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.
SEC-registered adviser
Cercano Management LLC
Latest filing Sep 8, 2026
First filing on the tape Nov 17, 2021 · 32 filings
SEC status approved since Dec 30, 2021
RAUM
$7.3B
reported, Item 5.F
Discretionary
97%
of RAUM
Private clients
8.1%
$590M individuals and HNW
Advisors
1
registered through the firm on IAPD
RAUM per advisor
$7.3B
derived; firm RAUM over IAPD count
Employees
62
25 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
32 filings and snapshots on the tape
RAUM$7.3B as of Jul 1, 2026
Mar 31, 2022$8.0B then
HNW client RAUM$590M as of Jul 1, 2026
Mar 31, 2022$458M then
State-registered IARs (5.B.3)2 as of Jul 1, 2026
Mar 31, 20220 then
Employees (5.A)62 as of Jul 1, 2026
Mar 31, 202245 then
Private funds29 as of Jul 1, 2026
Mar 31, 202217 then
RAUM -31% over the last fiscal year-3.1% a year over threeIARs 0 to 2offices 2 to 1
Practice profile
derived from the filing of Sep 8, 2026; every figure names its basis
Archetypes, each a printed rule
- Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
- RAUM per advisor
- $7.3BderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 6derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $98.3MderivedHNW RAUM over HNW clients
- Average account
- $152MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 97%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 62.0derivedItem 5.A over advisors
- Advisors per office
- 0.5derived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- +1.0%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- +0.0%derived
- Compensation
- percentage of assets, hourly, fixed fees, performance-basedreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, selection of other advisersreportedItem 5.G
- Custody
- $6.3B, 27 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)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- an independent public accountant performs a surprise examination (9.C.1)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$6.3B86%
- High-net-worth individuals$590M8.1%
- Corporations and businesses$403M5.5%
- Charitable organizations$216,4320.0%
- Individual clients
- 0reported
- HNW clients
- 6reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 48reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- $6.3B for 27 clientsreported
- Compensation
- % of AUM, fixed, hourly, performancereported
- Class basis
- private_client_share=0.08 fund_share=0.86 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
1 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Jason Matthew ButlerCertified Financial Planner, Personal Financial Specialist | Bellevue, Wa | Jan 30, 2026 | 11 y | 1 |
Advisor movement
0 left, 1 joined in 12 months
net +1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
none on the tape
Joined, latest
- Jason Matthew Butler from Charles Schwab & Co., Inc.Jan 30, 2026 · Other
Private funds
36 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| Fifth Street Station LLC | Hedge Fund | $3.5B | 2 | Feb 7, 2022 |
| Cougar Investment Holdings LLC | Other Private Fund | $1.9B | 1 | Feb 7, 2022 |
| Pacf Holdco LLC | Other Private Fund | $1.3B | 1 | Mar 31, 2023 |
| Vc Asset Management LLC | Other Private Fund | $649M | 2 | Nov 17, 2021 |
| Aloysius Investments LP | Hedge Fund | $425M | 1 | Nov 15, 2024 |
| Cougar Continuation LLC | Private Equity Fund | $369M | 1 | Feb 7, 2022 |
| Evergreen Credit Opportunities LLC | Hedge Fund | $360M | 1 | Feb 7, 2022 |
| Vcvc V LLC | Venture Capital Fund | $325M | 2 | Nov 17, 2021 |
| Vcpe III LLCno longer reported | Private Equity Fund | $310M | 2 | Nov 17, 2021 |
| Vc Capital Holdings Columbia LLC | Private Equity Fund | $228M | 2 | Nov 17, 2021 |
| Palouse Investments LLC | Hedge Fund | $225M | 2 | Feb 7, 2022 |
| Vc Altair Equity LLC | Venture Capital Fund | $204M | 2 | Nov 17, 2021 |
| Vc Overlake Opportunities LLC | Private Equity Fund | $185M | 2 | Nov 17, 2021 |
| Vcvc IV LLC | Venture Capital Fund | $158M | 2 | Nov 17, 2021 |
| Vulcan Capital Singapore Greenhouse Pte. Ltd. | Venture Capital Fund | $118M | 1 | Mar 31, 2023 |
| Vc Capital Growth Equity II LLC | Venture Capital Fund | $101M | 2 | Nov 17, 2021 |
| Vcvc III LLC | Venture Capital Fund | $80.5M | 2 | Nov 17, 2021 |
| Vc Ventures Inc.no longer reported | Venture Capital Fund | $60.9M | 1 | Feb 7, 2022 |
| Cercano Zambezi Venture Capital L.P. | Venture Capital Fund | $46.4M | 2 | Mar 31, 2023 |
| Cercano Zambezi Asia L.P. | Venture Capital Fund | $35.6M | 2 | Mar 31, 2023 |
| Sb Illiquid Investments LLC | Hedge Fund | $35.5M | 4 | Aug 25, 2023 |
| Vulcan Capital Singapore Greenhouse Pte.Ltd.no longer reported | Private Equity Fund | $24.8M | 1 | Nov 17, 2021 |
| Cercano Zambezi Opportunities L.P. | Venture Capital Fund | $20.2M | 2 | Mar 31, 2023 |
| Pacf Private Credit LP | Other Private Fund | $8.4M | 2 | Feb 12, 2024 |
| Pacf Private Equity LP | Private Equity Fund | $6.7M | 2 | Feb 12, 2024 |
| Pacf Venture Capital LP | Venture Capital Fund | $3.3M | 2 | Feb 12, 2024 |
| Cercano Big Hat Venture Capital LP | Venture Capital Fund | $3.0M | 2 | Feb 12, 2024 |
| Cercano Integrity Venture Capital LP | Venture Capital Fund | $2.4M | 2 | Feb 12, 2024 |
| Cercano Integrity Private Equity LP | Private Equity Fund | $2.1M | 2 | Feb 12, 2024 |
| Cercano Integrity Private Credit LP | Other Private Fund | $2.1M | 2 | Feb 12, 2024 |
| Cercano Big Hat Private Credit LP | Other Private Fund | $2.1M | 2 | Feb 12, 2024 |
| Vc Growth Equity LLCno longer reported | Venture Capital Fund | $960,851 | 2 | Nov 17, 2021 |
| Pacf Asia Venture Capital LP | Venture Capital Fund | $9,792 | 2 | Feb 12, 2024 |
| Ecmf LLCno longer reported | Other Private Fund | $0 | 1 | Feb 7, 2022 |
| Tcmf LLCno longer reported | Other Private Fund | $0 | 1 | Feb 7, 2022 |
| Cercano Zambezi Private Equity L.P. | Private Equity Fund | $0 | 2 | Mar 31, 2023 |
Owners and control persons
Schedule A and B, latest filing
- Yongbai Choi · Exec Vp And Management Committee Membercontrolsince 01/2022 · owns less than 5%
- Gabrielle Glemann · General Counselcontrolsince 06/2023 · owns less than 5%
- Firman Albert Hwang · Exec Vp And Management Committee Membercontrolsince 01/2022 · owns less than 5%
- Neil Christopher Orndorff · President, Management Committee Membercontrolsince 07/2021 · owns less than 5%
- William Joel Shoop · Chief Financial Officercontrolsince 01/2022 · owns less than 5%
- Neil Christopher Orndorff · Limited Partnercontrolsince 01/2022 · owns 50% to 75% of Cercano Management Holdings L.P.
- Mei-Yin Malinda Khauv · Chief Compliance Officersince 08/2023 · owns less than 5%
Entity owners
- Cercano Management Holdings L.P. · Memberdirect · owns 75% or more
- Cercano Management Gp LLC · General Partnerindirect · owns F of Cercano Management Holdings L.P.
- The Estate Of Paul G. Allen · Limited Partnerindirect · owns 25% to 50% of Cercano Management Holdings L.P.
Related persons
Schedule D 7.A
- Cercano Aloysius Gp LLCpooled vehicle sponsory
- Cercano Big Hat Private Credit Gp LLCpooled vehicle sponsory
- Cercano Big Hat Venture Capital Gp LLCpooled vehicle sponsory
- Cercano Integrity Private Credit Gp LPpooled vehicle sponsory
- Cercano Integrity Private Equity Gp LPpooled vehicle sponsory
- Cercano Integrity Venture Capital Gp LPpooled vehicle sponsory
- Cercano Pacf Private Credit Gp LLCpooled vehicle sponsory
- Cercano Pacf Private Equity Gp LLCpooled vehicle sponsory
- Cercano Pacf Venture Capital Gp LLCpooled vehicle sponsory
- Cercano Zambezi Opportunities Gp, L.P.pooled vehicle sponsory
- Cercano Zambezi Private Equity Gp, L.P.pooled vehicle sponsory
- Cercano Zambezi Venture Capital Gp, L.P.pooled vehicle sponsory
- Vc Capital Growth Equity Management II LLCpooled vehicle sponsory
- Vc Ventures Inc.pooled vehicle sponsory
- Vcae Management LLCpooled vehicle sponsory
- Vchc Management LLCpooled vehicle sponsory
- Vcoo Management LLCpooled vehicle sponsory
- Vcvc Management III LLCpooled vehicle sponsory
- Vcvc Management IV LLCpooled vehicle sponsory
- Vcvc Management V LLCpooled vehicle sponsory
Offices
Schedule D 1.F, the 25 largest
- Atlanta, GA1 employees
- Wayzata, MN
What changed
consecutive filings, newest first
- Financial planning clients · 0 to 0Jul 1, 2026 to Sep 8, 2026
- Private funds · 29 to unsetJul 1, 2026 to Sep 8, 2026
- Succession · false to unsetJul 1, 2026 to Sep 8, 2026
- Advisory employees · 28 to 25Mar 25, 2026 to Jun 18, 2026
- HNW clients · 13 to 6Mar 25, 2026 to Jun 18, 2026
- Pooled vehicle clients · 31 to 27Mar 25, 2026 to Jun 18, 2026
- Assets in custody · $8.8B to $6.3BMar 25, 2026 to Jun 18, 2026
- Employees · 79 to 62Mar 25, 2026 to Jun 18, 2026
- Other offices · 2 to 1Mar 25, 2026 to Jun 18, 2026
- Private funds · 33 to 29Mar 25, 2026 to Jun 18, 2026
- Discretionary RAUM · $10B to $7.0BMar 25, 2026 to Jun 18, 2026
- HNW RAUM · $1.4B to $590MMar 25, 2026 to Jun 18, 2026
- Non-discretionary RAUM · $239M to $238MMar 25, 2026 to Jun 18, 2026
- Pooled vehicle RAUM · $8.8B to $6.3BMar 25, 2026 to Jun 18, 2026
- RAUM · $11B to $7.3BMar 25, 2026 to Jun 18, 2026
- Accounts · 46 to 48Feb 25, 2026 to Mar 25, 2026
- Advisory activities · 4 to 5Feb 25, 2026 to Mar 25, 2026
- Pooled vehicle clients · 29 to 31Feb 25, 2026 to Mar 25, 2026
- Assets in custody · $8.2B to $8.8BFeb 25, 2026 to Mar 25, 2026
- Employees · 73 to 79Feb 25, 2026 to Mar 25, 2026
- Financial planning clients · to 0Feb 25, 2026 to Mar 25, 2026
- State-registered IARs · 0 to 2Feb 25, 2026 to Mar 25, 2026
- Private funds · 32 to 33Feb 25, 2026 to Mar 25, 2026
- Discretionary RAUM · $10B to $10BFeb 25, 2026 to Mar 25, 2026
- HNW RAUM · $1.9B to $1.4BFeb 25, 2026 to Mar 25, 2026
- Non-discretionary RAUM · $228M to $239MFeb 25, 2026 to Mar 25, 2026
- Pooled vehicle RAUM · $8.2B to $8.8BFeb 25, 2026 to Mar 25, 2026
- RAUM · $11B to $11BFeb 25, 2026 to Mar 25, 2026
- Private funds · 31 to 32Jan 7, 2026 to Feb 25, 2026
- Private funds · 29 to 31Jul 22, 2025 to Aug 18, 2025
- Financial planning clients · unset to Mar 24, 2025 to Jul 22, 2025
- Accounts · 43 to 46Nov 15, 2024 to Mar 24, 2025
- Advisory employees · 33 to 28Nov 15, 2024 to Mar 24, 2025
- Advisory activities · 3 to 4Nov 15, 2024 to Mar 24, 2025
- HNW clients · 10 to 13Nov 15, 2024 to Mar 24, 2025
- Pooled vehicle clients · 28 to 29Nov 15, 2024 to Mar 24, 2025
- Assets in custody · $7.6B to $8.2BNov 15, 2024 to Mar 24, 2025
- Employees · 70 to 73Nov 15, 2024 to Mar 24, 2025
- Discretionary RAUM · $10B to $10BNov 15, 2024 to Mar 24, 2025
- HNW RAUM · $2.5B to $1.9BNov 15, 2024 to Mar 24, 2025
Signals
12 dated events
- Cercano Management Llc reported RAUM $7.3B, down 31% from $10.6B (2026-03-25 to 2026-06-18)Jun 18, 2026 · RAUM change · derived
- Cercano Management Llc reported RAUM $10.5B, up 31% from $8.0B (2024-02-12 to 2024-03-28)Mar 28, 2024 · RAUM change · derived
- James Kevin Hiniker (Chief Compliance Officer) no longer on Schedule A of Cercano Management Llc (listed 2023-06-12, absent 2023-08-01)Aug 1, 2023 · Control person left · inference
- Gabrielle Glemann (General Counsel) appeared on Schedule A of Cercano Management LlcJun 12, 2023 · Control person joined · fact
- James Kevin Hiniker (Chief Compliance Officer) appeared on Schedule A of Cercano Management LlcMar 31, 2023 · Control person joined · fact
- Suh Moon Sandy Choi (General Counsel, Chief Compliance Officer) no longer on Schedule A of Cercano Management Llc (listed 2023-02-24, absent 2023-03-31)Mar 31, 2023 · Control person left · inference
- Firman Albert Hwang (Exec Vp And Management Committee Member) appeared on Schedule A of Cercano Management LlcOct 6, 2022 · Control person joined · fact
- Yongbai Choi (Exec Vp And Management Committee Member) appeared on Schedule A of Cercano Management LlcOct 6, 2022 · Control person joined · fact
- Joel Shoop (Chief Financial Officer) appeared on Schedule A of Cercano Management LlcOct 6, 2022 · Control person joined · fact
- Suh Moon Sandy Choi (General Counsel, Chief Compliance Officer) appeared on Schedule A of Cercano Management LlcMar 31, 2022 · Control person joined · fact
- Emmanuel Omar Vasquez (Chief Compliance Officer, Associate General Counsel) no longer on Schedule A of Cercano Management Llc (listed 2022-02-07, absent 2022-03-31)Mar 31, 2022 · Control person left · inference
- Cercano Management L.P. filed its initial SEC registration (Form ADV)Nov 17, 2021 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- Cercano Management LLC · Independent Sponsorsshared crd · capital_provider
- Cercano Management LLC · Private Equityshared crd · organization
- Cercano Management LLC · Venture Capitalshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/cercano-managementreportedpublic record, Form ADV, Sep 17, 2026
- Website
- cercanolp.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 425-371-7500reportedpublic record, Form ADV, Sep 8, 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
- $7.3Bderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026