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
F•••• D••• C•• L••
Latest filing Jul 1, 2026
First filing on the tape Feb 24, 2021 · 10 filings
SEC status approved since Mar 26, 2021
RAUM
$1.9B
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
23
7 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
60
reported on Schedule D
History
10 filings and snapshots on the tape
RAUM$1.9B as of Jul 1, 2026
Mar 31, 2022$331M then
HNW client RAUM$237M as of Mar 31, 2023
Mar 31, 2022$146M then
State-registered IARs (5.B.3)0 as of Jul 1, 2026
Mar 31, 20220 then
Employees (5.A)23 as of Jul 1, 2026
Mar 31, 20227 then
Private funds60 as of Jul 1, 2026
Mar 31, 202220 then
RAUM +172% over the last fiscal year+55% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Jul 1, 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
- $31.2MderivedRAUM 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
- +147%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, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for pooled vehicles, selection of other advisersreportedItem 5.G
- Custody
- $1.5B, 53 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)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$1.9B100%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 60reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $1.5B for 53 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
33 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| F•••• D••• F••• O• F•••• 2••• L•• | Other Private Fund | $63.0M | 87 | Mar 31, 2023 |
| F•••• D••• C•••••• F••• I• L• | Other Private Fund | $62.6M | 119 | Mar 31, 2023 |
| F•••• D••• F••• O• F•••• I• L•• | Other Private Fund | $61.8M | 96 | Mar 31, 2022 |
| F•• S• S•• I• L•• | Other Private Fund | $26.1M | 62 | Mar 29, 2024 |
| F•• S• S•• I•• L•• | Other Private Fund | $25.2M | 30 | Mar 29, 2024 |
| F•• S• S•• L•• | Other Private Fund | $21.5M | 26 | Mar 29, 2024 |
| 1•• O••••••••• F••• A•• | Other Private Fund | $19.6M | 23 | Mar 31, 2022 |
| F•• M•• S••••• A• S•• L•• | Other Private Fund | $15.3M | 50 | Feb 24, 2021 |
| F•• G••• S•• L•• | Other Private Fund | $15.0M | 16 | Feb 24, 2021 |
| F•••• D••• C•••••• F••• I• L• | Other Private Fund | $13.8M | 47 | Feb 24, 2021 |
| F•• M•• S••••• A•• S••• L•• | Other Private Fund | $9.8M | 47 | Feb 24, 2021 |
| F•••• D••• S•• S••••• 4• L•• | Other Private Fund | $9.0M | 29 | Mar 29, 2024 |
| F•• M•• 2••• L•• | Other Private Fund | $8.5M | 30 | Mar 29, 2024 |
| F•••• D••• S••••• C•••• S•• I•• L•• | Other Private Fund | $8.0M | 18 | Mar 31, 2023 |
| F•••• D••• S•• S••••• V• L•• | Other Private Fund | $6.9M | 43 | Mar 31, 2022 |
| F•• P•••••••• L•• | Other Private Fund | $6.2M | 22 | Mar 29, 2024 |
| V•• F•• S•• L•• | Other Private Fund | $5.7M | 16 | Feb 24, 2021 |
| F•• M•• S••••• B• L•• | Other Private Fund | $5.5M | 29 | Feb 24, 2021 |
| F•••• D••• S•• S••••• V• L•• | Other Private Fund | $4.3M | 19 | Mar 31, 2022 |
| F•••• D••• S•• S••••• X• L•• | Other Private Fund | $2.7M | 27 | Mar 31, 2022 |
| F•••• D••• S•• S••••• V••• L•• | Other Private Fund | $2.7M | 27 | Mar 31, 2022 |
| F•••• D••• S••••• C•••• S•• L•• | Other Private Fund | $2.4M | 11 | Feb 24, 2021 |
| F•••• D••• S•• S••••• I••• L•• | Other Private Fund | $1.2M | 11 | Mar 31, 2022 |
| F•••• D••• S•• S••••• 2• L•• | Other Private Fund | $1.1M | 8 | Mar 31, 2023 |
| F•••• D••• S•• S••••• I• L•• | Other Private Fund | $1.1M | 22 | Mar 31, 2022 |
| F•••• D••• S•• S••••• I•• L•• | Other Private Fund | $900,994 | 15 | Mar 31, 2022 |
| F•••• D••• S•••••••• S•• I• L•• | Other Private Fund | $800,000 | 1 | Mar 29, 2024 |
| F•• B••• S•• L•• | Other Private Fund | $767,099 | 17 | Feb 24, 2021 |
| F•••• D••• S•••••••• F••• I• L• | Other Private Fund | $200,000 | 1 | Mar 29, 2024 |
| F•• T•• C••••• S•• L•• | Other Private Fund | $100,000 | 1 | Mar 29, 2024 |
| F•••• D••• S•• S••••• I•• L•• | Other Private Fund | $72,553 | 21 | Mar 31, 2022 |
| F•••• D••• S•• S••••• I• L•• | Other Private Fund | $30,759 | 28 | Mar 31, 2022 |
| F•••• D••• S•• S••••• V•• L••no longer reported | Other Private Fund | $5,113 | 28 | Mar 31, 2022 |
Owners and control persons
Schedule A and B, latest filing
- E••••••• C••••••••• J•• · General Counsel & Chief Compliance Officercontrolsince 02/2024 · owns less than 5%
- R••••• B•••• · President & Managing Partnercontrolsince 07/2023 · owns less than 5%
- S•••••••• A•••••• M•••••• · Founder & Managing Partnercontrolsince 01/2014 · owns 50% to 75%
- F••••••••• D•••••• M••••• · Managing Membercontrolsince 07/2021 · owns F of G•••••••• C•••••• I•• G•• L••
- R•••• A•••• B•••• · Managing Membercontrolsince 07/2021 · owns F of G•••••••• C•••••• I•• G•• L••
- R•••• A•••• B•••• · Trusteecontrolsince 11/2021 · owns F of A••• B• R••• R•••••••• T••••• U•••• N••••••• 6• 2•••
- C••••••••• M••••••• Q•••• · Membersince 10/2022 · owns 10% to 25%
Entity owners
- A••• B• R••• R•••••••• T••••• U•••• N••••••• 6• 2••• · Assigneeindirect · owns 75% or more of G•••••••• C•••••• I•• G•• L••
- G•••••••• C•••••• I•• G•• L•• · General Partnerindirect · owns F of G•••••••• C•••••• I••••• L•
- G•••••••• C•••••• I••••• L• · Shareholderindirect · owns 75% or more of G•••••••• C•••••• F•••• D••• C•••••• B••••••• I•••
- G•••••••• C•••••• F•••• D••• C•••••• B••••••• I••• · Memberdirect · owns 5% to 10%
Related persons
Schedule D 7.A
- F•••• D••• C•••••• I• G• L••pooled vehicle sponsorn
- F•••• D••• C•••••• I• G• L••pooled vehicle sponsorn
Offices
Schedule D 1.F, the 25 largest
- , 1 employees
ADV anomalies
2 against comparable advisers; where to look, not conclusions
- many private funds relative to firm sizeStatic outlier · filing Jul 1, 2026private funds per $1B of RAUM of 32.1 against a peer median of 4.3 (953 comparable advisers, 99.0th percentile, 8.9 robust deviations)peers: asset managers, $1B to $5B (953) · 99% percentile
- RAUM up 50 %Change between filings · filing Mar 31, 2026RAUM (Item 5.F) moved from $686,400,398 to $1,694,990,397 (+147.0%) between the annual amendments of 2025-03-28 and 2026-03-31; the peer median change was +11.0% (1368 comparable advisers, 96.0th percentile of changes)peers: asset managers, $1B to $5B (1,368) · 96% percentile
What changed
consecutive filings, newest first
- Assets in custody · $1.3B to $1.5BMar 31, 2026 to Jul 1, 2026
- Discretionary RAUM · $1.7B to $1.9BMar 31, 2026 to Jul 1, 2026
- Pooled vehicle RAUM · $1.7B to $1.9BMar 31, 2026 to Jul 1, 2026
- RAUM · $1.7B to $1.9BMar 31, 2026 to Jul 1, 2026
- Accounts · 41 to 60Mar 28, 2025 to Mar 31, 2026
- Advisory employees · 6 to 7Mar 28, 2025 to Mar 31, 2026
- Pooled vehicle clients · 41 to 60Mar 28, 2025 to Mar 31, 2026
- Assets in custody · $543M to $1.3BMar 28, 2025 to Mar 31, 2026
- Employees · 17 to 23Mar 28, 2025 to Mar 31, 2026
- Private funds · 41 to 60Mar 28, 2025 to Mar 31, 2026
- Discretionary RAUM · $686M to $1.7BMar 28, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $686M to $1.7BMar 28, 2025 to Mar 31, 2026
- RAUM · $686M to $1.7BMar 28, 2025 to Mar 31, 2026
- Accounts · 32 to 41Dec 20, 2024 to Mar 28, 2025
- Advisory employees · 7 to 6Dec 20, 2024 to Mar 28, 2025
- Pooled vehicle clients · 32 to 41Dec 20, 2024 to Mar 28, 2025
- Assets in custody · $283M to $543MDec 20, 2024 to Mar 28, 2025
- Employees · 16 to 17Dec 20, 2024 to Mar 28, 2025
- Financial planning clients · unset to Dec 20, 2024 to Mar 28, 2025
- HQ city · unset to Dec 20, 2024 to Mar 28, 2025
- HQ state · unset to Dec 20, 2024 to Mar 28, 2025
- Other offices · 1 to 0Dec 20, 2024 to Mar 28, 2025
- Private funds · 32 to 41Dec 20, 2024 to Mar 28, 2025
- Discretionary RAUM · $402M to $686MDec 20, 2024 to Mar 28, 2025
- Pooled vehicle RAUM · $402M to $686MDec 20, 2024 to Mar 28, 2025
- RAUM · $402M to $686MDec 20, 2024 to Mar 28, 2025
- Accounts · 24 to 32Mar 31, 2023 to Mar 29, 2024
- Advisory employees · 6 to 7Mar 31, 2023 to Mar 29, 2024
- Advisory activities · 3 to 2Mar 31, 2023 to Mar 29, 2024
- Pooled vehicle clients · 23 to 32Mar 31, 2023 to Mar 29, 2024
- Assets in custody · $998,500 to $283MMar 31, 2023 to Mar 29, 2024
- Employees · 9 to 16Mar 31, 2023 to Mar 29, 2024
- Private funds · 23 to 32Mar 31, 2023 to Mar 29, 2024
- Discretionary RAUM · $268M to $402MMar 31, 2023 to Mar 29, 2024
- HNW RAUM · 237245212.0 to unsetMar 31, 2023 to Mar 29, 2024
- Non-discretionary RAUM · $237M to $0Mar 31, 2023 to Mar 29, 2024
- Pooled vehicle RAUM · $268M to $402MMar 31, 2023 to Mar 29, 2024
- RAUM · $505M to $402MMar 31, 2023 to Mar 29, 2024
- Accounts · 21 to 24Nov 30, 2022 to Mar 31, 2023
- Advisory employees · 5 to 6Nov 30, 2022 to Mar 31, 2023
Signals
12 dated events
- F•••• D••• C•• L•• reported RAUM $1.7B, up 147% from $686.4M (2025-03-28 to 2026-03-31)Mar 31, 2026 · RAUM change · derived
- F•••• D••• C•• L•• reported RAUM $686.4M, up 71% from $401.9M (2024-12-20 to 2025-03-28)Mar 28, 2025 · RAUM change · derived
- Brian Adam Ross (Managing Member) appeared on Schedule A of F•••• D••• C•• L••Mar 29, 2024 · Control person joined · fact
- Brian Rowen (President & Managing Partner) appeared on Schedule A of F•••• D••• C•• L••Mar 29, 2024 · Control person joined · fact
- Joy C•••••••• E•••••• (General Counsel & Chief Compliance Officer) appeared on Schedule A of F•••• D••• C•• L••Mar 29, 2024 · Control person joined · fact
- Marion Daniel Friedland (Managing Member) appeared on Schedule A of F•••• D••• C•• L••Mar 29, 2024 · Control person joined · fact
- Liam Stephen Patrick (Chief Investment Officer) no longer on Schedule A of F•••• D••• C•• L•• (listed 2023-03-31, absent 2024-03-29)Mar 29, 2024 · Control person left · inference
- Palazzo Elissa Mcginty (Chief Financial Officer, Chief Compliance Officer) no longer on Schedule A of F•••• D••• C•• L•• (listed 2023-03-31, absent 2024-03-29)Mar 29, 2024 · Control person left · inference
- F•••• D••• C•• L•• reported RAUM $505.1M, up 53% from $331.2M (2022-11-30 to 2023-03-31)Mar 31, 2023 · RAUM change · derived
- F•••• D••• C•• L•• reported RAUM $331.2M, up 88% from $176.1M (2021-06-02 to 2022-03-31)Mar 31, 2022 · RAUM change · derived
- Palazzo Elissa Mcginty (Chief Financial Officer, Chief Compliance Officer) appeared on Schedule A of F•••• D••• C•• L••Jun 2, 2021 · Control person joined · fact
- F•••• D••• C•• L•• filed its initial SEC registration (Form ADV)Feb 24, 2021 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- F•••• D••• C•• L•• · Venture Capitalshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/fifth-down-capreportedpublic record, Form ADV, Sep 18, 2026
- Website
- f••••••••.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 617-678-0260reportedpublic record, Form ADV, Jul 1, 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