# Distillate Capital Partners LLC

> Distillate Capital Partners LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2018, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated February 2, 2026.

- CRD: 297521
- Filed as: DISTILLATE CAPITAL PARTNERS LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: February 2, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/297521
- AdvisorCensus page: https://advisorcensus.com/firm/distillate-capital-partners-llc-chicago-il-297521

## Quick answers

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

**Where is Distillate Capital Partners LLC located?**
Distillate Capital Partners LLC's principal office is in Chicago, IL, according to its Form ADV.

**Is Distillate Capital Partners LLC registered with the SEC or a state?**
Distillate Capital Partners LLC is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 297521.

**How much does Distillate Capital Partners LLC manage?**
Distillate Capital Partners LLC reports $2,111,539,753 in regulatory assets under management in its Form ADV filing dated February 2, 2026 (100% discretionary).

**How have Distillate Capital Partners LLC's assets and staff changed since 2021?**
In the Form ADV data for Distillate Capital Partners LLC: Regulatory assets under management: $219,957,997 in the October 2021 data and $2,111,539,753 in the October 2026 data, up 860%. Total employees: 3 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Distillate Capital Partners LLC serve?**
By number of clients on Form ADV Item 5.D: investment companies (3); state or municipal government entities (including government pension plans) (1).

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

**Does Distillate Capital Partners 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/297521

**Does Distillate Capital Partners LLC state an account minimum?**
Its Form ADV Part 2A brochure dated February 2, 2026 says: "For separately managed accounts, the Firm typically requires a minimum initial investment of $5,000,000. The minimum initial investment amount may be waived in consideration of an overall relationship size, future contributions, or other factors, at the Firm’s sole discretion."

## 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 February 2, 2026)

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

> For separately managed accounts, the Firm typically requires a minimum initial investment of $5,000,000. The minimum initial investment amount may be waived in consideration of an overall relationship size, future contributions, or other factors, at the Firm’s sole discretion.

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

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

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: $2,111,539,753
- Discretionary: $2,111,539,753
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 3 | $2,004,825,433 |
| State or municipal government entities (including government pension plans) | 1 | $105,057,837 |
| Other | Fewer than 5 | $1,656,483 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Other

### Firm details
- Registered since: 2018 (8 years)
- Employees: 4 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- distillatecapital.com
- LinkedIn @distillate-capital-partners-llc
- X @distillatecap

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $219,957,997 | 3 | March 25, 2021 |
| October 2022 | $620,134,632 | 3 | March 24, 2022 |
| October 2023 | $924,130,398 | 3 | February 21, 2023 |
| October 2024 | $1,607,209,186 | 4 | March 5, 2024 |
| October 2025 | $2,250,177,709 | 4 | April 23, 2025 |
| October 2026 | $2,111,539,753 | 4 | February 2, 2026 |

Regulatory assets under management: $219,957,997 in the October 2021 data and $2,111,539,753 in the October 2026 data, up 860%.
Total employees: 3 in October 2021 and 4 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Distillate Capital Partners LLC (CRD 297521): Form ADV filing data as of October 2026.