{
  "crd_number": 297176,
  "slug": "heard-capital-llc-chicago-il-297176",
  "primary_business_name": "HEARD CAPITAL LLC",
  "legal_name": "HEARD CAPITAL LLC",
  "dbas": [],
  "city": "Chicago",
  "state": "IL",
  "country": "United States",
  "cbsa_code": "16980",
  "metro": {
    "cbsa_code": "16980",
    "common_name": "Chicago",
    "msa_name": "Chicago-Naperville-Elgin, IL-IN",
    "path": "/advisors/il/chicago"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2019-12-02",
  "years_registered": 6,
  "period": "2026-10-01",
  "filing_date": "2026-08-07",
  "carried_forward": false,
  "raum_total": 2395879444.0,
  "raum_discretionary": 2395879444.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 10,
  "advisory_employees": 5,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "charitable": {
      "raum": 72273243.0,
      "count": null,
      "fewer_than_5": true
    },
    "state_municipal": {
      "raum": 121199032.0,
      "count": 5
    },
    "pension_profit_sharing": {
      "raum": 618866299.0,
      "count": null,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": 35885868.0,
      "count": null,
      "fewer_than_5": true
    },
    "pooled_investment_vehicles": {
      "raum": 1547655002.0,
      "count": 2
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "IL"
  ],
  "websites": [
    "https://heardcapital.com",
    "https://linkedin.com/company/heard-capital"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/297176",
  "city_as_filed": "CHICAGO",
  "url": "https://advisorcensus.com/firm/heard-capital-llc-chicago-il-297176",
  "display_name": "Heard Capital LLC",
  "summary": "Heard Capital LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2019, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated August 7, 2026.",
  "citation": "AdvisorCensus. Heard Capital LLC (CRD 297176): 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)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Heard Capital LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Heard Capital LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is Heard Capital LLC located?",
      "a": "Heard Capital LLC's principal office is in Chicago, IL, according to its Form ADV."
    },
    {
      "q": "Is Heard Capital LLC registered with the SEC or a state?",
      "a": "Heard Capital LLC is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 297176."
    },
    {
      "q": "How much does Heard Capital LLC manage?",
      "a": "Heard Capital LLC reports $2,395,879,444 in regulatory assets under management in its Form ADV filing dated August 7, 2026 (100% discretionary)."
    },
    {
      "q": "How have Heard Capital LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Heard Capital LLC: Regulatory assets under management: $344,136,849 in the October 2021 data and $2,395,879,444 in the October 2026 data, up 596%. Total employees: 5 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Heard Capital LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: state or municipal government entities (including government pension plans) (5); pooled investment vehicles (other than investment companies and business development companies) (2)."
    },
    {
      "q": "Which custodians does Heard Capital LLC use?",
      "a": "Heard Capital LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon Capital Markets, LLC and Northern Trust Securities, Inc. as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Heard Capital 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/297176"
    },
    {
      "q": "What changed in Heard Capital 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": 344136849.0,
      "total_employees": 5,
      "filing_date": "2021-03-29"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 697526192.0,
      "total_employees": 7,
      "filing_date": "2022-04-10"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1006946315.0,
      "total_employees": 6,
      "filing_date": "2023-03-27"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1651430029.0,
      "total_employees": 7,
      "filing_date": "2024-03-26"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1910549946.0,
      "total_employees": 9,
      "filing_date": "2025-03-31"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 2395879444.0,
      "total_employees": 10,
      "filing_date": "2026-08-07"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-09-01",
      "period_label": "September 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-05-01",
      "period_label": "May 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 6 to 5.",
        "Regulatory assets under management went from $1,910,549,946 to $2,395,879,444 (+25%)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "BNY Mellon Capital Markets, LLC",
      "name_as_filed": "BNY MELLON CAPITAL MARKETS, LLC",
      "affiliated": false
    },
    {
      "name": "Northern Trust Securities, Inc.",
      "name_as_filed": "NORTHERN TRUST SECURITIES, INC.",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/heard-capital-llc-chicago-il-297176.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 1547655002.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 618866299.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": null,
      "fewer_than_5": true,
      "raum": 72273243.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 5,
      "fewer_than_5": false,
      "raum": 121199032.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": null,
      "fewer_than_5": true,
      "raum": 35885868.0
    }
  ],
  "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/297176",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}