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SEC-registered adviser

B• I••••••••• P•••••••• L••

Asset manager (funds and pooled vehicles)Raleigh, North CarolinaCRD 309347SEC 801-133941websiteIAPD
Latest filing May 11, 2026
First filing on the tape Jul 7, 2025 · 3 filings
SEC status approved since Jul 28, 2025
RAUM
$224M
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
9
9 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
3
reported on Schedule D
History
3 filings and snapshots on the tape
RAUM$224M as of May 11, 2026
Jul 7, 2025$170M then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of May 11, 2026
Jul 7, 20250 then
Employees (5.A)9 as of May 11, 2026
Jul 7, 20258 then
Private funds3 as of May 11, 2026
Jul 7, 20253 then
RAUM n/a over the last fiscal year
Practice profile
derived from the filing of May 11, 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
$74.6MderivedRAUM 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
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
$224M, 3 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Pooled investment vehicles$224M100%
Individual clients
n/areported
HNW clients
n/areported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
3reported
Financial planning clients
reported
Wrap fee programs
noreported
Custody of client assets
$224M for 3 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
      Every departureEvery arrival
      Private funds
      2 reported on Schedule D 7.B.(1)
      FundTypeGross assetsOwnersFirst reported
      F•••• F••• I• L•••Private Equity Fund$65.6M41May 15, 2020
      F•••• A••••••••• F••• I• L•••Private Equity Fund$15.8M30May 15, 2020
      Owners and control persons
      Schedule A and B, latest filing
      • B••••••• C••••••••• N••• · Co-Founder, Managing Partnercontrol
        since 03/2020 · owns 50% to 75%
      • D•••••• A•••• S••••• · Co-Founder, Partner, Chief Compliance Officercontrol
        since 09/2023 · owns 25% to 50%
      Related persons
      Schedule D 7.A
      No related person reported.
      Offices
      Schedule D 1.F, the 25 largest
      No branch office listed.
      What changed
      consecutive filings, newest first
      • Assets in custody · $225M to $224M
        Mar 23, 2026 to May 11, 2026
      • Discretionary RAUM · $225M to $224M
        Mar 23, 2026 to May 11, 2026
      • Pooled vehicle RAUM · $225M to $224M
        Mar 23, 2026 to May 11, 2026
      • RAUM · $225M to $224M
        Mar 23, 2026 to May 11, 2026
      • Advisory employees · 8 to 9
        Jul 7, 2025 to Mar 23, 2026
      • Assets in custody · $170M to $225M
        Jul 7, 2025 to Mar 23, 2026
      • Employees · 8 to 9
        Jul 7, 2025 to Mar 23, 2026
      • Financial planning clients · 0 to
        Jul 7, 2025 to Mar 23, 2026
      • Discretionary RAUM · $170M to $225M
        Jul 7, 2025 to Mar 23, 2026
      • Pooled vehicle RAUM · $170M to $225M
        Jul 7, 2025 to Mar 23, 2026
      • RAUM · $170M to $225M
        Jul 7, 2025 to Mar 23, 2026
      Signals
      No event on the tape.
      Across DFX
      shared identifiers only, never a name match
      How to reach
      public business contact points only, each with its source
      Firm profile
      linkedin.com/company/11350069/admin/feed/postsreportedpublic record, Form ADV, Sep 21, 2026
      Website
      fmiinvestment.comreportedpublic record, Form ADV, Sep 21, 2026
      Principal office phone
      919-609-7395reportedpublic record, Form ADV, May 11, 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