportedpublic record, Form ADV, Sep 18, 2026
Principal office phone: 2129139983reportedpublic record, Form ADV, Sep 15, 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