# Legalist

> Legalist is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2019, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 29, 2026.

- CRD: 297876
- Filed as: LEGALIST
- Legal name: Legalist, Inc.
- Also doing business as: LIST CAPITAL MANAGEMENT
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: June 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/297876
- AdvisorCensus page: https://advisorcensus.com/firm/legalist-san-francisco-ca-297876

## Quick answers

**How is Legalist compensated?**
On its Form ADV (Item 5.E, October 2026), Legalist reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Legalist located?**
Legalist's principal office is in San Francisco, CA, according to its Form ADV; the May 2025 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Legalist registered with the SEC or a state?**
Legalist is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 297876.

**How much does Legalist manage?**
Legalist reports $1,915,106,194 in regulatory assets under management in its Form ADV filing dated June 29, 2026 (78% discretionary).

**How have Legalist's assets and staff changed since 2021?**
In the Form ADV data for Legalist: Regulatory assets under management: $218,680,000 in the October 2021 data and $1,915,106,194 in the October 2026 data, up 776%. Total employees: 20 in October 2021 and 36 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Legalist serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (15); other (2).

**Does Legalist 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/297876

**What changed in Legalist's recent Form ADV filings?**
In the July 2026 filing data: Regulatory assets under management went from $1,029,016,366 to $1,915,106,194 (+86%). 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

### Regulatory assets under management (Item 5.F)
- Total: $1,915,106,194
- Discretionary: $1,485,106,194
- Non-discretionary: $430,000,000

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 15 | $1,485,106,194 |
| Other | 2 | $430,000,000 |

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

### Firm details
- Registered since: 2019 (6 years)
- Employees: 36 total, 16 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the May 2025 filing
- San Francisco, CA

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $218,680,000 | 20 | July 1, 2021 |
| October 2022 | $667,521,843 | 44 | June 29, 2022 |
| October 2023 | $819,690,627 | 34 | September 15, 2023 |
| October 2024 | $973,492,978 | 33 | July 1, 2024 |
| October 2025 | $1,029,016,366 | 36 | June 27, 2025 |
| October 2026 | $1,915,106,194 | 36 | June 29, 2026 |

Regulatory assets under management: $218,680,000 in the October 2021 data and $1,915,106,194 in the October 2026 data, up 776%.
Total employees: 20 in October 2021 and 36 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Regulatory assets under management went from $1,029,016,366 to $1,915,106,194 (+86%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Legalist (CRD 297876): Form ADV filing data as of October 2026.