# PNC Steel City Advisors, LLC

> PNC Steel City Advisors, LLC is an SEC-registered investment advisory firm in Pittsburgh, PA, registered since 2014, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 15, 2026.

- CRD: 172658
- Filed as: PNC STEEL CITY ADVISORS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Pittsburgh, PA
- Filing period: October 2026
- Form ADV filing dated: May 15, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/172658
- AdvisorCensus page: https://advisorcensus.com/firm/pnc-steel-city-advisors-llc-pittsburgh-pa-172658

## Quick answers

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

**Where is PNC Steel City Advisors, LLC located?**
PNC Steel City Advisors, LLC's principal office is in Pittsburgh, PA, according to its Form ADV; the June 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is PNC Steel City Advisors, LLC registered with the SEC or a state?**
PNC Steel City Advisors, LLC is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 172658.

**How much does PNC Steel City Advisors, LLC manage?**
PNC Steel City Advisors, LLC reports $2,716,618,620 in regulatory assets under management in its Form ADV filing dated May 15, 2026 (1% discretionary).

**How have PNC Steel City Advisors, LLC's assets and staff changed since 2021?**
In the Form ADV data for PNC Steel City Advisors, LLC: Regulatory assets under management: $172,753,629 in the October 2021 data and $2,716,618,620 in the October 2026 data, up 1473%. Total employees: 20 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does PNC Steel City Advisors, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3); business development companies (1).

**Does PNC Steel City Advisors, LLC report any disciplinary disclosures?**
Reports 6 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), 11.D(1) (another regulator's finding of a false statement or omission, or of dishonest, unfair, or unethical conduct), 11.D(2) (another regulator's finding of a violation), and 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/172658

**What changed in PNC Steel City Advisors, LLC's recent Form ADV filings?**
In the June 2026 filing data: 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: $2,716,618,620
- Discretionary: $18,204,736
- Non-discretionary: $2,698,413,884

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Business development companies | 1 | $668,438,077 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $2,048,180,543 |

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

### Firm details
- Registered since: 2014 (11 years)
- Employees: 12 total, 12 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports 6 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.D(1): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/172658

### Other offices (Schedule D, Section 1.F), as of the June 2026 filing
- Chicago, IL
- East Brunswick, NJ
- New York, NY

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $172,753,629 | 20 | March 26, 2021 |
| October 2022 | $45,702,195 | 24 | March 29, 2022 |
| October 2023 | $42,164,679 | 29 | May 12, 2023 |
| October 2024 | $30,124,389 | 14 | March 27, 2024 |
| October 2025 | $665,527,080 | 15 | March 27, 2025 |
| October 2026 | $2,716,618,620 | 12 | May 15, 2026 |

Regulatory assets under management: $172,753,629 in the October 2021 data and $2,716,618,620 in the October 2026 data, up 1473%.
Total employees: 20 in October 2021 and 12 in October 2026.

## Changes in the filing (last 12 months)

### June 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 15 to 12.
- Regulatory assets under management went from $1,697,421,314 to $2,716,618,620 (+60%).

### December 2025
- Regulatory assets under management went from $665,527,080 to $1,697,421,314 (+155%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. PNC Steel City Advisors, LLC (CRD 172658): Form ADV filing data as of October 2026.