# Private Capital Management

> Private Capital Management is an SEC-registered investment advisory firm in Naples, FL, registered since 2013, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 26, 2026.

- CRD: 169172
- Filed as: PRIVATE CAPITAL MANAGEMENT
- Legal name: Private Capital Management, LLC
- Also doing business as: HARMONIC INVESTORS LLC, HARMONIC INVESTORS LLC EQUITY INCOME PLUS, HARMONIC INVESTORS LLC FUND I, HARMONIC INVESTORS LLC HEDGED PARTNERS FUND, HARMONIC INVESTORS LLC NAVIGATOR FUND, HARMONIC INVESTORS LLC OPPORTUNITY PARTNERS FUND, HARMONIC INVESTORS LLC REAL ASSET INCOME FUND, PCM, PRIVATE CAPITAL MANAGEMENT, PRIVATE CAPITAL WEALTH, THE COLLIER FUND, LTD., THE ENTREPRENEURIAL VALUE FUND, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Naples, FL
- Filing period: October 2026
- Form ADV filing dated: March 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/169172
- AdvisorCensus page: https://advisorcensus.com/firm/private-capital-management-naples-fl-169172

## Quick answers

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

**Where is Private Capital Management located?**
Private Capital Management's principal office is in Naples, FL, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Private Capital Management registered with the SEC or a state?**
Private Capital Management is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 169172.

**How much does Private Capital Management manage?**
Private Capital Management reports $1,444,558,205 in regulatory assets under management in its Form ADV filing dated March 26, 2026 (85% discretionary).

**How have Private Capital Management's assets and staff changed since 2021?**
In the Form ADV data for Private Capital Management: Regulatory assets under management: $729,063,388 in the October 2021 data and $1,444,558,205 in the October 2026 data, up 98%. Total employees: 17 in October 2021 and 21 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Private Capital Management serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (302); individuals (other than high net worth individuals) (130); charitable organizations (9).

**Which custodians does Private Capital Management use?**
Private Capital Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and National Financial Services LLC as custodians holding 10% or more of its separately managed account assets.

**Does Private Capital Management 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/169172

**What changed in Private Capital Management's recent Form ADV filings?**
In the April 2026 filing data: Added the business name Harmonic Investors LLC Real Asset Income Fund.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- National Financial Services LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,444,558,205
- Discretionary: $1,234,183,454
- Non-discretionary: $210,374,751

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 130 | $22,455,389 |
| High net worth individuals | 302 | $923,012,666 |
| Investment companies | 1 | $70,891,109 |
| Pooled investment vehicles (other than investment companies and business development companies) | 7 | $294,693,931 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $5,975,245 |
| Charitable organizations | 9 | $65,169,831 |
| Other investment advisers | 7 | $23,857,826 |
| Corporations or other businesses not listed above | 5 | $37,503,337 |
| Other | Fewer than 5 | $998,871 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2013 (13 years)
- Employees: 21 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NH, NJ, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, VA, VT, WI
- 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
- Miami Beach, FL

### Websites listed on Form ADV (Item 1.I)
- pcmvaluefund.com
- private-cap.com
- LinkedIn @private-capital-management-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $729,063,388 | 17 | June 7, 2021 |
| October 2022 | $956,046,586 | 17 | March 18, 2022 |
| October 2023 | $956,459,134 | 19 | March 20, 2023 |
| October 2024 | $1,135,228,205 | 20 | July 16, 2024 |
| October 2025 | $1,346,803,883 | 21 | March 20, 2025 |
| October 2026 | $1,444,558,205 | 21 | March 26, 2026 |

Regulatory assets under management: $729,063,388 in the October 2021 data and $1,444,558,205 in the October 2026 data, up 98%.
Total employees: 17 in October 2021 and 21 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Added the business name Harmonic Investors LLC Real Asset Income Fund.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Private Capital Management (CRD 169172): Form ADV filing data as of October 2026.