# Heartwood Partners, LLC

> Heartwood Partners, LLC is an SEC-registered investment advisory firm in Norwalk, CT, registered since 2021, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 313052
- Filed as: HEARTWOOD PARTNERS, LLC
- Also doing business as: HEARTWOOD MANAGER II, LLC, HEARTWOOD MANAGER III, LLC, HEARTWOOD PARTNERS CV I GP LLC, HEARTWOOD PARTNERS II GP, LLC, HEARTWOOD PARTNERS III GP, LLC, HEARTWOOD PARTNERS IV GP, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Norwalk, CT
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/313052
- AdvisorCensus page: https://advisorcensus.com/firm/heartwood-partners-llc-norwalk-ct-313052

## Quick answers

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

**Where is Heartwood Partners, LLC located?**
Heartwood Partners, LLC's principal office is in Norwalk, CT, according to its Form ADV.

**Is Heartwood Partners, LLC registered with the SEC or a state?**
Heartwood Partners, LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 313052.

**How much does Heartwood Partners, LLC manage?**
Heartwood Partners, LLC reports $1,358,200,000 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Heartwood Partners, LLC's assets and staff changed since 2021?**
In the Form ADV data for Heartwood Partners, LLC: Regulatory assets under management: $300,961,784 in the October 2021 data and $1,358,200,000 in the October 2026 data, up 351%. Total employees: 23 in October 2021 and 27 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Heartwood Partners, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (18).

**Does Heartwood Partners, 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/313052

**What changed in Heartwood Partners, LLC's recent Form ADV filings?**
In the April 2026 filing data: No longer lists the business name Heartwood Manager IV, LP. Added the business name Heartwood Partners CV I GP LLC. Employees performing advisory functions went from 20 to 22.

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $1,358,200,000
- Discretionary: $1,358,200,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 18 | $1,358,200,000 |

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

### Firm details
- Registered since: 2021 (5 years)
- Employees: 27 total, 22 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [heartwoodpartners.com](https://heartwoodpartners.com)
- [medium.com/@heartwoodpartners](https://medium.com/@heartwoodpartners)
- LinkedIn @heartwoodpartners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $300,961,784 | 23 | July 20, 2021 |
| October 2022 | $392,800,000 | 21 | July 6, 2022 |
| October 2023 | $462,300,000 | 25 | October 2, 2023 |
| October 2024 | $1,432,300,000 | 24 | March 27, 2024 |
| October 2025 | $1,272,800,000 | 24 | March 28, 2025 |
| October 2026 | $1,358,200,000 | 27 | March 27, 2026 |

Regulatory assets under management: $300,961,784 in the October 2021 data and $1,358,200,000 in the October 2026 data, up 351%.
Total employees: 23 in October 2021 and 27 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- No longer lists the business name Heartwood Manager IV, LP.
- Added the business name Heartwood Partners CV I GP LLC.
- Employees performing advisory functions went from 20 to 22.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Heartwood Partners, LLC (CRD 313052): Form ADV filing data as of October 2026.