AdvisorCensus / Financial advisors / Massachusetts / Boston / Hill City Capital LP
Hill City Capital LP is an SEC-registered investment advisory firm in Boston, MA, registered since 2020, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated April 8, 2026.
Quick answers
From the filingHow is Hill City Capital LP compensated?
On its Form ADV (Item 5.E, October 2026), Hill City Capital LP reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
Where is Hill City Capital LP located?
Hill City Capital LP's principal office is in Boston, MA, according to its Form ADV.
Is Hill City Capital LP registered with the SEC or a state?
Hill City Capital LP is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 306709.
How much does Hill City Capital LP manage?
Hill City Capital LP reports $4,864,041,930 in regulatory assets under management in its Form ADV filing dated April 8, 2026 (100% discretionary).
How have Hill City Capital LP's assets and staff changed since 2021?
In the Form ADV data for Hill City Capital LP: Regulatory assets under management: $222,955,495 in the October 2021 data and $4,864,041,930 in the October 2026 data, up 2082%. Total employees: 3 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Hill City Capital LP serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6).
Does Hill City Capital LP 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/306709
What changed in Hill City Capital LP's recent Form ADV filings?
In the April 2026 filing data: Regulatory assets under management went from $2,871,741,355 to $4,864,041,930 (+69%). Updated its list of owners and control persons (Schedule A).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2ASee the firm's brochure (dated March 25, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$4,864,041,930 as of October 2026, filing dated April 8, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2020 (6 years)
- Employees
- Total: 7. Performing investment advisory functions: 5.
- Wrap fee program participation
- No.
- States registered or notice-filed
-
1 state or jurisdiction
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $4,864,041,930 | 7 | April 8, 2026 |
| October 2025 | $2,871,741,355 | 7 | March 26, 2025 |
| October 2024 | $1,816,105,041 | 6 | March 28, 2024 |
| October 2023 | $1,192,589,086 | 5 | March 31, 2023 |
| October 2022 | $594,958,603 | 4 | May 9, 2022 |
| October 2021 | $222,955,495 | 3 | May 18, 2021 |
Regulatory assets under management: $222,955,495 in the October 2021 data and $4,864,041,930 in the October 2026 data, up 2082%.
Total employees: 3 in October 2021 and 7 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Regulatory assets under management went from $2,871,741,355 to $4,864,041,930 (+69%).
- Updated its list of owners and control persons (Schedule A).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Hill City Capital LP (CRD 306709): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/hill-city-capital-lp-boston-ma-306709