AdvisorCensus / Financial advisors / Connecticut / Bridgeport / Mill Road Capital
Mill Road Capital
Filed as MILL ROAD CAPITAL · Legal name Mill Road Capital Management LLC
Mill Road Capital is an SEC-registered investment advisory firm in Greenwich, CT, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.
Quick answers
From the filingHow is Mill Road Capital compensated?
On its Form ADV (Item 5.E, October 2026), Mill Road Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
What does Mill Road Capital's brochure say about its fees?
Its Form ADV Part 2A brochure dated March 31, 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 Mill Road Capital located?
Mill Road Capital's principal office is in Greenwich, CT, according to its Form ADV.
Is Mill Road Capital registered with the SEC or a state?
Mill Road Capital is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157095.
How much does Mill Road Capital manage?
Mill Road Capital reports $753,816,698 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).
How have Mill Road Capital's assets and staff changed since 2021?
In the Form ADV data for Mill Road Capital: Regulatory assets under management: $1,035,480,142 in the October 2021 data and $753,816,698 in the October 2026 data, down 27%. Total employees: 16 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Mill Road Capital serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (5).
Does Mill Road 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/157095
Does Mill Road Capital state an account minimum?
Its Form ADV Part 2A brochure dated March 31, 2026 says: "The minimum single investment commitment by an investor in each Client is $250,000, subject to reduction at the discretion of the Client’s general partner."
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: 2% of assets a year
The brochure's wording
For services provided to each Fund, Mill Road charges a management fee, which is generally computed at a rate of 2.0% per annum of the investors’ aggregate commitments until the end of the Investment Period
Account minimum: $250,000 (the brochure says it may be waived or negotiated)
The brochure's wording
The minimum single investment commitment by an investor in each Client is $250,000, subject to reduction at the discretion of the Client’s general partner.
As stated in the firm's Form ADV Part 2A brochure dated March 31, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$753,816,698 as of October 2026, filing dated March 31, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Legal name
- Mill Road Capital Management LLC
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2012 (14 years)
- Employees
- Total: 12. Performing investment advisory functions: 6.
- Wrap fee program participation
- No.
- States registered or notice-filed
-
1 state or jurisdiction
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $753,816,698 | 12 | March 31, 2026 |
| October 2025 | $771,480,027 | 12 | April 30, 2025 |
| October 2024 | $827,442,739 | 13 | March 29, 2024 |
| October 2023 | $834,922,672 | 15 | April 28, 2023 |
| October 2022 | $1,046,968,272 | 13 | March 31, 2022 |
| October 2021 | $1,035,480,142 | 16 | March 31, 2021 |
Regulatory assets under management: $1,035,480,142 in the October 2021 data and $753,816,698 in the October 2026 data, down 27%.
Total employees: 16 in October 2021 and 12 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 monthsNo changes to these filed facts in the last 12 months of filing data.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Mill Road Capital (CRD 157095): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/mill-road-capital-greenwich-ct-157095