# Keystone Capital

> 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.

- CRD: 314798
- Filed as: KEYSTONE CAPITAL
- Legal name: Keystone Capital Management, LP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 13, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/314798
- AdvisorCensus page: https://advisorcensus.com/firm/keystone-capital-chicago-il-314798

## Quick answers

**How 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.

**How much does Keystone Capital charge?**
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

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

### Fees and minimums (Form ADV Part 2A brochure dated March 13, 2026)

- Asset-based fee: 2% of assets a year

> 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 brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $1,550,106,769
- Discretionary: $1,550,106,769
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $1,550,106,769 |

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

### Firm details
- Registered since: 2021 (5 years)
- Employees: 32 total, 28 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- keystonecapital.com
- LinkedIn @keystonecapitalmanagementlp

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $420,000,000 | 19 | May 27, 2021 |
| October 2022 | $424,175,013 | 19 | March 31, 2022 |
| October 2023 | $485,806,444 | 24 | May 22, 2023 |
| October 2024 | $1,163,588,749 | 24 | March 27, 2024 |
| October 2025 | $1,282,755,279 | 28 | March 17, 2025 |
| October 2026 | $1,550,106,769 | 32 | March 13, 2026 |

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.

## 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%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Keystone Capital (CRD 314798): Form ADV filing data as of October 2026.