# LFL Advisers, LLC

> LFL Advisers, LLC is an SEC-registered investment advisory firm in Evanston, IL, registered since 2016, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 17, 2026.

- CRD: 163963
- Filed as: LFL ADVISERS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Evanston, IL
- Filing period: October 2026
- Form ADV filing dated: March 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/163963
- AdvisorCensus page: https://advisorcensus.com/firm/lfl-advisers-llc-evanston-il-163963

## Quick answers

**How is LFL Advisers, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), LFL Advisers, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**Where is LFL Advisers, LLC located?**
LFL Advisers, LLC's principal office is in Evanston, IL, according to its Form ADV.

**Is LFL Advisers, LLC registered with the SEC or a state?**
LFL Advisers, LLC is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 163963.

**How much does LFL Advisers, LLC manage?**
LFL Advisers, LLC reports $506,809,000 in regulatory assets under management in its Form ADV filing dated March 17, 2026 (100% discretionary).

**How have LFL Advisers, LLC's assets and staff changed since 2021?**
In the Form ADV data for LFL Advisers, LLC: Regulatory assets under management: $319,495,000 in the October 2021 data and $506,809,000 in the October 2026 data, up 59%. Total employees: 3 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does LFL Advisers, LLC serve?**
By number of clients on Form ADV Item 5.D: corporations or other businesses not listed above (2); pooled investment vehicles (other than investment companies and business development companies) (1); state or municipal government entities (including government pension plans) (1).

**Which custodians does LFL Advisers, LLC use?**
LFL Advisers, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists J.P. Morgan and Northern Trust as custodians holding 10% or more of its separately managed account assets.

**Does LFL Advisers, 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/163963

**What changed in LFL Advisers, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $447,128,000 to $506,809,000 (+13%).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- J.P. Morgan
- Northern Trust

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: $506,809,000
- Discretionary: $506,809,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $278,196,000 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 1 | $96,668,000 |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 2 | $131,945,000 |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2016 (10 years)
- Employees: 3 total, 2 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.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $319,495,000 | 3 | March 30, 2021 |
| October 2022 | $396,572,000 | 3 | March 30, 2022 |
| October 2023 | $330,970,000 | 3 | March 28, 2023 |
| October 2024 | $369,879,000 | 3 | March 22, 2024 |
| October 2025 | $447,128,000 | 3 | March 11, 2025 |
| October 2026 | $506,809,000 | 3 | March 17, 2026 |

Regulatory assets under management: $319,495,000 in the October 2021 data and $506,809,000 in the October 2026 data, up 59%.
Total employees: 3 in October 2021 and 3 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $447,128,000 to $506,809,000 (+13%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. LFL Advisers, LLC (CRD 163963): Form ADV filing data as of October 2026.