# Black Hill Capital Partners, LLC

> Black Hill Capital Partners, LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2020, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 118291
- Filed as: BLACK HILL CAPITAL PARTNERS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/118291
- AdvisorCensus page: https://advisorcensus.com/firm/black-hill-capital-partners-llc-san-francisco-ca-118291

## Quick answers

**How is Black Hill Capital Partners, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Black Hill Capital Partners, LLC reports these compensation arrangements: a percentage of assets under its management.

**How much does Black Hill Capital Partners, LLC charge?**
Its Form ADV Part 2A brochure dated March 27, 2026 states: Asset-based fee: 1% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Black Hill Capital Partners, LLC located?**
Black Hill Capital Partners, LLC's principal office is in San Francisco, CA, according to its Form ADV.

**Is Black Hill Capital Partners, LLC registered with the SEC or a state?**
Black Hill Capital Partners, LLC is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 118291.

**How much does Black Hill Capital Partners, LLC manage?**
Black Hill Capital Partners, LLC reports $67,670,878 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Black Hill Capital Partners, LLC's assets and staff changed since 2021?**
In the Form ADV data for Black Hill Capital Partners, LLC: Regulatory assets under management: $64,087,281 in the October 2021 data and $67,670,878 in the October 2026 data, up 6%. Total employees: 1 in October 2021 and 1 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Black Hill Capital Partners, LLC serve?**
By number of clients on Form ADV Item 5.D: investment companies (1).

**Which custodians does Black Hill Capital Partners, LLC use?**
Black Hill Capital Partners, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Interactive Brokers LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Black Hill Capital Partners, LLC report any disciplinary disclosures?**
Reports 4 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation), 11.D(3) (another regulator's finding of causing a business's authorization to be denied, suspended, revoked, or restricted), 11.D(4) (another regulator's order in the past ten years), and 11.D(5) (another regulator's denial, suspension, or revocation of a registration or license, bar, or restriction). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/118291

**What changed in Black Hill Capital Partners, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $51,774,761 to $67,670,878 (+31%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 27, 2026)

- Asset-based fee: 1% of assets a year

> Fees for investment management are 1% per year of the assets under management, billed in advance in quarterly installments. These fees are billed at the beginning of each quarter, based on the assets under management as of the last day of the previous calendar quarter. Our fees are not negotiable.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Interactive Brokers LLC

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: $67,670,878
- Discretionary: $67,670,878
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | Fewer than 5 | $34,294,574 |
| Investment companies | 1 | $33,376,304 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2020 (6 years)
- Employees: 1 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports 4 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(3): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.D(5): Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/118291

### Websites listed on Form ADV (Item 1.I)
- [blackhill-capital.com](https://blackhill-capital.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $64,087,281 | 1 | March 11, 2021 |
| October 2022 | $73,651,136 | 1 | March 10, 2022 |
| October 2023 | $37,334,442 | 1 | March 31, 2023 |
| October 2024 | $67,851,243 | 1 | March 27, 2024 |
| October 2025 | $51,774,761 | 1 | March 28, 2025 |
| October 2026 | $67,670,878 | 1 | March 27, 2026 |

Regulatory assets under management: $64,087,281 in the October 2021 data and $67,670,878 in the October 2026 data, up 6%.
Total employees: 1 in October 2021 and 1 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $51,774,761 to $67,670,878 (+31%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Black Hill Capital Partners, LLC (CRD 118291): Form ADV filing data as of October 2026.