# Headlands Capital

> Headlands Capital is an SEC-registered investment advisory firm in New York, NY, registered since 2014, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 163598
- Filed as: HEADLANDS CAPITAL
- Legal name: HCSF Management, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/163598
- AdvisorCensus page: https://advisorcensus.com/firm/headlands-capital-new-york-ny-163598

## Quick answers

**How is Headlands Capital compensated?**
On its Form ADV (Item 5.E, October 2026), Headlands Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Headlands Capital located?**
Headlands Capital's principal office is in New York, NY, according to its Form ADV; the October 2025 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Headlands Capital registered with the SEC or a state?**
Headlands Capital is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 163598.

**How much does Headlands Capital manage?**
Headlands Capital reports $949,384,694 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Headlands Capital's assets and staff changed since 2021?**
In the Form ADV data for Headlands Capital: Regulatory assets under management: $549,121,595 in the October 2021 data and $949,384,694 in the October 2026 data, up 73%. Total employees: 10 in October 2021 and 13 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Headlands Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (10).

**Does Headlands Capital 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/163598

**What changed in Headlands Capital's recent Form ADV filings?**
In the April 2026 filing data: No longer lists the business name Headlands Capital Secondary Management III, LLC (Relying Adviser). No longer lists the business name Headlands Capital Secondary Management IV, LLC (Relying Adviser). No longer lists the business name Headlands Capital Secondary Management II, LLC (Relying Adviser). No longer lists the business name Headlands Capital Secondary Management, LLC (Relying Adviser). No longer lists the business name Headlands Capital Management, LLC (Relying Adviser). Employees performing advisory functions went from 7 to 11. No longer lists an office in San Franciso, CA.

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $949,384,694
- Discretionary: $949,384,694
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 10 | $949,384,694 |

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

### Firm details
- Registered since: 2014 (12 years)
- Employees: 13 total, 11 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2025 filing
- San Franciso, CA

### Websites listed on Form ADV (Item 1.I)
- headlandscap.com
- headlandscap.net
- LinkedIn @HEADLANDS-CAPITAL-MANAGEMENT

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $549,121,595 | 10 | September 23, 2021 |
| October 2022 | $721,715,660 | 9 | March 31, 2022 |
| October 2023 | $687,711,100 | 9 | August 28, 2023 |
| October 2024 | $877,677,812 | 8 | June 5, 2024 |
| October 2025 | $896,284,370 | 11 | March 27, 2025 |
| October 2026 | $949,384,694 | 13 | March 31, 2026 |

Regulatory assets under management: $549,121,595 in the October 2021 data and $949,384,694 in the October 2026 data, up 73%.
Total employees: 10 in October 2021 and 13 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- No longer lists the business name Headlands Capital Secondary Management III, LLC (Relying Adviser).
- No longer lists the business name Headlands Capital Secondary Management IV, LLC (Relying Adviser).
- No longer lists the business name Headlands Capital Secondary Management II, LLC (Relying Adviser).
- No longer lists the business name Headlands Capital Secondary Management, LLC (Relying Adviser).
- No longer lists the business name Headlands Capital Management, LLC (Relying Adviser).
- Employees performing advisory functions went from 7 to 11.
- No longer lists an office in San Franciso, CA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Headlands Capital (CRD 163598): Form ADV filing data as of October 2026.