# LL Funds

> LL Funds is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 161552
- Filed as: LL FUNDS
- Legal name: LL Funds, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Philadelphia, PA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161552
- AdvisorCensus page: https://advisorcensus.com/firm/ll-funds-philadelphia-pa-161552

## Quick answers

**How is LL Funds compensated?**
On its Form ADV (Item 5.E, October 2026), LL Funds 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 LL Funds located?**
LL Funds' principal office is in Philadelphia, PA, according to its Form ADV.

**Is LL Funds registered with the SEC or a state?**
LL Funds is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161552.

**How much does LL Funds manage?**
LL Funds reports $2,605,214,178 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have LL Funds' assets and staff changed since 2021?**
In the Form ADV data for LL Funds: Regulatory assets under management: $2,245,969,327 in the October 2021 data and $2,605,214,178 in the October 2026 data, up 16%. Total employees: 23 in October 2021 and 28 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does LL Funds serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (24); other (1).

**Which custodians does LL Funds use?**
LL Funds' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists The Bank of New York Mellon as a custodian holding 10% or more of its separately managed account assets.

**Does LL Funds 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/161552

**What changed in LL Funds' recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 15 to 16. 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))
- The Bank of New York Mellon

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: $2,605,214,178
- Discretionary: $2,605,214,178
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 24 | $2,512,604,901 |
| Other | 1 | $92,609,277 |

### 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: 2012 (14 years)
- Employees: 28 total, 16 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- llfunds.com
- ultracapital.com
- X @ULTRA_CAPITAL

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,245,969,327 | 23 | June 21, 2021 |
| October 2022 | $2,953,439,260 | 24 | March 31, 2022 |
| October 2023 | $2,294,413,926 | 26 | March 31, 2023 |
| October 2024 | $2,359,089,351 | 27 | April 29, 2024 |
| October 2025 | $2,399,969,867 | 26 | March 28, 2025 |
| October 2026 | $2,605,214,178 | 28 | March 31, 2026 |

Regulatory assets under management: $2,245,969,327 in the October 2021 data and $2,605,214,178 in the October 2026 data, up 16%.
Total employees: 23 in October 2021 and 28 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 15 to 16.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. LL Funds (CRD 161552): Form ADV filing data as of October 2026.