# First Analysis Capital Management LLC

> First Analysis Capital Management LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2012, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated May 10, 2026.

- CRD: 161373
- Filed as: FIRST ANALYSIS CAPITAL MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: May 10, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161373
- AdvisorCensus page: https://advisorcensus.com/firm/first-analysis-capital-management-llc-chicago-il-161373

## Quick answers

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

**How much does First Analysis Capital Management LLC charge?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Asset-based fee: 2% to 2.5% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

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

**Is First Analysis Capital Management LLC registered with the SEC or a state?**
First Analysis Capital Management LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161373.

**How much does First Analysis Capital Management LLC manage?**
First Analysis Capital Management LLC reports $186,193,307 in regulatory assets under management in its Form ADV filing dated May 10, 2026 (100% discretionary).

**How have First Analysis Capital Management LLC's assets and staff changed since 2021?**
In the Form ADV data for First Analysis Capital Management LLC: Regulatory assets under management: $210,360,000 in the October 2021 data and $186,193,307 in the October 2026 data, down 11%. Total employees: 27 in October 2021 and 25 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does First Analysis Capital Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (8).

**Does First Analysis Capital Management 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/161373

**What changed in First Analysis Capital Management LLC's recent Form ADV filings?**
In the April 2026 filing data: No longer lists the business name FA Private Equity Management IV, L.L.C. ("Relying Adviser"). Employees performing advisory functions went from 10 to 9.

## 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)

- Asset-based fee: 2% to 2.5% a year (a range, as the brochure states it)

> The management fee for each Fund may range from 2% to 2.5% percent annually during the Funds’ investment periods and is charged quarterly in advance based on each investor’s aggregate commitments

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

### Regulatory assets under management (Item 5.F)
- Total: $186,193,307
- Discretionary: $186,193,307
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 8 | $186,193,307 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 25 total, 9 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- firstanalysis.com
- LinkedIn @first-analysis

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $210,360,000 | 27 | March 30, 2021 |
| October 2022 | $252,965,348 | 30 | March 31, 2022 |
| October 2023 | $232,911,975 | 24 | September 6, 2023 |
| October 2024 | $199,476,398 | 25 | May 6, 2024 |
| October 2025 | $205,100,676 | 25 | May 1, 2025 |
| October 2026 | $186,193,307 | 25 | May 10, 2026 |

Regulatory assets under management: $210,360,000 in the October 2021 data and $186,193,307 in the October 2026 data, down 11%.
Total employees: 27 in October 2021 and 25 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- No longer lists the business name FA Private Equity Management IV, L.L.C. ("Relying Adviser").
- Employees performing advisory functions went from 10 to 9.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. First Analysis Capital Management LLC (CRD 161373): Form ADV filing data as of October 2026.