# Heard Capital LLC

> 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.

- CRD: 297176
- Filed as: HEARD CAPITAL LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: August 7, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/297176
- AdvisorCensus page: https://advisorcensus.com/firm/heard-capital-llc-chicago-il-297176

## Quick answers

**How is Heard Capital LLC compensated?**
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.

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

**Is Heard Capital LLC registered with the SEC or a state?**
Heard Capital LLC is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 297176.

**How much does Heard Capital LLC manage?**
Heard Capital LLC reports $2,395,879,444 in regulatory assets under management in its Form ADV filing dated August 7, 2026 (100% discretionary).

**How have Heard Capital LLC's assets and staff changed since 2021?**
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.

**What types of clients does Heard Capital LLC serve?**
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).

**Which custodians does Heard Capital LLC use?**
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.

**Does Heard Capital 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/297176

**What changed in Heard Capital LLC's recent Form ADV filings?**
In the September 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- BNY Mellon Capital Markets, LLC
- Northern Trust Securities, Inc.

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: $2,395,879,444
- Discretionary: $2,395,879,444
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $1,547,655,002 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $618,866,299 |
| Charitable organizations | Fewer than 5 | $72,273,243 |
| State or municipal government entities (including government pension plans) | 5 | $121,199,032 |
| Other investment advisers | Fewer than 5 | $35,885,868 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2019 (6 years)
- Employees: 10 total, 5 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)
- heardcapital.com
- LinkedIn @heard-capital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $344,136,849 | 5 | March 29, 2021 |
| October 2022 | $697,526,192 | 7 | April 10, 2022 |
| October 2023 | $1,006,946,315 | 6 | March 27, 2023 |
| October 2024 | $1,651,430,029 | 7 | March 26, 2024 |
| October 2025 | $1,910,549,946 | 9 | March 31, 2025 |
| October 2026 | $2,395,879,444 | 10 | August 7, 2026 |

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.

## Changes in the filing (last 12 months)

### September 2026
- Updated its list of owners and control persons (Schedule A).

### May 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- 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%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Heard Capital LLC (CRD 297176): Form ADV filing data as of October 2026.