AdvisorCensus / Financial advisors / Illinois / Chicago / Keystone Capital
Keystone Capital
Filed as KEYSTONE CAPITAL · Legal name Keystone Capital Management, LP
Keystone Capital is an SEC-registered investment advisory firm in Chicago, IL, registered since 2021, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 13, 2026.
Quick answers
From the filingHow is Keystone Capital compensated?
On its Form ADV (Item 5.E, October 2026), Keystone Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.
What does Keystone Capital's brochure say about its fees?
Its Form ADV Part 2A brochure dated March 13, 2026 states: Asset-based fee: 2% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Keystone Capital located?
Keystone Capital's principal office is in Chicago, IL, according to its Form ADV.
Is Keystone Capital registered with the SEC or a state?
Keystone Capital is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 314798.
How much does Keystone Capital manage?
Keystone Capital reports $1,550,106,769 in regulatory assets under management in its Form ADV filing dated March 13, 2026 (100% discretionary).
How have Keystone Capital's assets and staff changed since 2021?
In the Form ADV data for Keystone Capital: Regulatory assets under management: $420,000,000 in the October 2021 data and $1,550,106,769 in the October 2026 data, up 269%. Total employees: 19 in October 2021 and 32 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Keystone Capital serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4).
Does Keystone 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/314798
What changed in Keystone Capital's recent Form ADV filings?
In the April 2026 filing data: Employees performing advisory functions went from 24 to 28. Regulatory assets under management went from $1,282,755,279 to $1,550,106,769 (+21%).
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
- Other
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 2AAsset-based fee: 2% of assets a year
The brochure's wording
Keystone charges each Fund a management fee (the “Management Fee”), generally 2% per annum of non-affiliated limited partner commitments.
As stated in the firm's Form ADV Part 2A brochure dated March 13, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$1,550,106,769 as of October 2026, filing dated March 13, 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)
- Other
Registration and firm details
Items 1, 2, 5- Legal name
- Keystone Capital Management, LP
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2021 (5 years)
- Employees
- Total: 32. Performing investment advisory functions: 28.
- 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 | $1,550,106,769 | 32 | March 13, 2026 |
| October 2025 | $1,282,755,279 | 28 | March 17, 2025 |
| October 2024 | $1,163,588,749 | 24 | March 27, 2024 |
| October 2023 | $485,806,444 | 24 | May 22, 2023 |
| October 2022 | $424,175,013 | 19 | March 31, 2022 |
| October 2021 | $420,000,000 | 19 | May 27, 2021 |
Regulatory assets under management: $420,000,000 in the October 2021 data and $1,550,106,769 in the October 2026 data, up 269%.
Total employees: 19 in October 2021 and 32 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
- Employees performing advisory functions went from 24 to 28.
- Regulatory assets under management went from $1,282,755,279 to $1,550,106,769 (+21%).
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. Keystone Capital (CRD 314798): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/keystone-capital-chicago-il-314798