# Human Capital

> Human Capital is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2020, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated August 13, 2026.

- CRD: 296844
- Filed as: HUMAN CAPITAL
- Legal name: Human Capital Investment Management LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: August 13, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/296844
- AdvisorCensus page: https://advisorcensus.com/firm/human-capital-san-francisco-ca-296844

## Quick answers

**How is Human Capital compensated?**
On its Form ADV (Item 5.E, October 2026), Human Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**What does Human Capital's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 2% to 2.5% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Human Capital located?**
Human Capital's principal office is in San Francisco, CA, according to its Form ADV; the September 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Human Capital registered with the SEC or a state?**
Human Capital is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 296844.

**How much does Human Capital manage?**
Human Capital reports $4,376,992,745 in regulatory assets under management in its Form ADV filing dated August 13, 2026 (100% discretionary).

**How have Human Capital's assets and staff changed since 2021?**
In the Form ADV data for Human Capital: Regulatory assets under management: $690,610,462 in the October 2021 data and $4,376,992,745 in the October 2026 data, up 534%. Total employees: 14 in October 2021 and 39 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Human Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (52).

**Does Human Capital 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/296844

**Does Human Capital state an account minimum?**
Its Form ADV Part 2A brochure dated March 31, 2026 says: "The Adviser does not currently have a minimum investment size for its Funds."

**What changed in Human Capital'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

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 2% to 2.5% a year (a range, as the brochure states it)

> With respect to the Funds that are not SPVs, the Management Fee ranges between 2.00% and 2.50% per annum of the aggregate capital commitments of the Limited Partners.

- Account minimum: None

> The Adviser does not currently have a minimum investment size for its Funds.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $4,376,992,745
- Discretionary: $4,376,992,745
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 52 | $4,376,992,745 |

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

### Firm details
- Registered since: 2020 (6 years)
- Employees: 39 total, 15 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Bastrop, TX

### Websites listed on Form ADV (Item 1.I)
- human.capital
- medium.com/@human-capital
- LinkedIn @humandotcapital
- X @humancapital
- YouTube @humancapital6485

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $690,610,462 | 14 | June 10, 2021 |
| October 2022 | $2,002,122,457 | 33 | April 20, 2022 |
| October 2023 | $2,025,345,877 | 56 | April 28, 2023 |
| October 2024 | $2,141,921,492 | 56 | March 29, 2024 |
| October 2025 | $2,676,563,929 | 54 | March 28, 2025 |
| October 2026 | $4,376,992,745 | 39 | August 13, 2026 |

Regulatory assets under management: $690,610,462 in the October 2021 data and $4,376,992,745 in the October 2026 data, up 534%.
Total employees: 14 in October 2021 and 39 in October 2026.

## Changes in the filing (last 12 months)

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

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

### April 2026
- Employees performing advisory functions went from 20 to 15.
- Regulatory assets under management went from $2,676,563,929 to $4,376,992,745 (+64%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Human Capital (CRD 296844): Form ADV filing data as of October 2026.