# Norwest Capital Advisors, LLC

> Norwest Capital Advisors, LLC is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2023, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated April 30, 2026.

- CRD: 323642
- Filed as: NORWEST CAPITAL ADVISORS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: April 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/323642
- AdvisorCensus page: https://advisorcensus.com/firm/norwest-capital-advisors-llc-minneapolis-mn-323642

## Quick answers

**How is Norwest Capital Advisors, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Norwest Capital Advisors, LLC 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 Norwest Capital Advisors, LLC located?**
Norwest Capital Advisors, LLC's principal office is in Minneapolis, MN, according to its Form ADV; the May 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Norwest Capital Advisors, LLC registered with the SEC or a state?**
Norwest Capital Advisors, LLC is an SEC-registered investment advisory firm, registered since 2023. Status as filed: Approved. CRD 323642.

**How much does Norwest Capital Advisors, LLC manage?**
Norwest Capital Advisors, LLC reports $3,835,548,010 in regulatory assets under management in its Form ADV filing dated April 30, 2026 (100% discretionary).

**How have Norwest Capital Advisors, LLC's assets and staff changed since 2023?**
In the Form ADV data for Norwest Capital Advisors, LLC: Regulatory assets under management: $0 in the October 2023 data and $3,835,548,010 in the October 2026 data. Total employees: 4 in October 2023 and 40 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Norwest Capital Advisors, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12).

**Does Norwest Capital Advisors, 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/323642

**What changed in Norwest Capital Advisors, LLC's recent Form ADV filings?**
In the May 2026 filing data: Employees performing advisory functions went from 29 to 28. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $3,835,548,010
- Discretionary: $3,835,548,010
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 12 | $3,835,548,010 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

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

### Firm details
- Registered since: 2023 (3 years)
- Employees: 40 total, 28 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, MN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the May 2026 filing
- West Palm Beach, FL

### Websites listed on Form ADV (Item 1.I)
- [nep.com](https://nep.com)
- [nmp.com](https://nmp.com)
- LinkedIn @norwest-equity-partners
- LinkedIn @norwest-mezzanine-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | $0 | 4 | July 20, 2023 |
| October 2024 | $4,249,919,563 | 46 | May 17, 2024 |
| October 2025 | $3,824,801,489 | 40 | March 28, 2025 |
| October 2026 | $3,835,548,010 | 40 | April 30, 2026 |

Regulatory assets under management: $0 in the October 2023 data and $3,835,548,010 in the October 2026 data.
Total employees: 4 in October 2023 and 40 in October 2026.

## Changes in the filing (last 12 months)

### May 2026
- Employees performing advisory functions went from 29 to 28.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Norwest Capital Advisors, LLC (CRD 323642): Form ADV filing data as of October 2026.