# Pillsbury Lake Capital, LLC

> Pillsbury Lake Capital, LLC is an SEC-registered investment advisory firm, registered since 2025, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated April 29, 2026.

- CRD: 328282
- Filed as: PILLSBURY LAKE CAPITAL, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Filing period: October 2026
- Form ADV filing dated: April 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/328282
- AdvisorCensus page: https://advisorcensus.com/firm/pillsbury-lake-capital-llc-328282

## Quick answers

**How is Pillsbury Lake Capital, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Pillsbury Lake Capital, 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.

**Is Pillsbury Lake Capital, LLC registered with the SEC or a state?**
Pillsbury Lake Capital, LLC is an SEC-registered investment advisory firm, registered since 2025. Status as filed: Approved. CRD 328282.

**How much does Pillsbury Lake Capital, LLC manage?**
Pillsbury Lake Capital, LLC reports $334,945,991 in regulatory assets under management in its Form ADV filing dated April 29, 2026 (100% discretionary).

**How have Pillsbury Lake Capital, LLC's assets and staff changed since 2025?**
In the Form ADV data for Pillsbury Lake Capital, LLC: Regulatory assets under management: $329,628,889 in the October 2025 data and $334,945,991 in the October 2026 data, up 2%. Total employees: 1 in October 2025 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Pillsbury Lake Capital, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4).

**Does Pillsbury Lake Capital, 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/328282

**What changed in Pillsbury Lake Capital, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $406,883,340 to $334,945,991 (-18%). 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: $334,945,991
- Discretionary: $334,945,991
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $334,945,991 |

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

### Firm details
- Registered since: 2025 (1 year)
- Employees: 4 total, 3 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.

### Websites listed on Form ADV (Item 1.I)
- pillsburycap.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2025 | $329,628,889 | 1 | April 21, 2025 |
| October 2026 | $334,945,991 | 4 | April 29, 2026 |

Regulatory assets under management: $329,628,889 in the October 2025 data and $334,945,991 in the October 2026 data, up 2%.
Total employees: 1 in October 2025 and 4 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $406,883,340 to $334,945,991 (-18%).
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Employees performing advisory functions went from 1 to 3.
- Regulatory assets under management went from $329,628,889 to $406,883,340 (+23%).

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pillsbury Lake Capital, LLC (CRD 328282): Form ADV filing data as of October 2026.