AdvisorCensus / Financial advisors / Minnesota / Minneapolis / Northern Lakes Capital, L.P.
Northern Lakes Capital, L.P. is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2021, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated September 16, 2026.
Quick answers
From the filingHow is Northern Lakes Capital, L.P. compensated?
On its Form ADV (Item 5.E, October 2026), Northern Lakes Capital, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.
Where is Northern Lakes Capital, L.P. located?
Northern Lakes Capital, L.P.'s principal office is in Minneapolis, MN, according to its Form ADV.
Is Northern Lakes Capital, L.P. registered with the SEC or a state?
Northern Lakes Capital, L.P. is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 315975.
How much does Northern Lakes Capital, L.P. manage?
Northern Lakes Capital, L.P. reports $575,447,357 in regulatory assets under management in its Form ADV filing dated September 16, 2026 (100% discretionary).
How have Northern Lakes Capital, L.P.'s assets and staff changed since 2021?
In the Form ADV data for Northern Lakes Capital, L.P.: Regulatory assets under management: $119,750,000 in the October 2022 data and $575,447,357 in the October 2026 data, up 381%. Total employees: 7 in October 2021 and 11 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Northern Lakes Capital, L.P. serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (7).
Does Northern Lakes Capital, L.P. 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/315975
What changed in Northern Lakes Capital, L.P.'s recent Form ADV filings?
In the April 2026 filing data: Regulatory assets under management went from $320,691,153 to $575,447,357 (+79%).
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 2AThe brochure lists different fees for different services or strategies. See the firm's brochure (dated March 27, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$575,447,357 as of October 2026, filing dated September 16, 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- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2021 (5 years)
- Employees
- Total: 11. Performing investment advisory functions: 10.
- 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 | $575,447,357 | 11 | September 16, 2026 |
| October 2025 | $320,691,153 | 11 | May 14, 2025 |
| October 2024 | $232,234,495 | 10 | May 15, 2024 |
| October 2023 | $206,858,845 | 8 | June 9, 2023 |
| October 2022 | $119,750,000 | 8 | March 29, 2022 |
| October 2021 | Not reported | 7 | July 16, 2021 |
Regulatory assets under management: $119,750,000 in the October 2022 data and $575,447,357 in the October 2026 data, up 381%.
Total employees: 7 in October 2021 and 11 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 months- April 2026
- Regulatory assets under management went from $320,691,153 to $575,447,357 (+79%).
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. Northern Lakes Capital, L.P. (CRD 315975): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/northern-lakes-capital-l-p-minneapolis-mn-315975