# Mill Road Capital

> 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.

- CRD: 157095
- Filed as: MILL ROAD CAPITAL
- Legal name: Mill Road Capital Management LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Greenwich, CT
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/157095
- AdvisorCensus page: https://advisorcensus.com/firm/mill-road-capital-greenwich-ct-157095

## Quick answers

**How 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

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

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 2% of assets a year

> 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 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 brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $753,816,698
- Discretionary: $753,816,698
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $753,816,698 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 12 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- millroadcapital.com
- LinkedIn @MILL-ROAD-CAPITAL

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,035,480,142 | 16 | March 31, 2021 |
| October 2022 | $1,046,968,272 | 13 | March 31, 2022 |
| October 2023 | $834,922,672 | 15 | April 28, 2023 |
| October 2024 | $827,442,739 | 13 | March 29, 2024 |
| October 2025 | $771,480,027 | 12 | April 30, 2025 |
| October 2026 | $753,816,698 | 12 | March 31, 2026 |

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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Mill Road Capital (CRD 157095): Form ADV filing data as of October 2026.