# 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.

- CRD: 306709
- Filed as: HILL CITY CAPITAL LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: April 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/306709
- AdvisorCensus page: https://advisorcensus.com/firm/hill-city-capital-lp-boston-ma-306709

## Quick answers

**How 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

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

### Regulatory assets under management (Item 5.F)
- Total: $4,864,041,930
- Discretionary: $4,864,041,930
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $4,864,041,930 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

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

### Firm details
- Registered since: 2020 (6 years)
- Employees: 7 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- hillcitycapital.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $222,955,495 | 3 | May 18, 2021 |
| October 2022 | $594,958,603 | 4 | May 9, 2022 |
| October 2023 | $1,192,589,086 | 5 | March 31, 2023 |
| October 2024 | $1,816,105,041 | 6 | March 28, 2024 |
| October 2025 | $2,871,741,355 | 7 | March 26, 2025 |
| October 2026 | $4,864,041,930 | 7 | April 8, 2026 |

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.

## 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Hill City Capital LP (CRD 306709): Form ADV filing data as of October 2026.