# Black Lake Investments LLC

> Black Lake Investments LLC is an SEC-registered investment advisory firm in Wayzata, MN, registered since 2025, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated April 29, 2026.

- CRD: 334605
- Filed as: BLACK LAKE INVESTMENTS LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Wayzata, MN
- Filing period: October 2026
- Form ADV filing dated: April 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/334605
- AdvisorCensus page: https://advisorcensus.com/firm/black-lake-investments-llc-wayzata-mn-334605

## Quick answers

**How is Black Lake Investments LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Black Lake Investments LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.

**Where is Black Lake Investments LLC located?**
Black Lake Investments LLC's principal office is in Wayzata, MN, according to its Form ADV.

**Is Black Lake Investments LLC registered with the SEC or a state?**
Black Lake Investments LLC is an SEC-registered investment advisory firm, registered since 2025. Status as filed: Approved. CRD 334605.

**How much does Black Lake Investments LLC manage?**
Black Lake Investments LLC reports $1,189,319,275 in regulatory assets under management in its Form ADV filing dated April 29, 2026 (0% discretionary).

**How have Black Lake Investments LLC's assets and staff changed since 2025?**
In the Form ADV data for Black Lake Investments LLC: Regulatory assets under management: $800,813,438 in the October 2025 data and $1,189,319,275 in the October 2026 data, up 49%. Total employees: 9 in October 2025 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

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

**Does Black Lake Investments 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/334605

**Does Black Lake Investments LLC state an account minimum?**
Its Form ADV Part 2A brochure dated April 29, 2026 says: "The minimum initial account value for Black Lake is $ 8,000,000."

**What changed in Black Lake Investments LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $800,813,438 to $1,189,319,275 (+49%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated April 29, 2026)

- Account minimum: $8,000,000

> The minimum initial account value for Black Lake is $ 8,000,000.

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

### Custodians (Schedule D, Section 5.K(3))
- DTCC

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: $1,189,319,275
- Discretionary: $0
- Non-discretionary: $1,189,319,275

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Corporations or other businesses not listed above | Fewer than 5 | $1,189,319,275 |

### Advisory services (Item 5.G)
- 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: 2025 (1 year)
- Employees: 5 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2025 | $800,813,438 | 9 | July 7, 2025 |
| October 2026 | $1,189,319,275 | 5 | April 29, 2026 |

Regulatory assets under management: $800,813,438 in the October 2025 data and $1,189,319,275 in the October 2026 data, up 49%.
Total employees: 9 in October 2025 and 5 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $800,813,438 to $1,189,319,275 (+49%).

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Black Lake Investments LLC (CRD 334605): Form ADV filing data as of October 2026.