# Icapital Registered Fund Adviser LLC

> Icapital Registered Fund Adviser LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2020, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated April 13, 2026.

- CRD: 310587
- Filed as: ICAPITAL REGISTERED FUND ADVISER LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: April 13, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/310587
- AdvisorCensus page: https://advisorcensus.com/firm/icapital-registered-fund-adviser-llc-new-york-ny-310587

## Quick answers

**How is Icapital Registered Fund Adviser LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Icapital Registered Fund Adviser LLC reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Icapital Registered Fund Adviser LLC located?**
Icapital Registered Fund Adviser LLC's principal office is in New York, NY, according to its Form ADV; the May 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Icapital Registered Fund Adviser LLC registered with the SEC or a state?**
Icapital Registered Fund Adviser LLC is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 310587.

**How much does Icapital Registered Fund Adviser LLC manage?**
Icapital Registered Fund Adviser LLC reports $1,217,827,502 in regulatory assets under management in its Form ADV filing dated April 13, 2026 (100% discretionary).

**How have Icapital Registered Fund Adviser LLC's assets and staff changed since 2021?**
In the Form ADV data for Icapital Registered Fund Adviser LLC: Regulatory assets under management: $438,122,688 in the October 2021 data and $1,217,827,502 in the October 2026 data, up 178%. Total employees: 138 in October 2021 and 162 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Icapital Registered Fund Adviser LLC serve?**
By number of clients on Form ADV Item 5.D: investment companies (1).

**Does Icapital Registered Fund Adviser 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/310587

**What changed in Icapital Registered Fund Adviser LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $917,920,991 to $1,217,827,502 (+33%). Employees performing advisory functions went from 10 to 21.

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $1,217,827,502
- Discretionary: $1,217,827,502
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $1,217,827,502 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2020 (5 years)
- Employees: 162 total, 21 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the May 2026 filing
- Greenwich, CT

### Websites listed on Form ADV (Item 1.I)
- [icapitalnetwork.com](https://icapitalnetwork.com)
- [idirectinvestments.com](https://idirectinvestments.com)
- LinkedIn @icapital-network-inc
- X @icapitalnetwork

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $438,122,688 | 138 | March 31, 2021 |
| October 2022 | $552,478,804 | 75 | March 29, 2022 |
| October 2023 | $561,551,481 | 176 | August 15, 2023 |
| October 2024 | $737,089,606 | 188 | March 27, 2024 |
| October 2025 | $917,920,991 | 115 | March 20, 2025 |
| October 2026 | $1,217,827,502 | 162 | April 13, 2026 |

Regulatory assets under management: $438,122,688 in the October 2021 data and $1,217,827,502 in the October 2026 data, up 178%.
Total employees: 138 in October 2021 and 162 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $917,920,991 to $1,217,827,502 (+33%).
- Employees performing advisory functions went from 10 to 21.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Icapital Registered Fund Adviser LLC (CRD 310587): Form ADV filing data as of October 2026.