# Adelante Capital Management LLC

> Adelante Capital Management LLC is an SEC-registered investment advisory firm in Alameda, CA, registered since 1995, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 20, 2026.

- CRD: 107382
- Filed as: ADELANTE CAPITAL MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Alameda, CA
- Filing period: October 2026
- Form ADV filing dated: March 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/107382
- AdvisorCensus page: https://advisorcensus.com/firm/adelante-capital-management-llc-alameda-ca-107382

## Quick answers

**How is Adelante Capital Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Adelante Capital Management LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Adelante Capital Management LLC located?**
Adelante Capital Management LLC's principal office is in Alameda, CA, according to its Form ADV.

**Is Adelante Capital Management LLC registered with the SEC or a state?**
Adelante Capital Management LLC is an SEC-registered investment advisory firm, registered since 1995. Status as filed: Approved. CRD 107382.

**How much does Adelante Capital Management LLC manage?**
Adelante Capital Management LLC reports $1,488,002,915 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary).

**How have Adelante Capital Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Adelante Capital Management LLC: Regulatory assets under management: $1,561,972,149 in the October 2021 data and $1,488,002,915 in the October 2026 data, down 5%. Total employees: 11 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Adelante Capital Management LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (45); state or municipal government entities (including government pension plans) (8); other (6).

**Which custodians does Adelante Capital Management LLC use?**
Adelante Capital Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Bank and Trust Company and The Bank of New York Mellon as custodians holding 10% or more of its separately managed account assets.

**Does Adelante Capital Management LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/107382

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- State Street Bank and Trust Company
- The Bank of New York Mellon

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,488,002,915
- Discretionary: $1,488,002,915
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 45 | $46,441,509 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $82,172,528 |
| State or municipal government entities (including government pension plans) | 8 | $1,162,811,289 |
| Corporations or other businesses not listed above | Fewer than 5 | $27,113,632 |
| Other | 6 | $169,463,957 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1995 (31 years)
- Employees: 10 total, 5 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- adelante.com
- LinkedIn @adelante-capital-management
- X @AdelanteCapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,561,972,149 | 11 | July 8, 2021 |
| October 2022 | $2,367,748,176 | 10 | September 7, 2022 |
| October 2023 | $1,538,796,913 | 10 | February 28, 2023 |
| October 2024 | $1,609,800,834 | 10 | March 1, 2024 |
| October 2025 | $1,566,301,370 | 10 | February 3, 2025 |
| October 2026 | $1,488,002,915 | 10 | March 20, 2026 |

Regulatory assets under management: $1,561,972,149 in the October 2021 data and $1,488,002,915 in the October 2026 data, down 5%.
Total employees: 11 in October 2021 and 10 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Adelante Capital Management LLC (CRD 107382): Form ADV filing data as of October 2026.