{ "crd_number": 277170, "slug": "cloverlay-investment-management-llc-conshohocken-pa-277170", "primary_business_name": "CLOVERLAY INVESTMENT MANAGEMENT, LLC", "legal_name": "CLOVERLAY INVESTMENT MANAGEMENT, LLC", "dbas": [], "city": "Conshohocken", "state": "PA", "country": "United States", "cbsa_code": "37980", "metro": { "cbsa_code": "37980", "common_name": "Philadelphia", "msa_name": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD", "path": "/advisors/pa/philadelphia" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2015-09-08", "years_registered": 11, "period": "2026-10-01", "filing_date": "2026-08-28", "carried_forward": false, "raum_total": 1830952939.0, "raum_discretionary": 818045185.0, "raum_non_discretionary": 1012907754.0, "raum_band": "1b_5b", "raum_band_label": "$1 billion to $5 billion", "total_employees": 18, "advisory_employees": 10, "client_count_bucket": null, "clients_by_type": { "pooled_investment_vehicles": { "raum": 1830952939.0, "count": 13 } }, "compensation_types": [ "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "PA" ], "websites": [ "https://cloverlay.com", "https://linkedin.com/COMPANY/CLOVERLAY" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/277170", "city_as_filed": "CONSHOHOCKEN", "url": "https://advisorcensus.com/firm/cloverlay-investment-management-llc-conshohocken-pa-277170", "display_name": "Cloverlay Investment Management, LLC", "summary": "Cloverlay Investment Management, LLC is an SEC-registered investment advisory firm in Conshohocken, PA, registered since 2015, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated August 28, 2026.", "citation": "AdvisorCensus. Cloverlay Investment Management, LLC (CRD 277170): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees" ], "advisory_activity_labels": [ "Portfolio management for pooled investment vehicles (other than investment companies)" ], "quick_answers": [ { "q": "How is Cloverlay Investment Management, LLC compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Cloverlay Investment Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees." }, { "q": "How much does Cloverlay Investment Management, LLC charge?", "a": "Its Form ADV Part 2A brochure dated August 28, 2026 states: Asset-based fee: 0.7% to 1.25% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement." }, { "q": "Where is Cloverlay Investment Management, LLC located?", "a": "Cloverlay Investment Management, LLC's principal office is in Conshohocken, PA, according to its Form ADV." }, { "q": "Is Cloverlay Investment Management, LLC registered with the SEC or a state?", "a": "Cloverlay Investment Management, LLC is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 277170." }, { "q": "How much does Cloverlay Investment Management, LLC manage?", "a": "Cloverlay Investment Management, LLC reports $1,830,952,939 in regulatory assets under management in its Form ADV filing dated August 28, 2026 (45% discretionary)." }, { "q": "How have Cloverlay Investment Management, LLC's assets and staff changed since 2021?", "a": "In the Form ADV data for Cloverlay Investment Management, LLC: Regulatory assets under management: $720,808,102 in the October 2021 data and $1,830,952,939 in the October 2026 data, up 154%. Total employees: 12 in October 2021 and 18 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Cloverlay Investment Management, LLC serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (13)." }, { "q": "Does Cloverlay Investment Management, LLC report any disciplinary disclosures?", "a": "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/277170" }, { "q": "What changed in Cloverlay Investment Management, LLC's recent Form ADV filings?", "a": "In the September 2026 filing data: Updated its list of owners and control persons (Schedule A)." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 720808102.0, "total_employees": 12, "filing_date": "2021-03-26" }, { "period": "2022-10-01", "regulatory_assets_under_management": 1035934060.0, "total_employees": 13, "filing_date": "2022-03-25" }, { "period": "2023-10-01", "regulatory_assets_under_management": 1419912769.0, "total_employees": 15, "filing_date": "2023-07-21" }, { "period": "2024-10-01", "regulatory_assets_under_management": 1471292466.0, "total_employees": 16, "filing_date": "2024-03-25" }, { "period": "2025-10-01", "regulatory_assets_under_management": 1572922124.0, "total_employees": 18, "filing_date": "2025-03-27" }, { "period": "2026-10-01", "regulatory_assets_under_management": 1830952939.0, "total_employees": 18, "filing_date": "2026-08-28" } ], "recent_changes": [ { "period": "2026-09-01", "period_label": "September 2026", "notes": [ "Updated its list of owners and control persons (Schedule A)." ] }, { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Regulatory assets under management went from $1,572,922,124 to $1,830,952,939 (+16%)." ] } ], "fees_from_brochure": { "source": "Form ADV Part 2A brochure dated August 28, 2026", "provided_by_the_firm": false, "tiers": [], "flat_rate": null, "stated_range": "0.7% to 1.25% a year", "stated_maximum": null, "account_minimum": null, "account_minimum_may_be_waived": false, "minimum_annual_fee": null, "planning_fees": [], "figures": [ { "label": "Asset-based fee", "statements": [ "Asset-based fee: 0.7% to 1.25% a year (a range, as the brochure states it)" ], "quotes": [ "The commitment-based management fee (the “Management Fee”) is paid to Cloverlay periodically in accordance with the terms of the applicable Fund’s Governing Documents and generally ranges from 0.70% to 1. 25% of either a) commitments or b) net invested capital ." ] } ], "values": { "tiers": [], "range_pct": [ 0.7, 1.25 ], "max_pct": null, "account_minimum": null, "minimum_annual_fee": null, "planning": [] }, "quotes": [ "The commitment-based management fee (the “Management Fee”) is paid to Cloverlay periodically in accordance with the terms of the applicable Fund’s Governing Documents and generally ranges from 0.70% to 1. 25% of either a) commitments or b) net invested capital ." ], "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable." }, "custodians": [], "custodians_note": null, "markdown_url": "https://advisorcensus.com/firm/cloverlay-investment-management-llc-conshohocken-pa-277170.md", "clients": [ { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 13, "fewer_than_5": false, "raum": 1830952939.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/277170", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }