# Lizard Investors LLC

> Lizard Investors LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2008, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 147284
- Filed as: LIZARD INVESTORS LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/147284
- AdvisorCensus page: https://advisorcensus.com/firm/lizard-investors-llc-chicago-il-147284

## Quick answers

**How is Lizard Investors LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Lizard Investors LLC 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 Lizard Investors LLC located?**
Lizard Investors LLC's principal office is in Chicago, IL, according to its Form ADV.

**Is Lizard Investors LLC registered with the SEC or a state?**
Lizard Investors LLC is an SEC-registered investment advisory firm, registered since 2008. Status as filed: Approved. CRD 147284.

**How much does Lizard Investors LLC manage?**
Lizard Investors LLC reports $232,800,323 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Lizard Investors LLC's assets and staff changed since 2021?**
In the Form ADV data for Lizard Investors LLC: Regulatory assets under management: $485,622,808 in the October 2021 data and $232,800,323 in the October 2026 data, down 52%. Total employees: 8 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Lizard Investors LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4); pension and profit sharing plans (but not the plan participants or government pension plans) (2).

**Which custodians does Lizard Investors LLC use?**
Lizard Investors LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Bank and Trust Company as a custodian holding 10% or more of its separately managed account assets.

**Does Lizard Investors 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/147284

**What changed in Lizard Investors LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 3 to 2. 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

### Custodians (Schedule D, Section 5.K(3))
- State Street Bank and Trust Company

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: $232,800,323
- Discretionary: $232,800,323
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $163,446,618 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 2 | $69,353,705 |

### 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: 2008 (18 years)
- Employees: 2 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.

### Websites listed on Form ADV (Item 1.I)
- lizardinvestors.com
- X @LIZARDINVESTORS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $485,622,808 | 8 | June 25, 2021 |
| October 2022 | $474,019,560 | 9 | September 28, 2022 |
| October 2023 | $298,413,188 | 4 | March 29, 2023 |
| October 2024 | $268,004,850 | 3 | March 28, 2024 |
| October 2025 | $223,100,000 | 3 | March 6, 2025 |
| October 2026 | $232,800,323 | 2 | March 30, 2026 |

Regulatory assets under management: $485,622,808 in the October 2021 data and $232,800,323 in the October 2026 data, down 52%.
Total employees: 8 in October 2021 and 2 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 3 to 2.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Lizard Investors LLC (CRD 147284): Form ADV filing data as of October 2026.