# Shadowfall Capital & Research LLP

> Shadowfall Capital & Research LLP is an SEC-registered investment advisory firm in London, United Kingdom, registered since 2020, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 17, 2026.

- CRD: 300174
- Filed as: SHADOWFALL CAPITAL & RESEARCH LLP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: London, United Kingdom
- Filing period: October 2026
- Form ADV filing dated: March 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/300174
- AdvisorCensus page: https://advisorcensus.com/firm/shadowfall-capital-and-research-llp-london-300174

## Quick answers

**How is Shadowfall Capital & Research LLP compensated?**
On its Form ADV (Item 5.E, October 2026), Shadowfall Capital & Research LLP 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 Shadowfall Capital & Research LLP located?**
Shadowfall Capital & Research LLP's principal office is in London, United Kingdom, according to its Form ADV.

**Is Shadowfall Capital & Research LLP registered with the SEC or a state?**
Shadowfall Capital & Research LLP is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 300174.

**How much does Shadowfall Capital & Research LLP manage?**
Shadowfall Capital & Research LLP reports $187,951,485 in regulatory assets under management in its Form ADV filing dated March 17, 2026 (100% discretionary).

**How have Shadowfall Capital & Research LLP's assets and staff changed since 2021?**
In the Form ADV data for Shadowfall Capital & Research LLP: Regulatory assets under management: $40,100,000 in the October 2021 data and $187,951,485 in the October 2026 data, up 369%. Total employees: 8 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Shadowfall Capital & Research LLP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4); other (1).

**Which custodians does Shadowfall Capital & Research LLP use?**
Shadowfall Capital & Research LLP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Goldman Sachs & Co. LLC and Merrill Lynch International as custodians holding 10% or more of its separately managed account assets.

**Does Shadowfall Capital & Research LLP 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/300174

**What changed in Shadowfall Capital & Research LLP's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 5 to 3. Regulatory assets under management went from $250,170,118 to $187,951,485 (-25%).

## 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))
- Goldman Sachs & Co. LLC
- Merrill Lynch International

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: $187,951,485
- Discretionary: $187,951,485
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $130,667,650 |
| Other | 1 | $57,283,835 |

### Advisory services (Item 5.G)
- 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: 2020 (5 years)
- Employees: 9 total, 3 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- shadowfall.com
- LinkedIn @shadowfall-capital-&-research-llp
- X @shadowfallcr

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $40,100,000 | 8 | July 14, 2021 |
| October 2022 | $56,959,839 | 9 | March 30, 2022 |
| October 2023 | $86,846,781 | 8 | July 19, 2023 |
| October 2024 | $232,558,831 | 12 | May 3, 2024 |
| October 2025 | $250,170,118 | 10 | March 10, 2025 |
| October 2026 | $187,951,485 | 9 | March 17, 2026 |

Regulatory assets under management: $40,100,000 in the October 2021 data and $187,951,485 in the October 2026 data, up 369%.
Total employees: 8 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 5 to 3.
- Regulatory assets under management went from $250,170,118 to $187,951,485 (-25%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Shadowfall Capital & Research LLP (CRD 300174): Form ADV filing data as of October 2026.