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.
The names on this page are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.
SEC-registered adviser
D•••••••• A•••• M••••••••• L••
Latest filing Aug 12, 2026
First filing on the tape Jun 30, 2022 · 9 filings
SEC status approved since Jul 29, 2022
RAUM
$567M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
2
registered through the firm on IAPD
RAUM per advisor
$283M
derived; firm RAUM over IAPD count
Employees
9
5 advisory (5.B.1)
Offices
2
beyond the principal office
Private funds
10
reported on Schedule D
History
9 filings and snapshots on the tape
RAUM$567M as of Aug 12, 2026
Mar 27, 2023$265M then
HNW client RAUM: no history
State-registered IARs (5.B.3)1 as of Aug 12, 2026
Mar 27, 20231 then
Employees (5.A)9 as of Aug 12, 2026
Mar 27, 20238 then
Private funds10 as of Aug 12, 2026
Mar 27, 20234 then
RAUM +24% over the last fiscal year+29% a year over threeIARs 2 to 1
Practice profile
derived from the filing of Aug 12, 2026; every figure names its basis
- RAUM per advisor
- $283MderivedRAUM 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
- $51.5MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 4.5derivedItem 5.A over advisors
- Advisors per office
- 0.7derived3 offices incl. principal (1.F.5)
- RAUM growth, one year
- +37%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 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
- $207M, 8 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)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$335M59%
- Investment companies$232M41%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 11reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $207M for 8 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
2 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| D•••••• J• C•••••• | Minneapolis, Mn | Aug 23, 2024 | 18 y | 0 |
| J••••• C••••• R•••••••• | Minneapolis, Mn | Oct 29, 2024 | 38 y | 3 |
Advisor movement
0 left, 0 joined in 12 months
net 0 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
- J••••• C••••• R•••••••• from H•• A•••• M••••••••• L••Oct 29, 2024 · Other
Private funds
7 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| T•••• P••••••••• L• | Hedge Fund | $40.0M | 4 | Jun 30, 2022 |
| L••• I• L•no longer reported | Hedge Fund | $35.0M | 40 | Sep 2, 2021 |
| D•••••••• P••••••••• F•••• L• | Hedge Fund | $35.0M | 3 | Mar 25, 2024 |
| L••• V••••••• F••• I• L• | Venture Capital Fund | $33.0M | 3 | Sep 2, 2021 |
| D•••••••• V•••••• F••• I•• L• | Venture Capital Fund | $20.0M | 5 | Mar 25, 2024 |
| L••• S•• I• L•no longer reported | Venture Capital Fund | $5.0M | 33 | Mar 27, 2023 |
| D•••••••• S•• I• L• | Venture Capital Fund | $5.0M | 4 | Mar 25, 2024 |
Owners and control persons
Schedule A and B, latest filing
- C••••••• D••••••• J• · Managing Partnercontrolsince 02/2017 · owns 25% to 50%
- M••••••• C••••••• E••••• · Managing Partnercontrolsince 02/2017 · owns 25% to 50%
- M•••••• A•••••• H••••••• · Managing Partner, Chief Compliance Officercontrolsince 02/2017 · owns 25% to 50%
- R••••••••• J•••••• C••••• · Managing Partnercontrolsince 06/2022 · owns 25% to 50%
Related persons
Schedule D 7.A
- I••••••••• A•••• L••investment adviseryRAUM $27.0M
Advisers that list D•••••••• A•••• M••••••••• L•• as a related person
- 332518 y
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Minneapolis, Mn · principal | 2 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- , 1 employees
What changed
consecutive filings, newest first
- Accounts · 13 to 11Mar 20, 2026 to Aug 12, 2026
- Advisory employees · 8 to 5Mar 20, 2026 to Aug 12, 2026
- Pooled vehicle clients · 8 to 10Mar 20, 2026 to Aug 12, 2026
- State-registered IARs · 2 to 1Mar 20, 2026 to Aug 12, 2026
- Private funds · 8 to 10Mar 20, 2026 to Aug 12, 2026
- Discretionary RAUM · $627M to $567MMar 20, 2026 to Aug 12, 2026
- Pooled vehicle RAUM · $288M to $335MMar 20, 2026 to Aug 12, 2026
- RAUM · $627M to $567MMar 20, 2026 to Aug 12, 2026
- Accounts · 9 to 13Dec 9, 2025 to Mar 20, 2026
- Advisory employees · 6 to 8Dec 9, 2025 to Mar 20, 2026
- Pooled vehicle clients · 6 to 8Dec 9, 2025 to Mar 20, 2026
- Assets in custody · $430M to $207MDec 9, 2025 to Mar 20, 2026
- Employees · 11 to 9Dec 9, 2025 to Mar 20, 2026
- Private funds · 6 to 8Dec 9, 2025 to Mar 20, 2026
- Discretionary RAUM · $458M to $627MDec 9, 2025 to Mar 20, 2026
- Pooled vehicle RAUM · $183M to $288MDec 9, 2025 to Mar 20, 2026
- RAUM · $458M to $627MDec 9, 2025 to Mar 20, 2026
- Accounts · 8 to 9Sep 30, 2024 to Mar 11, 2025
- Advisory employees · 5 to 6Sep 30, 2024 to Mar 11, 2025
- Pooled vehicle clients · 5 to 6Sep 30, 2024 to Mar 11, 2025
- Assets in custody · $133M to $430MSep 30, 2024 to Mar 11, 2025
- Employees · 10 to 11Sep 30, 2024 to Mar 11, 2025
- Insurance-licensed employees · 0 to 1Sep 30, 2024 to Mar 11, 2025
- Financial planning clients · unset to Sep 30, 2024 to Mar 11, 2025
- Other offices · 1 to 2Sep 30, 2024 to Mar 11, 2025
- Private funds · 5 to 6Sep 30, 2024 to Mar 11, 2025
- Discretionary RAUM · $333M to $458MSep 30, 2024 to Mar 11, 2025
- Pooled vehicle RAUM · $133M to $183MSep 30, 2024 to Mar 11, 2025
- RAUM · $333M to $458MSep 30, 2024 to Mar 11, 2025
- Custody of client assets · false to trueMar 25, 2024 to Sep 30, 2024
- State-registered IARs · 1 to 2Mar 25, 2024 to Sep 30, 2024
- Related adviser · false to trueMar 25, 2024 to Sep 30, 2024
- Accounts · 7 to 8Mar 27, 2023 to Mar 25, 2024
- Business name · L••• to D•••••••• A•••• M••••••••• L••Mar 27, 2023 to Mar 25, 2024
- Pooled vehicle clients · 4 to 5Mar 27, 2023 to Mar 25, 2024
- Assets in custody · unset to 133000000.0Mar 27, 2023 to Mar 25, 2024
- Employees · 8 to 10Mar 27, 2023 to Mar 25, 2024
- Legal name · L••• F••••• L•• to D•••••••• A•••• M••••••••• L••Mar 27, 2023 to Mar 25, 2024
- Private funds · 4 to 5Mar 27, 2023 to Mar 25, 2024
- Discretionary RAUM · $265M to $333MMar 27, 2023 to Mar 25, 2024
Signals
3 dated events
- D•••••••• A•••• M••••••••• L•• reported RAUM $626.7M, up 37% from $457.7M (2025-12-09 to 2026-03-20)Mar 20, 2026 · RAUM change · derived
- D•••••••• A•••• M••••••••• L•• reported RAUM $457.7M, up 37% from $333.0M (2024-09-30 to 2025-03-11)Mar 11, 2025 · RAUM change · derived
- L••• F••••• L•• filed its initial SEC registration (Form ADV)Jun 30, 2022 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- D•••••••• A•••• M••••••••• L•• · Family Officesshared crd · office
- D•••••••• A•••• M••••••••• L•• · Venture Capitalshared crd · organization
How to reach
public business contact points only, each with its source
- Website
- deepwatermgmt.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 612-424-1393reportedpublic record, Form ADV, Aug 12, 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
- $283Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026