# Next Capital Management LLC

> Next Capital Management LLC is an SEC-registered investment advisory firm in New York, NY, registered since 1999, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated January 31, 2026.

- CRD: 110793
- Filed as: NEXT CAPITAL MANAGEMENT LLC
- Also doing business as: NEXT CAPITAL
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: January 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110793
- AdvisorCensus page: https://advisorcensus.com/firm/next-capital-management-llc-new-york-ny-110793

## Quick answers

**How is Next Capital Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Next Capital Management LLC reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees).

**Where is Next Capital Management LLC located?**
Next Capital Management LLC's principal office is in New York, NY, according to its Form ADV.

**Is Next Capital Management LLC registered with the SEC or a state?**
Next Capital Management LLC is an SEC-registered investment advisory firm, registered since 1999. Status as filed: Approved. CRD 110793.

**How much does Next Capital Management LLC manage?**
Next Capital Management LLC reports $2,135,481,487 in regulatory assets under management in its Form ADV filing dated January 31, 2026 (75% discretionary).

**How have Next Capital Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Next Capital Management LLC: Regulatory assets under management: $987,714,759 in the October 2021 data and $2,135,481,487 in the October 2026 data, up 116%. Total employees: 15 in October 2021 and 23 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Next Capital Management LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (181); individuals (other than high net worth individuals) (76); corporations or other businesses not listed above (33).

**Which custodians does Next Capital Management LLC use?**
Next Capital Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Next Capital Management 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/110793

**What changed in Next Capital Management LLC's recent Form ADV filings?**
In the February 2026 filing data: Regulatory assets under management went from $1,784,921,125 to $2,135,481,487 (+20%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

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: $2,135,481,487
- Discretionary: $1,605,388,056
- Non-discretionary: $530,093,431

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 76 | $40,932,650 |
| High net worth individuals | 181 | $1,656,527,130 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $2,587,109 |
| Charitable organizations | 30 | $23,172,575 |
| Insurance companies | Fewer than 5 | $251,835 |
| Corporations or other businesses not listed above | 33 | $412,010,188 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 1999 (27 years)
- Employees: 23 total, 9 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, CT, DE, FL, IL, LA, MA, MD, NJ, NY, PA, TX, VA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- next-vantage.com
- nextcapitalmgmt.com
- LinkedIn @next-capital-management
- LinkedIn @nextvantage
- YouTube youtube.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $987,714,759 | 15 | April 20, 2021 |
| October 2022 | $1,291,387,559 | 15 | September 26, 2022 |
| October 2023 | $1,160,723,496 | 17 | September 18, 2023 |
| October 2024 | $1,443,202,614 | 20 | April 17, 2024 |
| October 2025 | $1,784,921,125 | 20 | April 2, 2025 |
| October 2026 | $2,135,481,487 | 23 | January 31, 2026 |

Regulatory assets under management: $987,714,759 in the October 2021 data and $2,135,481,487 in the October 2026 data, up 116%.
Total employees: 15 in October 2021 and 23 in October 2026.

## Changes in the filing (last 12 months)

### February 2026
- Regulatory assets under management went from $1,784,921,125 to $2,135,481,487 (+20%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Next Capital Management LLC (CRD 110793): Form ADV filing data as of October 2026.