# Calvert Impact Advisory Services, LLC

> Calvert Impact Advisory Services, LLC is an SEC-registered investment advisory firm in Bethesda, MD, registered since 2023, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 326022
- Filed as: CALVERT IMPACT ADVISORY SERVICES, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Bethesda, MD
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/326022
- AdvisorCensus page: https://advisorcensus.com/firm/calvert-impact-advisory-services-llc-bethesda-md-326022

## Quick answers

**How is Calvert Impact Advisory Services, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Calvert Impact Advisory Services, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**What does Calvert Impact Advisory Services, LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Up to $250,000,000: 2% a year; $250,000,000 to $500,000,000: 1.75% a year; Above $500,000,000: 1.5% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Calvert Impact Advisory Services, LLC located?**
Calvert Impact Advisory Services, LLC's principal office is in Bethesda, MD, according to its Form ADV.

**Is Calvert Impact Advisory Services, LLC registered with the SEC or a state?**
Calvert Impact Advisory Services, LLC is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 326022.

**How much does Calvert Impact Advisory Services, LLC manage?**
Calvert Impact Advisory Services, LLC reports $197,789,240 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Calvert Impact Advisory Services, LLC's assets and staff changed since 2023?**
In the Form ADV data for Calvert Impact Advisory Services, LLC: Regulatory assets under management: $0 in the October 2023 data and $197,789,240 in the October 2026 data. Total employees: 41 in October 2023 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Calvert Impact Advisory Services, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1).

**Does Calvert Impact Advisory Services, 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/326022

**Does Calvert Impact Advisory Services, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 30, 2026 says: "The minimum initial capital commitment for an investor in the Fund is $5 million, although the Fund's general partner may accept investments in a lesser amount at its sole discretion."

**What changed in Calvert Impact Advisory Services, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 8 to 2. Regulatory assets under management went from $174,552,627 to $197,789,240 (+13%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Up to $250,000,000: 2% a year
- $250,000,000 to $500,000,000: 1.75% a year
- Above $500,000,000: 1.5% a year

> Aggregate Limited Partner Commitments / Invested Capital Management Fee Rate Per Annum* First $250 million 2.00% Next $250 million 1.75% Over $500 million 1.50%

- Account minimum: $5,000,000 (the brochure says it may be waived or negotiated)

> The minimum initial capital commitment for an investor in the Fund is $5 million, although the Fund's general partner may accept investments in a lesser amount at its sole discretion.

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

### Regulatory assets under management (Item 5.F)
- Total: $197,789,240
- Discretionary: $197,789,240
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $197,789,240 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2023 (3 years)
- Employees: 9 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MD
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- calvertimpactcapital.org
- missiondrivenbankfund.org
- LinkedIn @calvert-impact

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | $0 | 41 | August 16, 2023 |
| October 2024 | $111,270,488 | 41 | April 12, 2024 |
| October 2025 | $174,552,627 | 78 | March 26, 2025 |
| October 2026 | $197,789,240 | 9 | March 30, 2026 |

Regulatory assets under management: $0 in the October 2023 data and $197,789,240 in the October 2026 data.
Total employees: 41 in October 2023 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 8 to 2.
- Regulatory assets under management went from $174,552,627 to $197,789,240 (+13%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Calvert Impact Advisory Services, LLC (CRD 326022): Form ADV filing data as of October 2026.