# Forest Capital Management, LLC

> Forest Capital Management, LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2014, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 171659
- Filed as: FOREST CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/171659
- AdvisorCensus page: https://advisorcensus.com/firm/forest-capital-management-llc-chicago-il-171659

## Quick answers

**How is Forest Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Forest Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

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

**Is Forest Capital Management, LLC registered with the SEC or a state?**
Forest Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 171659.

**How much does Forest Capital Management, LLC manage?**
Forest Capital Management, LLC reports $3,750,210,207 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (40% discretionary).

**How have Forest Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Forest Capital Management, LLC: Regulatory assets under management: $965,274,471 in the October 2021 data and $3,750,210,207 in the October 2026 data, up 289%. Total employees: 9 in October 2021 and 11 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Forest Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pension and profit sharing plans (but not the plan participants or government pension plans) (117); state or municipal government entities (including government pension plans) (1).

**Does Forest 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/171659

**What changed in Forest Capital Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: No longer lists an office in Chicago, IL.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Regulatory assets under management (Item 5.F)
- Total: $3,750,210,207
- Discretionary: $1,487,159,273
- Non-discretionary: $2,263,050,934

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 117 | $3,690,972,878 |
| State or municipal government entities (including government pension plans) | 1 | $59,237,329 |

### Advisory services (Item 5.G)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Educational seminars/workshops

### Firm details
- Registered since: 2014 (12 years)
- Employees: 11 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, FL, IL, LA, PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- forestcapitalmanagement.com
- LinkedIn @FOREST-CAPITAL-MANAGEMENT
- X @FORESTCAPM

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $965,274,471 | 9 | March 10, 2021 |
| October 2022 | $1,631,727,938 | 10 | June 30, 2022 |
| October 2023 | $1,567,052,162 | 10 | September 19, 2023 |
| October 2024 | $2,030,144,168 | 10 | May 24, 2024 |
| October 2025 | $2,922,112,475 | 10 | February 7, 2025 |
| October 2026 | $3,750,210,207 | 11 | March 27, 2026 |

Regulatory assets under management: $965,274,471 in the October 2021 data and $3,750,210,207 in the October 2026 data, up 289%.
Total employees: 9 in October 2021 and 11 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- No longer lists an office in Chicago, IL.

### February 2026
- Employees performing advisory functions went from 6 to 8.
- Regulatory assets under management went from $2,922,112,475 to $3,750,210,207 (+28%).
- Registered or notice-filed in LA.

### January 2026
- No longer registered or notice-filed in NJ.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Forest Capital Management, LLC (CRD 171659): Form ADV filing data as of October 2026.