{ "crd_number": 310662, "slug": "hercules-adviser-llc-san-mateo-ca-310662", "primary_business_name": "HERCULES ADVISER LLC", "legal_name": "HERCULES ADVISER LLC", "dbas": [], "city": "San Mateo", "state": "CA", "country": "United States", "cbsa_code": "41860", "metro": { "cbsa_code": "41860", "common_name": "San Francisco", "msa_name": "San Francisco-Oakland-Fremont, CA", "path": "/advisors/ca/san-francisco" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2021-03-15", "years_registered": 5, "period": "2026-10-01", "filing_date": "2026-03-31", "carried_forward": false, "raum_total": 1557986711.0, "raum_discretionary": 794787211.0, "raum_non_discretionary": 763199500.0, "raum_band": "1b_5b", "raum_band_label": "$1 billion to $5 billion", "total_employees": 3, "advisory_employees": 2, "client_count_bucket": null, "clients_by_type": { "pooled_investment_vehicles": { "raum": 1557986711.0, "count": 5 } }, "compensation_types": [ "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "CA", "MA", "MD" ], "websites": [ "https://htgc.com", "https://linkedin.com/company/hercules-capital" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/310662", "city_as_filed": "SAN MATEO", "url": "https://advisorcensus.com/firm/hercules-adviser-llc-san-mateo-ca-310662", "display_name": "Hercules Adviser LLC", "summary": "Hercules Adviser LLC is an SEC-registered investment advisory firm in San Mateo, CA, registered since 2021, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.", "citation": "AdvisorCensus. Hercules Adviser LLC (CRD 310662): 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)" ], "quick_answers": [ { "q": "How is Hercules Adviser LLC compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Hercules Adviser LLC 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." }, { "q": "Where is Hercules Adviser LLC located?", "a": "Hercules Adviser LLC's principal office is in San Mateo, CA, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F)." }, { "q": "Is Hercules Adviser LLC registered with the SEC or a state?", "a": "Hercules Adviser LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 310662." }, { "q": "How much does Hercules Adviser LLC manage?", "a": "Hercules Adviser LLC reports $1,557,986,711 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (51% discretionary)." }, { "q": "How have Hercules Adviser LLC's assets and staff changed since 2021?", "a": "In the Form ADV data for Hercules Adviser LLC: Regulatory assets under management: $201,397,666 in the October 2021 data and $1,557,986,711 in the October 2026 data, up 674%. Total employees: 3 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Hercules Adviser LLC serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (5)." }, { "q": "Does Hercules Adviser 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/310662" }, { "q": "What changed in Hercules Adviser LLC's recent Form ADV filings?", "a": "In the April 2026 filing data: Regulatory assets under management went from $1,240,158,778 to $1,557,986,711 (+26%). No longer lists an office in Elmhurst, IL." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 201397666.0, "total_employees": 3, "filing_date": "2021-09-28" }, { "period": "2022-10-01", "regulatory_assets_under_management": 379902310.0, "total_employees": 3, "filing_date": "2022-04-26" }, { "period": "2023-10-01", "regulatory_assets_under_management": 826068375.0, "total_employees": 3, "filing_date": "2023-03-30" }, { "period": "2024-10-01", "regulatory_assets_under_management": 1080181223.0, "total_employees": 3, "filing_date": "2024-03-27" }, { "period": "2025-10-01", "regulatory_assets_under_management": 1240158778.0, "total_employees": 3, "filing_date": "2025-03-31" }, { "period": "2026-10-01", "regulatory_assets_under_management": 1557986711.0, "total_employees": 3, "filing_date": "2026-03-31" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Regulatory assets under management went from $1,240,158,778 to $1,557,986,711 (+26%).", "No longer lists an office in Elmhurst, IL." ] } ], "fees_from_brochure": null, "custodians": [], "custodians_note": null, "markdown_url": "https://advisorcensus.com/firm/hercules-adviser-llc-san-mateo-ca-310662.md", "clients": [ { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 5, "fewer_than_5": false, "raum": 1557986711.0 } ], "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/310662", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }