# Next Legacy Management, LLC

> Next Legacy Management, LLC is an SEC-registered investment advisory firm in Portola Valley, CA, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 156640
- Filed as: NEXT LEGACY MANAGEMENT, LLC
- Also doing business as: NEXT LEGACY, NEXT LEGACY PARTNERS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Portola Valley, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/156640
- AdvisorCensus page: https://advisorcensus.com/firm/next-legacy-management-llc-portola-valley-ca-156640

## Quick answers

**How is Next Legacy Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Next Legacy Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**What does Next Legacy Management, LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 0.75% to 1.5% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Next Legacy Management, LLC located?**
Next Legacy Management, LLC's principal office is in Portola Valley, CA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Next Legacy Management, LLC registered with the SEC or a state?**
Next Legacy Management, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 156640.

**How much does Next Legacy Management, LLC manage?**
Next Legacy Management, LLC reports $4,410,438,207 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Next Legacy Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Next Legacy Management, LLC: Regulatory assets under management: $2,808,326,066 in the October 2021 data and $4,410,438,207 in the October 2026 data, up 57%. Total employees: 13 in October 2021 and 26 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Next Legacy Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (47).

**Does Next Legacy 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/156640

**What changed in Next Legacy Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $3,654,525,038 to $4,410,438,207 (+21%).

## 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: 0.75% to 1.5% a year (a range, as the brochure states it)

> Next Legacy will generally receive annual management fees from the Funds which range from 0.75%-1.50% of capital commitments or remaining capital invested.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $4,410,438,207
- Discretionary: $4,410,438,207
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 47 | $4,410,438,207 |

### 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
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 26 total, 11 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Redwood City, CA

### Websites listed on Form ADV (Item 1.I)
- nextlegacy.com
- Instagram @nextlegacypartners
- LinkedIn @next-legacy-partners
- X @NextLegacy_

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,808,326,066 | 13 | May 6, 2021 |
| October 2022 | $3,780,434,624 | 16 | March 31, 2022 |
| October 2023 | $3,671,217,390 | 27 | June 15, 2023 |
| October 2024 | $3,831,905,383 | 25 | March 28, 2024 |
| October 2025 | $3,654,525,038 | 26 | March 26, 2025 |
| October 2026 | $4,410,438,207 | 26 | March 31, 2026 |

Regulatory assets under management: $2,808,326,066 in the October 2021 data and $4,410,438,207 in the October 2026 data, up 57%.
Total employees: 13 in October 2021 and 26 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $3,654,525,038 to $4,410,438,207 (+21%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Next Legacy Management, LLC (CRD 156640): Form ADV filing data as of October 2026.