AdvisorCensus / Financial advisors / California / Los Angeles / Breakthrough Properties
Breakthrough Properties
Filed as BREAKTHROUGH PROPERTIES · Legal name Breakthrough Services, L.L.C.
Breakthrough Properties is an SEC-registered investment advisory firm in Los Angeles, CA, registered since 2020, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.
Quick answers
From the filingHow is Breakthrough Properties compensated?
On its Form ADV (Item 5.E, October 2026), Breakthrough Properties reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.
Where is Breakthrough Properties located?
Breakthrough Properties' principal office is in Los Angeles, CA, according to its Form ADV; the April 2026 filing also lists 5 other offices (Schedule D, Section 1.F).
Is Breakthrough Properties registered with the SEC or a state?
Breakthrough Properties is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 309668.
How much does Breakthrough Properties manage?
Breakthrough Properties reports $2,692,663,456 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).
How have Breakthrough Properties' assets and staff changed since 2021?
In the Form ADV data for Breakthrough Properties: Regulatory assets under management: $558,000,000 in the October 2021 data and $2,692,663,456 in the October 2026 data, up 383%. Total employees: 13 in October 2021 and 94 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Breakthrough Properties serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12).
Does Breakthrough Properties 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/309668
Does Breakthrough Properties state an account minimum?
Its Form ADV Part 2A brochure dated March 31, 2026 says: "Typically, a $25 million minimum commitment is required to invest in the Funds, but the minimum may be waived at the discretion of the Adviser on a case-by-case basis."
What changed in Breakthrough Properties' recent Form ADV filings?
In the April 2026 filing data: Employees performing advisory functions went from 19 to 21. Changed its office addresses in San Diego, CA. Added an office in Boston, MA.
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
- Other
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AThe brochure lists different fees for different services or strategies; see the brochure for them.
Account minimum: $25,000,000 (the brochure says it may be waived or negotiated)
The brochure's wording
Typically, a $25 million minimum commitment is required to invest in the Funds, but the minimum may be waived at the discretion of the Adviser on a case-by-case basis.
As stated in the firm's Form ADV Part 2A brochure dated March 31, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$2,692,663,456 as of October 2026, filing dated March 31, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Legal name
- Breakthrough Services, L.L.C.
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2020 (6 years)
- Employees
- Total: 94. Performing investment advisory functions: 21.
- Wrap fee program participation
- No.
- Other offices (Schedule D, Section 1.F)
-
5 other offices, as of the April 2026 filing
- States registered or notice-filed
-
3 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $2,692,663,456 | 94 | March 31, 2026 |
| October 2025 | $2,553,660,472 | 86 | April 30, 2025 |
| October 2024 | $2,570,555,648 | 76 | May 2, 2024 |
| October 2023 | $2,835,525,628 | 66 | June 2, 2023 |
| October 2022 | $1,442,957,320 | 35 | March 31, 2022 |
| October 2021 | $558,000,000 | 13 | March 31, 2021 |
Regulatory assets under management: $558,000,000 in the October 2021 data and $2,692,663,456 in the October 2026 data, up 383%.
Total employees: 13 in October 2021 and 94 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Employees performing advisory functions went from 19 to 21.
- Changed its office addresses in San Diego, CA.
- Added an office in Boston, MA.
- February 2026
- Updated its list of owners and control persons (Schedule A).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Breakthrough Properties (CRD 309668): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/breakthrough-properties-los-angeles-ca-309668