# Icapital, LLC

> Icapital, LLC is an SEC-registered investment advisory firm in Boston, MA, registered since 2002, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 122816
- Filed as: ICAPITAL, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/122816
- AdvisorCensus page: https://advisorcensus.com/firm/icapital-llc-boston-ma-122816

## Quick answers

**How is Icapital, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Icapital, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees).

**Where is Icapital, LLC located?**
Icapital, LLC's principal office is in Boston, MA, according to its Form ADV.

**Is Icapital, LLC registered with the SEC or a state?**
Icapital, LLC is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 122816.

**How much does Icapital, LLC manage?**
Icapital, LLC reports $1,452,570,340 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Icapital, LLC's assets and staff changed since 2021?**
In the Form ADV data for Icapital, LLC: Regulatory assets under management: $848,211,455 in the October 2021 data and $1,452,570,340 in the October 2026 data, up 71%. Total employees: 11 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Icapital, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (120); high net worth individuals (60); pension and profit sharing plans (but not the plan participants or government pension plans) (39).

**Which custodians does Icapital, LLC use?**
Icapital, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Alerus Securities Corporation, Charles Schwab & Co., Inc. and Fidelity Brokerage Services LLC as custodians holding 10% or more of its separately managed account assets.

**Does Icapital, 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/122816

**What changed in Icapital, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 7 to 6. Regulatory assets under management went from $1,242,907,466 to $1,452,570,340 (+17%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- Alerus Securities Corporation
- Charles Schwab & Co., Inc.
- Fidelity Brokerage Services LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,452,570,340
- Discretionary: $1,452,179,846
- Non-discretionary: $390,494

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 120 | $45,165,145 |
| High net worth individuals | 60 | $199,072,683 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 39 | $1,207,612,786 |
| Charitable organizations | 1 | $719,726 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Other

### Firm details
- Registered since: 2002 (23 years)
- Employees: 9 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, CT, FL, MA, ME, NH, NJ, NY, RI, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- icapitalforme.com
- icapllc.us
- LinkedIn @icapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $848,211,455 | 11 | March 30, 2021 |
| October 2022 | $1,094,343,348 | 10 | March 23, 2022 |
| October 2023 | $958,495,144 | 10 | March 28, 2023 |
| October 2024 | $1,124,268,021 | 9 | March 28, 2024 |
| October 2025 | $1,242,907,466 | 9 | April 10, 2025 |
| October 2026 | $1,452,570,340 | 9 | March 30, 2026 |

Regulatory assets under management: $848,211,455 in the October 2021 data and $1,452,570,340 in the October 2026 data, up 71%.
Total employees: 11 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 7 to 6.
- Regulatory assets under management went from $1,242,907,466 to $1,452,570,340 (+17%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Icapital, LLC (CRD 122816): Form ADV filing data as of October 2026.