DFX Intelligence

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SEC-registered adviser

H••••••• E••••• M••••••••• L••

Asset manager (funds and pooled vehicles)Fort Worth, TexasCRD 293928SEC 801-117073IAPD

Latest filing Mar 23, 2026

First filing on the tape Jun 28, 2019 · 11 filings

SEC status approved since Jul 29, 2019

RAUM

$392M

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

11 filings and snapshots on the tape

RAUM$392M as of Mar 23, 2026

Mar 30, 2020$1.1B then

HNW client RAUM: no history

State-registered IARs (5.B.3)0 as of Mar 23, 2026

Mar 30, 20200 then

Employees (5.A)3 as of Mar 23, 2026

Mar 30, 202033 then

Private funds2 as of Mar 23, 2026

Mar 30, 20202 then

RAUM -67% over the last fiscal year-41% a year over threeIARs 0 to 0

Practice profile

derived from the filing of Mar 23, 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: $196MderivedRAUM 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: unknownderived1 offices incl. principal (1.F.5)
RAUM growth, one year: -67%derivedbetween the last two annual amendments
Advisor growth, one year: unknownderivedItem 5.B.3 between annual amendments
Client growth, one year: unknownderived
Compensation: performance-basedreportedItem 5.E
Advisory activities: portfolio management for pooled vehiclesreportedItem 5.G
Custody: $392M, 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

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$392M100%

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: $392M for 2 clientsreported
Compensation: 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

Every departure Every arrival

Private funds

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

Fund	Type	Gross assets	Owners	First reported
H••••••• E••••• P•••••••• L•	Private Equity Fund	$637M	28	Mar 22, 2018
H••••••• E••••• P••••••• I•• L•	Private Equity Fund	$525M	28	Mar 27, 2019

Owners and control persons

Schedule A and B, latest filing

H••••••••• J•••• D••• · Member/Managercontrol
since 10/2017 · owns 75% or more
H••••••••• W••••••• R••• · Member/Managercontrol
since 10/2017 · owns 10% to 25%
S•••••• D•••••• M•••• · Member/Manager/Chief Compliance Officercontrol
since 10/2017 · owns 10% to 25%

Related persons

Schedule D 7.A

H••••••• E••••• P••••••• G• I•• L•
investment adviserpooled vehicle sponsorn
H••••••• E••••• P••••••• G•• L•
investment adviserpooled 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

RAUM down 50 %Change between filings · filing Mar 23, 2026
RAUM (Item 5.F) moved from $1,204,609,365 to $391,758,930 (-67.0%) between the annual amendments of 2025-03-19 and 2026-03-23; the peer median change was +4.0% (1145 comparable advisers, 2.0th percentile of changes)
peers: asset managers, $100M to $500M (1,145) · 1.8% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Assets in custody · $1.2B to $392M
Sep 26, 2025 to Mar 23, 2026
Discretionary RAUM · $1.2B to $392M
Sep 26, 2025 to Mar 23, 2026
Pooled vehicle RAUM · $1.2B to $392M
Sep 26, 2025 to Mar 23, 2026
RAUM · $1.2B to $392M
Sep 26, 2025 to Mar 23, 2026
Financial planning clients · unset to
Mar 3, 2025 to Mar 19, 2025
Assets in custody · $1.2B to $1.2B
Feb 26, 2024 to Mar 3, 2025
Discretionary RAUM · $1.2B to $1.2B
Feb 26, 2024 to Mar 3, 2025
Pooled vehicle RAUM · $1.2B to $1.2B
Feb 26, 2024 to Mar 3, 2025
RAUM · $1.2B to $1.2B
Feb 26, 2024 to Mar 3, 2025
Assets in custody · $1.9B to $1.2B
Mar 13, 2023 to Feb 26, 2024
Discretionary RAUM · $1.9B to $1.2B
Mar 13, 2023 to Feb 26, 2024
Pooled vehicle RAUM · $1.9B to $1.2B
Mar 13, 2023 to Feb 26, 2024
RAUM · $1.9B to $1.2B
Mar 13, 2023 to Feb 26, 2024
Assets in custody · $1.2B to $1.9B
Mar 8, 2022 to Mar 13, 2023
Discretionary RAUM · $1.2B to $1.9B
Mar 8, 2022 to Mar 13, 2023
Pooled vehicle RAUM · $1.2B to $1.9B
Mar 8, 2022 to Mar 13, 2023
RAUM · $1.2B to $1.9B
Mar 8, 2022 to Mar 13, 2023
Assets in custody · $1.3B to $1.2B
Mar 31, 2021 to Mar 8, 2022
Discretionary RAUM · $1.3B to $1.2B
Mar 31, 2021 to Mar 8, 2022
Pooled vehicle RAUM · $1.3B to $1.2B
Mar 31, 2021 to Mar 8, 2022
RAUM · $1.3B to $1.2B
Mar 31, 2021 to Mar 8, 2022
Advisory employees · 26 to 3
Feb 11, 2021 to Mar 31, 2021
Assets in custody · $1.1B to $1.3B
Feb 11, 2021 to Mar 31, 2021
Employees · 33 to 3
Feb 11, 2021 to Mar 31, 2021
Discretionary RAUM · $1.1B to $1.3B
Feb 11, 2021 to Mar 31, 2021
Pooled vehicle RAUM · $1.1B to $1.3B
Feb 11, 2021 to Mar 31, 2021
RAUM · $1.1B to $1.3B
Feb 11, 2021 to Mar 31, 2021
Advisory employees · 18 to 26
Jun 28, 2019 to Mar 30, 2020
Assets in custody · $1.1B to $1.1B
Jun 28, 2019 to Mar 30, 2020
Employees · 23 to 33
Jun 28, 2019 to Mar 30, 2020
Private funds · 4 to 2
Jun 28, 2019 to Mar 30, 2020
Discretionary RAUM · $1.1B to $1.1B
Jun 28, 2019 to Mar 30, 2020
Pooled vehicle RAUM · $1.1B to $1.1B
Jun 28, 2019 to Mar 30, 2020
RAUM · $1.1B to $1.1B
Jun 28, 2019 to Mar 30, 2020

Signals

4 dated events

••• Locked
Mar 23, 2026 · RAUM change · derived
••• Locked
Feb 26, 2024 · RAUM change · derived
••• Locked
Mar 13, 2023 · RAUM change · derived
••• Locked
Jun 28, 2019 · First SEC registration · fact

Across DFX

shared identifiers only, never a name match

H••••••• E••••• M••••••••• L•• · Independent Sponsors
shared crd · capital_provider
H••••••• E••••• M••••••••• L•• · Private Equity
shared crd · organization
H••••••• E••••• M••••••••• L•• · Venture Capital
shared crd · organization

How to reach

public business contact points only, each with its source

Principal office phone: 817-850-9200reportedpublic record, Form ADV, Mar 23, 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