{
  "crd_number": 109396,
  "slug": "nlg-capital-llc-montpelier-vt-109396",
  "primary_business_name": "NLG CAPITAL LLC",
  "legal_name": "NLG CAPITAL LLC",
  "dbas": [],
  "city": "Montpelier",
  "state": "VT",
  "country": "United States",
  "cbsa_code": "12740",
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2000-07-11",
  "years_registered": 26,
  "period": "2026-10-01",
  "filing_date": "2026-03-30",
  "carried_forward": false,
  "raum_total": 46546821614.0,
  "raum_discretionary": 46546821614.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 54,
  "advisory_employees": 48,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": null,
      "count": 0
    },
    "charitable": {
      "raum": 23800399.0,
      "count": 1,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": null,
      "count": 0
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": null,
      "count": 0
    },
    "insurance_companies": {
      "raum": 46171072295.0,
      "count": 6
    },
    "pension_profit_sharing": {
      "raum": 319106340.0,
      "count": 1,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": null,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 32842580.0,
      "count": 2
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "other",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "TX",
    "VT"
  ],
  "websites": [
    "https://linkedin.com/search/results/all?keywords=NLG+Capital+LLC&origin=GLOBAL_SEARCH_HEADER"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/109396",
  "city_as_filed": "MONTPELIER",
  "url": "https://advisorcensus.com/firm/nlg-capital-llc-montpelier-vt-109396",
  "display_name": "NLG Capital LLC",
  "summary": "NLG Capital LLC is an SEC-registered investment advisory firm in Montpelier, VT, registered since 2000, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.",
  "citation": "AdvisorCensus. NLG Capital LLC (CRD 109396): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees",
    "Other"
  ],
  "advisory_activity_labels": [
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Selection of other advisers (including private fund managers)"
  ],
  "quick_answers": [
    {
      "q": "How is NLG Capital LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), NLG Capital LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is NLG Capital LLC located?",
      "a": "NLG Capital LLC's principal office is in Montpelier, VT, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is NLG Capital LLC registered with the SEC or a state?",
      "a": "NLG Capital LLC is an SEC-registered investment advisory firm, registered since 2000. Status as filed: Approved. CRD 109396."
    },
    {
      "q": "How much does NLG Capital LLC manage?",
      "a": "NLG Capital LLC reports $46,546,821,614 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary)."
    },
    {
      "q": "How have NLG Capital LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for NLG Capital LLC: Regulatory assets under management: $33,921,037,118 in the October 2021 data and $46,546,821,614 in the October 2026 data, up 37%. Total employees: 36 in October 2021 and 54 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does NLG Capital LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: insurance companies (6); corporations or other businesses not listed above (2); pension and profit sharing plans (but not the plan participants or government pension plans) (1)."
    },
    {
      "q": "Which custodians does NLG Capital LLC use?",
      "a": "NLG Capital LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists JPMorgan Chase as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does NLG Capital LLC report any disciplinary disclosures?",
      "a": "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/109396"
    },
    {
      "q": "What changed in NLG Capital LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Changed its legal name from NLG Capital, LLC to NLG Capital LLC. Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 33921037118.0,
      "total_employees": 36,
      "filing_date": "2021-06-15"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 35605582058.0,
      "total_employees": 29,
      "filing_date": "2022-04-25"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 31402833278.0,
      "total_employees": 50,
      "filing_date": "2023-03-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 35941367795.0,
      "total_employees": 43,
      "filing_date": "2024-03-27"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 39101160857.0,
      "total_employees": 44,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 46546821614.0,
      "total_employees": 54,
      "filing_date": "2026-03-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Changed its legal name from NLG Capital, LLC to NLG Capital LLC.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-02-01",
      "period_label": "February 2026",
      "notes": [
        "Reported a succession: took over the business of NLG Capital, Inc. (CRD 109396) on December 31, 2025.",
        "Changed its legal name from NLG Capital, Inc. to NLG Capital, LLC.",
        "Employees performing advisory functions went from 41 to 48.",
        "Regulatory assets under management went from $39,101,160,857 to $45,313,893,047 (+16%).",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "JPMorgan Chase",
      "name_as_filed": "BANK",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/nlg-capital-llc-montpelier-vt-109396.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 1,
      "fewer_than_5": true,
      "raum": 319106340.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 1,
      "fewer_than_5": true,
      "raum": 23800399.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 6,
      "fewer_than_5": false,
      "raum": 46171072295.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 2,
      "fewer_than_5": false,
      "raum": 32842580.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/109396",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}