# Prep Investment Advisers, L.L.C.

> Prep Investment Advisers, L.L.C. is an SEC-registered investment advisory firm in Chicago, IL, registered since 2022, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 296631
- Filed as: PREP INVESTMENT ADVISERS, L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/296631
- AdvisorCensus page: https://advisorcensus.com/firm/prep-investment-advisers-l-l-c-chicago-il-296631

## Quick answers

**How is Prep Investment Advisers, L.L.C. compensated?**
On its Form ADV (Item 5.E, October 2026), Prep Investment Advisers, L.L.C. 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.

**Where is Prep Investment Advisers, L.L.C. located?**
Prep Investment Advisers, L.L.C.'s principal office is in Chicago, IL, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Prep Investment Advisers, L.L.C. registered with the SEC or a state?**
Prep Investment Advisers, L.L.C. is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 296631.

**How much does Prep Investment Advisers, L.L.C. manage?**
Prep Investment Advisers, L.L.C. reports $1,911,327,200 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Prep Investment Advisers, L.L.C.'s assets and staff changed since 2021?**
In the Form ADV data for Prep Investment Advisers, L.L.C.: Regulatory assets under management: $152,726,790 in the October 2022 data and $1,911,327,200 in the October 2026 data, up 1151%. Total employees: 22 in October 2022 and 34 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Prep Investment Advisers, L.L.C. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (5).

**Does Prep Investment Advisers, L.L.C. 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/296631

**What changed in Prep Investment Advisers, L.L.C.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 27 to 34. Regulatory assets under management went from $1,042,917,300 to $1,911,327,200 (+83%). Changed its office addresses in New York, NY. No longer lists an office in Los Angeles, CA.

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $1,911,327,200
- Discretionary: $1,911,327,200
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $1,911,327,200 |

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

### Firm details
- Registered since: 2022 (4 years)
- Employees: 34 total, 34 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- [pearlmark.com](https://pearlmark.com)
- LinkedIn @pearlmark-real-estate

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | Not reported | March 16, 2021 |
| October 2022 | $152,726,790 | 22 | June 28, 2022 |
| October 2023 | $358,561,600 | 22 | April 21, 2023 |
| October 2024 | $477,040,900 | 26 | May 6, 2024 |
| October 2025 | $1,042,917,300 | 27 | March 28, 2025 |
| October 2026 | $1,911,327,200 | 34 | March 31, 2026 |

Regulatory assets under management: $152,726,790 in the October 2022 data and $1,911,327,200 in the October 2026 data, up 1151%.
Total employees: 22 in October 2022 and 34 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 27 to 34.
- Regulatory assets under management went from $1,042,917,300 to $1,911,327,200 (+83%).
- Changed its office addresses in New York, NY.
- No longer lists an office in Los Angeles, CA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Prep Investment Advisers, L.L.C. (CRD 296631): Form ADV filing data as of October 2026.